Four-Unit Residential Income
New
For Sale
$199,900
602 E Dayton Street, South Bend, IN 46613
INVESTMENT, Two Story, South Bend, IN
Property Size2,192 SF
Lot Size0.11 Acres
Price / SF$91.20
Days on Market2
Property Features for 602 E Dayton Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Basement, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 4, Bathroom 1, Bathroom 4
Lot features
0-2.9999
Elementary school
Lincoln
Middle school
Marshall
High school
Riley
Elementary school district
South Bend Community School Corp.
Middle school district
South Bend Community School Corp.
High school district
South Bend Community School Corp.
Directions
GPS Friendly
Subdivision
St. Joseph County
Standard status
Active
APN
71-08-13-451-012.000-026
Size
2,192 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
1885
Tax Description
Lot 120 Henry Studebakers 2nd Add
Tax Annual Amount
1200
Legal Description
Lot 120 Henry Studebakers 2nd Add
Building Details
Year built
1875
Floors in Building
2
Number of units
4
Flooring type
Mixed
Architectural style
Other
Listing Agency:
At Home Realty Group
(574) 968-0100
Listed By:
Drew Overmyer
(574) 299-3184
Added: Oct 20
Last Checked: Oct 21 at 12:06PM
MLS# 202643491
Copyright © 2026 Greater South Bend-Mishawaka Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This two-story residential income property contains four units across 2,192 square feet. The building dates to 1875 and has mixed flooring, a basement, four bedrooms, and four bathrooms. Most apartments have been updated, and leases are in place for all units.
The property occupies a 0.11-acre lot at 602 E Dayton Street in South Bend, Indiana. Separate electrical meters serve the units.
The property occupies a 0.11-acre lot at 602 E Dayton Street in South Bend, Indiana. Separate electrical meters serve the units.
Key Highlights
- Four‑unit building with 2,192 square feet of property area
- Fully occupied with leases in place
- Most units updated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,066
Cap Rate
9.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$361,320
$361.3K
Cap Rate 7%
$258,086
$258.1K
Cap Rate 9%
$200,733
$200.7K
Market Conditions
NOI Build-Up for 2,192 SF
Gross rent
$35.5K $16.20/SF
− Vacancy
−$2.7K −$1.22/SF
EGI
$32.8K $14.99/SF
− OpEx
−$14.8K −$6.74/SF
NOI
$18.1K $8.24/SF
Area
South Bend, IN
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$361,320
Cap Rate 7%
$258,086
Cap Rate 9%
$200,733
Alternative Uses
Best Use
Multifamily LT 5
$278.9K
$244.0K – $325.4K
NOI $19,523 @ 7.0% cap · market cap 9.77%
Second Best
Apartment 5plus
$258.1K
$225.8K – $301.1K
NOI $18,066 @ 7.0% cap · market cap 9.04%
Theoretical Best
Office A
$554.5K
$485.2K – $647.0K
NOI $38,818 @ 7.0% cap · market cap 19.42%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Explore this area
Business Placement
Demographics for 46613, IN
11,427
Population
4,758
Households
2.4
Avg Household Size
30
Median Age
13%
College-Educated
82%
High-School Grad
3.2 sq mi
ZIP Area
3,571
Density / Sq Mi
$41,625
Median Household Income
$23,984
Median Earnings
$991
Median Rent
$71,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - The building is fully leased, with separate electrical meters serving the apartments.
Where is this quadplex located?
The property is located at 602 E Dayton Street South Bend, IN.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Four‑unit building with 2,192 square feet of property area; Fully occupied with leases in place; Most units updated
