Renovated Triplex with Full
For Sale
$789,900
602 North Frances Street, South Bend, IN 46617
Three updated units offer varied layouts, shared laundry, storage, and outdoor space.
Property Size2,722 SF
Price / SF$290.19
Days on Market278
Property Features for 602 North Frances Street
General Information
Standard status
Active
Size
2,722 SF
Property subtype
Multi Family / Triplex
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,531
Amenities
gas fire pit
fenced yard
washer and dryer
concrete patio
Central Air
2
Yes
Carpet, Tile, Vinyl
4
Gas, Forced Air
1
Full Basement, Unfinished
3
6
No
Full, Privacy, Wood
Brick
Basement, Ceiling Fan, Fenced Yard, Storage, Countertops-Stone, Detector-Smoke, Firepit, Open Floor Plan, Patio Open, Pocket Doors, Water Heater Gas
Shingle
Sidewalks
Building Details
Year Built
1929
Year Renovated
2025
Units
3
Listing Agency:
Weichert Rltrs-J.Dunfee&Assoc.
(574) 261-5736
Listed By:
Rachel Prillwitz · License #RB17002050
(574) 261-5736
Source:
Compass
Added: Nov 25, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:55PM
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 Weichert Rltrs-J.Dunfee&Assoc.
Investment Insights
Based on property information with market context.
This triplex contains three renovated residences: a one-bedroom, one-bath unit; a two-bedroom, one-bath unit; and an upstairs three-bedroom, two-bath unit exceeding 1,300 square feet. The largest residence includes separate living and dining rooms. Main-floor improvements completed in 2022 include new windows, drywall, flooring, kitchens, appliances, lighting, and bathrooms. The upper level was renovated in 2025 with an expanded kitchen, second full bathroom, new cabinetry and appliances, butcher-block counters, tile flooring, and updated fixtures.
Exterior work includes a new roof, soffits, fascia, gutters, lighting, concrete patio, fenced yard, and timed gas fire pit. The full basement provides storage and includes a washer and dryer. Air-conditioning units were installed in 2022, while the water heaters and furnaces were replaced within the last five and six years, respectively. The property is located at 602 North Frances Street in South Bend, Indiana, near Notre Dame.
Exterior work includes a new roof, soffits, fascia, gutters, lighting, concrete patio, fenced yard, and timed gas fire pit. The full basement provides storage and includes a washer and dryer. Air-conditioning units were installed in 2022, while the water heaters and furnaces were replaced within the last five and six years, respectively. The property is located at 602 North Frances Street in South Bend, Indiana, near Notre Dame.
Key Highlights
- Three‑unit layout with 1‑bedroom, 2‑bedroom, and 3‑bedroom residences
- Upper‑level residence exceeds 1,300 square feet and includes 3 bedrooms and 2 bathrooms
- Main‑floor renovation completed in 2022; upstairs renovation completed in 2025
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
$24,244
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
3.07%
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%
$484,880
$484.9K
Cap Rate 7%
$346,343
$346.3K
Cap Rate 9%
$269,378
$269.4K
Market Conditions
NOI Build-Up for 2,722 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
$37.6K $13.80/SF
− Vacancy
−$2.9K −$1.08/SF
EGI
$34.6K $12.72/SF
− OpEx
−$10.4K −$3.82/SF
NOI
$24.2K $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%
$484,880
Cap Rate 7%
$346,343
Cap Rate 9%
$269,378
Alternative Uses
Best Use
Multifamily LT 5
$346.3K
$303.1K – $404.1K
NOI $24,244 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$320.5K
$280.4K – $373.9K
NOI $22,434 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$688.6K
$602.6K – $803.4K
NOI $48,204 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,199
Businesses Nearby
Explore this area
Business Placement
Demographics for 46617, IN
9,813
Population
5,502
Households
1.8
Avg Household Size
35
Median Age
60%
College-Educated
96%
High-School Grad
2.6 sq mi
ZIP Area
3,774
Density / Sq Mi
$73,700
Median Household Income
$37,331
Median Earnings
$1,422
Median Rent
$231,400
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 - Three updated units offer varied layouts, shared laundry, storage, and outdoor space.
Where is this triplex located?
The property is located at 602 North Frances Street South Bend, IN.
What is the asking price?
The asking price for this property is $789,900.
What are key features of this property?
This property features: Three‑unit layout with 1‑bedroom, 2‑bedroom, and 3‑bedroom residences; Upper‑level residence exceeds 1,300 square feet and includes 3 bedrooms and 2 bathrooms; Main‑floor renovation completed in 2022; upstairs renovation completed in 2025
