Two-Story Four-Unit Residential
For Sale
$245,000
536 E Center Street, Warsaw, IN 46580
INVESTMENT, Two Story, Warsaw, IN
Property Size2,678 SF
Lot Size0.18 Acres
Price / SF$91.49
Days on Market48
Property Features for 536 E Center Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Basement, Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 4, Bathroom 3, Bedroom 5
Parking
6
Fireplace
1
Basement
Block
Subdivision
Isaac A Millers
Lot features
Corner
Elementary school
Lincoln
Middle school
Lakeview
High school
Warsaw
Elementary school district
Warsaw Community
Middle school district
Warsaw Community
High school district
Warsaw Community
Directions
Through Google or Apple Maps
Standard status
Active
APN
43-11-08-200-267.000-032
Size
2,678 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
4-44-159 STP S CENTER ST 8-32-6 .18A
Tax Annual Amount
1750
Legal Description
4-44-159 STP S CENTER ST 8-32-6 .18A
Building Details
Year built
1895
Floors in Building
2
Number of units
4
Flooring type
Mixed
Roof type
Shingle
Architectural style
Other
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Geoff Cavender · License #RB17002203
(574) 527-1651
Added: Jul 20
Changed: Sep 5
Last Checked: Sep 5 at 10:06AM
MLS# 202629063
Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story quadplex contains four residential units within 2678 square feet. The property includes mixed flooring, a shingle roof, and a fireplace, with recent updates contributing to the current configuration. A newly built garage is divided into two spaces that are presently used by the owner for storage. The basement provides additional storage area.
Set on 0.18 acres at 536 E Center Street in Warsaw, Indiana, the property was built in 1895. The garage divisions and basement create additional utility beyond the primary residential layout, while the existing owner storage use is clearly established.
Set on 0.18 acres at 536 E Center Street in Warsaw, Indiana, the property was built in 1895. The garage divisions and basement create additional utility beyond the primary residential layout, while the existing owner storage use is clearly established.
Key Highlights
- Four‑unit residential property in a two‑story building
- 2678 square feet on 0.18 acres
- New garage divided into 2 spaces, currently used for owner storage
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 - Updated income property with garage storage divisions and additional basement storage space.
Where is this quadplex located?
The property is located at 536 E Center Street 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 residential property in a two‑story building; 2678 square feet on 0.18 acres; New garage divided into 2 spaces, currently used for owner storage
