Bed & Breakfast with Event
New
For Sale
$625,000
529 S Second St, Elkhart, IN 46516
The property has mixed-use zoning and an ADA-compliant entrance at the rear.
Property Size5,222 SF
Price / SF$119.69
Days on Market5
Property Features for 529 S Second St
General Information
Standard status
Active
Size
5,222 SF
Total Parking Spaces
15
Additional Details
Currently Operating
Yes
Amenities
hardwood floors
wood burning fireplace
coffee alcove
peacock room
steam shower
tankless water heater
main level laundry room
ADA compliant rear entrance
full walk up attic
basement storage
Building Details
Year Built
1902
Listing Agency:
RE/MAX 100 Elkhart
Listed By:
Carrie Smith · License #RB18001323
(574) 333-6977
Source:
Kmsrealestategroup
Added: Oct 20
Changed: Oct 23
Last Checked: Aug 25 at 5:43AM
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 RE/MAX 100 Elkhart
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Investment Insights
Based on property information with market context.
Built in 1902, this property currently operates as a bed and breakfast and event venue. Interior features include hardwood floors, a wood-burning fireplace in the dining room, and a hand-painted peacock room suited to use as a study, office, or living area. A walk-up attic and basement provide additional storage space, and a laundry room is located on the main level.
Updates include a new furnace and air conditioning, slate roof repairs, renovated primary bathroom with a steam shower, and two upstairs en-suite bathrooms. Plumbing and electrical systems have also been updated, including replacement of former cast-iron pipes and installation of an in-line tankless water heater. Structural repairs and restoration work have been completed. The rear entrance is ADA compliant, and the property has mixed-use zoning.
A 15-space parking lot is located behind the building, with street parking and a public parking area across the street. The venue has hosted weddings and other gatherings, and the property has also been rented to visitors attending Notre Dame games and a spring tea event.
Updates include a new furnace and air conditioning, slate roof repairs, renovated primary bathroom with a steam shower, and two upstairs en-suite bathrooms. Plumbing and electrical systems have also been updated, including replacement of former cast-iron pipes and installation of an in-line tankless water heater. Structural repairs and restoration work have been completed. The rear entrance is ADA compliant, and the property has mixed-use zoning.
A 15-space parking lot is located behind the building, with street parking and a public parking area across the street. The venue has hosted weddings and other gatherings, and the property has also been rented to visitors attending Notre Dame games and a spring tea event.
Key Highlights
- Currently used as a bed and breakfast and event venue
- 1902 construction with hardwood floors and a wood‑burning fireplace
- Updated furnace, air conditioning, electrical and plumbing systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,172
Cap Rate
7.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$983,440
$983.4K
Cap Rate 7%
$702,457
$702.5K
Cap Rate 9%
$546,356
$546.4K
Market Conditions
NOI Build-Up for 5,222 SF
Gross rent
$84.6K $16.20/SF
− Vacancy
−$5.9K −$1.13/SF
EGI
$78.7K $15.07/SF
− OpEx
−$29.5K −$5.65/SF
NOI
$49.2K $9.42/SF
Area
Elkhart County, IN
Vacancy
7.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$983,440
Cap Rate 7%
$702,457
Cap Rate 9%
$546,356
Alternative Uses
Best Use
Mixed Use
$702.5K
$614.7K – $819.5K
NOI $49,172 @ 7.0% cap · market cap 7.87%
Second Best
Hotel Hospitality
$478.4K
$418.6K – $558.1K
NOI $33,486 @ 7.0% cap · market cap 5.36%
Theoretical Best
Specialty Retail
$966.8K
$846.0K – $1.13M
NOI $67,677 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
827
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 46516, IN
33,670
Population
14,137
Households
2.4
Avg Household Size
35
Median Age
18%
College-Educated
84%
High-School Grad
17.5 sq mi
ZIP Area
1,924
Density / Sq Mi
$54,934
Median Household Income
$39,189
Median Earnings
$986
Median Rent
$150,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Bed & breakfast - The property has mixed-use zoning and an ADA-compliant entrance at the rear.
Where is this bed & breakfast located?
The property is located at 529 S Second St Elkhart, IN.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Currently used as a bed and breakfast and event venue; 1902 construction with hardwood floors and a wood‑burning fireplace; Updated furnace, air conditioning, electrical and plumbing systems
