Four-Unit Apartment
For Sale
$325,000
535 Lincoln Way West, South Bend, IN 46601
Income-producing multifamily property with long-term occupancy, a newer roof, and off-street parking.
Property Size2,352 SF
Price / SF$138.18
Days on Market215
Property Features for 535 Lincoln Way West
General Information
Standard status
Active
Size
2,352 SF
Property subtype
Multi Family / Fourplex
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,592
Amenities
2
Yes
Carpet, Vinyl
4
Forced Air
Partial Basement
No
Aluminum, Vinyl
Off Street Parking, Cable Available, Countertops-Laminate, Porch Enclosed
Building Details
Year Built
1908
Units
4
Listing Agency:
Cressy & Everett- Elkhart
(574) 264-7581
Listed By:
Linda Smith · License #RB14042477
(574) 264-7581
Source:
Compass
Added: Jan 27
Changed: Aug 29
Last Checked: Aug 29 at 5:27PM
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 four-unit multifamily property was built in 1908 and includes a partial basement, forced-air heating, enclosed porch space, and off-street parking. The property is being offered in its current condition and includes some completed upgrades.
Two units are occupied by long-term tenants, providing an existing rental component for a new owner. Exterior features include aluminum and vinyl materials, while interior finishes include carpet and vinyl flooring. Cable availability and laminate countertops are also noted.
Two units are occupied by long-term tenants, providing an existing rental component for a new owner. Exterior features include aluminum and vinyl materials, while interior finishes include carpet and vinyl flooring. Cable availability and laminate countertops are also noted.
Key Highlights
- Four‑unit multifamily property built in 1908
- Two units occupied by long‑term tenants
- Newer roof
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,948
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.45%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$418,960
$419.0K
Cap Rate 7%
$299,257
$299.3K
Cap Rate 9%
$232,756
$232.8K
Market Conditions
NOI Build-Up for 2,352 SF
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.
Gross rent
$32.5K $13.80/SF
− Vacancy
−$2.5K −$1.08/SF
EGI
$29.9K $12.72/SF
− OpEx
−$9.0K −$3.82/SF
NOI
$20.9K $8.91/SF
Area
South Bend, IN
Vacancy
7.80%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$418,960
Cap Rate 7%
$299,257
Cap Rate 9%
$232,756
Alternative Uses
Best Use
Multifamily LT 5
$299.3K
$261.9K – $349.1K
NOI $20,948 @ 7.0% cap · market cap 6.45%
Second Best
Apartment 5plus
$276.9K
$242.3K – $323.1K
NOI $19,385 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$595.0K
$520.7K – $694.2K
NOI $41,652 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,440
Businesses Nearby
Explore this area
Business Placement
Demographics for 46601, IN
5,947
Population
2,862
Households
2.1
Avg Household Size
35
Median Age
22%
College-Educated
81%
High-School Grad
2.0 sq mi
ZIP Area
2,974
Density / Sq Mi
$27,080
Median Household Income
$26,835
Median Earnings
$784
Median Rent
$131,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Income-producing multifamily property with long-term occupancy, a newer roof, and off-street parking.
Where is this quadplex located?
The property is located at 535 Lincoln Way West South Bend, IN.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Four‑unit multifamily property built in 1908; Two units occupied by long‑term tenants; Newer roof
