Renovated Triplex with Full
For Sale
$650,000
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$238.80
Days on Market217
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Property Features for 602 North Frances Street
General Information
Standard status
Active
Size
2,722 SF
Property subtype
Residential / Site-Built Home
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,386
Amenities
gas fire pit
fenced yard
washer and dryer
concrete patio
Central Air
Yes
Laminate, Tile
None, No
4
Gas, Conventional, Forced Air
Full Basement, Unfinished
15
6
2
1
No
Partial, Privacy, Wood
Brick
Countertops-Stone, Patio Open, Tub/Shower Combination, Formal Dining Room
Shingle
Sidewalks
Building Details
Year Built
1929
Year Renovated
2025
Listing Agency:
Weichert Rltrs-J.Dunfee&Assoc.
Listed By:
Rachel Prillwitz · License #RB17002050
(574) 277-7444
Source:
Compass
Added: Mar 13
Changed: Oct 10
Last Checked: Oct 15 at 1:46AM
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 / Yr
$24,244
Cap Rate
3.73%
Suggested Prices Based on Cap Rates
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
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 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 3.73%
Second Best
Apartment 5plus
$320.5K
$280.4K – $373.9K
NOI $22,434 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$688.6K
$602.6K – $803.4K
NOI $48,204 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
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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
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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?
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 $650,000.
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
