Four-Unit Building with New
For Sale
$245,000
536 E Center St, Warsaw, IN 46580
Income property with updated improvements, garage storage, and a basement offering additional storage space.
Property Size2,678 SF
Price / SF$91.49
Days on Market35
Property Features for 536 E Center St
General Information
Standard status
Active
Size
2,678 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1895
Listing Agency:
eXp Realty, LLC
(574) 527-1651
Listed By:
Geoff Cavender · License #RB17002203
Source:
Kmsrealestategroup
Added: Jul 29
Changed: Aug 31
Last Checked: Aug 31 at 6:46PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This four-unit residential income property is located at 536 E Center St in Warsaw. Built in 1895, the building has received multiple recent updates, including a newly constructed garage divided into two separate units. Those garage units are currently used by the owner for storage.
The basement provides substantial additional storage area. The property’s four primary units, updated garage structure, and basement storage create a multifamily configuration with several distinct components to evaluate.
The basement provides substantial additional storage area. The property’s four primary units, updated garage structure, and basement storage create a multifamily configuration with several distinct components to evaluate.
Key Highlights
- Four‑unit building in Warsaw, Indiana
- Built in 1895
- Recently constructed garage divided into 2 units
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
$20,319
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
8.29%
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%
$406,380
$406.4K
Cap Rate 7%
$290,271
$290.3K
Cap Rate 9%
$225,767
$225.8K
Market Conditions
NOI Build-Up for 2,678 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
$38.6K $14.40/SF
− Vacancy
−$1.6K −$0.60/SF
EGI
$36.9K $13.80/SF
− OpEx
−$16.6K −$6.21/SF
NOI
$20.3K $7.59/SF
Area
Kosciusko County, IN
Vacancy
4.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$406,380
Cap Rate 7%
$290,271
Cap Rate 9%
$225,767
Alternative Uses
Best Use
Multifamily LT 5
$324.0K
$283.5K – $378.0K
NOI $22,678 @ 7.0% cap · market cap 9.26%
Second Best
Apartment 5plus
$290.3K
$254.0K – $338.7K
NOI $20,319 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$466.5K
$408.2K – $544.3K
NOI $32,658 @ 7.0% cap · market cap 13.33%
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
766
Businesses Nearby
Explore this area
Business Placement
Demographics for 46580, IN
22,381
Population
8,873
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
71.1 sq mi
ZIP Area
315
Density / Sq Mi
$70,978
Median Household Income
$40,231
Median Earnings
$963
Median Rent
$175,700
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 property with updated improvements, garage storage, and a basement offering additional storage space.
Where is this quadplex located?
The property is located at 536 E Center St Warsaw, IN.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Four‑unit building in Warsaw, Indiana; Built in 1895; Recently constructed garage divided into 2 units
