Three-Unit Income
For Sale
$229,900
542 West 4th Street, Mishawaka, IN 46544
Fully occupied residence with varied unit layouts, covered porch, partial basement, and central air.
Property Size1,688 SF
Price / SF$136.20
Days on Market383
Property Features for 542 West 4th Street
General Information
Standard status
Active
Size
1,688 SF
Property subtype
Multi Family / Triplex
Occupancy
100%
Lease Term
6 Months
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/1BA, 1 x studio/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,075
Amenities
covered front porch
partial basement
Central Air
2
Yes
Carpet, Vinyl Tile
3
Gas, Forced Air
1
Block
Michigan Basement, Partial Basement
5
No
Aluminum
Basement, Countertops-Laminate, Porch Covered, Water Heater Gas, Washer Hook-Up
Dimensional Shingles
Building Details
Year Built
1902
Units
3
Listing Agency:
Cressy & Everett Real Estate
(574) 292-5096
Listed By:
Douglas W Birkey · License #6501394663
(574) 292-5096
Source:
Compass
Added: Aug 14, 2025
Changed: Aug 30
Last Checked: Aug 30 at 11:20PM
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 Real Estate
Investment Insights
Based on property information with market context.
This 1,688-square-foot triplex contains three separate residences: a three-bedroom, one-bath unit, a one-bedroom, one-bath unit, and a studio with one bath. All three units are rented. The property was built in 1902 and includes central air, gas forced-air heat, carpet and vinyl tile flooring, and gas water heating.
Exterior features include a covered porch, aluminum siding, dimensional-shingle roofing, and a partial Michigan basement with storage utility. Washer hookups are also present. The property is located near shopping, restaurants, the Riverwalk, and local parks in Mishawaka, Indiana.
Exterior features include a covered porch, aluminum siding, dimensional-shingle roofing, and a partial Michigan basement with storage utility. Washer hookups are also present. The property is located near shopping, restaurants, the Riverwalk, and local parks in Mishawaka, Indiana.
Key Highlights
- Three‑unit configuration with 3‑bedroom, 1‑bath; 1‑bedroom, 1‑bath; and studio units
- All three residences are currently rented
- 1,688 SF property built in 1902
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
$14,869
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
6.47%
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%
$297,380
$297.4K
Cap Rate 7%
$212,414
$212.4K
Cap Rate 9%
$165,211
$165.2K
Market Conditions
NOI Build-Up for 1,688 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
$22.7K $13.44/SF
− Vacancy
−$1.4K −$0.86/SF
EGI
$21.2K $12.58/SF
− OpEx
−$6.4K −$3.78/SF
NOI
$14.9K $8.81/SF
Area
St. Joseph County, IN
Vacancy
6.37%
Lease Rate
$13.44 /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%
$297,380
Cap Rate 7%
$212,414
Cap Rate 9%
$165,211
Alternative Uses
Best Use
Multifamily LT 5
$212.4K
$185.9K – $247.8K
NOI $14,869 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$184.1K
$161.1K – $214.8K
NOI $12,889 @ 7.0% cap · market cap 5.61%
Theoretical Best
Retail
$334.7K
$292.9K – $390.5K
NOI $23,431 @ 7.0% cap · market cap 10.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
974
Businesses Nearby
Explore this area
Business Placement
Demographics for 46544, IN
31,571
Population
13,661
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
39.8 sq mi
ZIP Area
793
Density / Sq Mi
$57,873
Median Household Income
$40,120
Median Earnings
$1,018
Median Rent
$151,100
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?
Triplex - Fully occupied residence with varied unit layouts, covered porch, partial basement, and central air.
Where is this triplex located?
The property is located at 542 West 4th Street Mishawaka, IN.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Three‑unit configuration with 3‑bedroom, 1‑bath; 1‑bedroom, 1‑bath; and studio units; All three residences are currently rented; 1,688 SF property built in 1902
