Corner Lot Triplex with
517 West Lexington Avenue Elkhart, IN 46516
517 West Lexington Avenue, Elkhart, IN, 46516
$225,000
For Sale
$225,000
Triplex offers three large units, each with an attached garage, plus shared laundry and newer furnaces.
Property Size2,371 SF
Price / SF$94.90
Days on Market176
Property Features for 517 West Lexington Avenue
General Information
- Standard status
- Active
- Size
- 2,371 SF
- Property subtype
- Multi Family / Triplex
Building Details
- Year Built
- 1925
Listing agency
Cressy & Everett- Elkhart
(574) 264-7581
Listed by
Denver Anthony · License #RB23000197
(574) 264-7581
Source
Compass
Added: Jan 27 Updated: Jul 21 at 2:53AM Checked: Jul 21 at 2:53AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cressy & Everett- Elkhart
Investment Insights
Based on property information with market context.
This triplex on a corner lot includes three large units and three attached garages. The main level features a brick woodburning fireplace, and there is a common laundry area on the main level. The property also lists new furnaces.
Located in Elkhart near downtown, shopping, and restaurants, the home provides convenient access to everyday needs.
The layout is designed around three separate units, with the included garages and shared laundry supporting everyday tenant functionality.
Located in Elkhart near downtown, shopping, and restaurants, the home provides convenient access to everyday needs.
The layout is designed around three separate units, with the included garages and shared laundry supporting everyday tenant functionality.
Key Highlights
- Triplex on a corner lot with 3 large units and 3 attached garages
- Built in 1925; 2‑story property with full basement (unfinished)
- Main level features a brick woodburning fireplace and a common laundry area
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $30.4k | $12.84 |
| − Vacancy | −$2.3k | −$0.96 |
| EGI | $28.2k | $11.88 |
| − OpEx | −$8.4k | −$3.56 |
| NOI | $19.7k | $8.31 |
2,371 SF · lease $12.84/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$281.6K
$246.4K – $328.5K
NOI $19,712 @ 7.0% cap · market cap 8.76%
Second Best
Apartment 5plus
$251.2K
$219.8K – $293.1K
NOI $17,583 @ 7.0% cap · market cap 7.81%
Theoretical Best
Specialty Retail
$439.0K
$384.1K – $512.1K
NOI $30,728 @ 7.0% cap · market cap 13.66%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
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FAQs
What type of property is this?
Triplex - Triplex offers three large units, each with an attached garage, plus shared laundry and newer furnaces.
Where is this triplex located?
The property is located at 517 West Lexington Avenue Elkhart, IN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Triplex on a corner lot with 3 large units and 3 attached garages; Built in 1925; 2‑story property with full basement (unfinished); Main level features a brick woodburning fireplace and a common laundry area
