Updated Two-Unit
For Sale
$224,900
604 N Frances St, South Bend, IN 46617
Each residence includes a bedroom, full bathroom, eat-in kitchen, in-unit laundry, and ample closet storage.
Property Size1,084 SF
Price / SF$207.47
Days on Market40
Property Features for 604 N Frances St
General Information
Standard status
Active
Size
1,084 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,160
Amenities
in-unit laundry
deck
shed
Building Details
Buildings
1
Listing Agency:
Irish Realty
(219) 851-3677
Listed By:
Brandon Thomas
(219) 851-3677
Source:
Exprealty
Added: Jul 1
Changed: Aug 8
Last Checked: Aug 8 at 8:30AM
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 Irish Realty
Investment Insights
Based on property information with market context.
This 1,084-square-foot duplex at 604 N Frances St includes two residences, each with one bedroom and one bathroom. Both units offer in-unit laundry, generous closet space, an eat-in kitchen with substantial cabinetry, and a full bathroom with built-in shelving. Recent improvements include new flooring, fresh interior paint, and new windows. A large deck provides exterior access to the home, while a shed adds storage capacity.
The property is located one mile from the University of Notre Dame, south of the university. Downtown South Bend and the new Trader Joe’s are within walking distance, adding convenient access to nearby destinations. The two-unit configuration and updated features support both owner-occupancy and rental use.
The property is located one mile from the University of Notre Dame, south of the university. Downtown South Bend and the new Trader Joe’s are within walking distance, adding convenient access to nearby destinations. The two-unit configuration and updated features support both owner-occupancy and rental use.
Key Highlights
- Two‑unit duplex totaling 1,084 square feet
- Each unit has 1 bedroom and 1 bathroom
- In‑unit laundry, ample closets, and built‑in bathroom shelving in both units
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
$9,655
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
4.29%
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%
$193,100
$193.1K
Cap Rate 7%
$137,929
$137.9K
Cap Rate 9%
$107,278
$107.3K
Market Conditions
NOI Build-Up for 1,084 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
$15.0K $13.80/SF
− Vacancy
−$1.2K −$1.08/SF
EGI
$13.8K $12.72/SF
− OpEx
−$4.1K −$3.82/SF
NOI
$9.7K $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%
$193,100
Cap Rate 7%
$137,929
Cap Rate 9%
$107,278
Alternative Uses
Best Use
Multifamily LT 5
$137.9K
$120.7K – $160.9K
NOI $9,655 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$127.6K
$111.7K – $148.9K
NOI $8,934 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$274.2K
$240.0K – $320.0K
NOI $19,197 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
713
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?
Duplex - Each residence includes a bedroom, full bathroom, eat-in kitchen, in-unit laundry, and ample closet storage.
Where is this duplex located?
The property is located at 604 N Frances St South Bend, IN.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,084 square feet; Each unit has 1 bedroom and 1 bathroom; In‑unit laundry, ample closets, and built‑in bathroom shelving in both units
