Renovated Triplex with New
For Sale
$191,900
616 N Michigan Street, Elkhart, IN 46514
Three-unit rental property with renovations completed before tenant occupancy and a new furnace installed this year.
Property Size1,502 SF
Price / SF$127.76
Days on Market95
Property Features for 616 N Michigan Street
General Information
Standard status
Active
Size
1,502 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1902
Listing Agency:
Century 21 Scheetz - Bloomington
(215) 450-1437
Listed By:
Carson and Lisa Lowry Real Estate
(812) 305-4663
Source:
Carsonlowryrealestate
Added: Jul 15
Changed: Oct 16
Last Checked: Oct 16 at 8:35AM
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 Century 21 Scheetz - Bloomington
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Investment Insights
Based on property information with market context.
This 1,502-square-foot triplex at 616 N Michigan Street includes three rental units. Renovation work was completed before the current tenants moved in, and the property has a new furnace installed this year. Originally built in 1902, the building offers an established multifamily configuration in Elkhart, Indiana.
Key Highlights
- Three‑unit triplex configuration
- 1,502 square feet of property size
- Renovated before the three tenants moved in
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,487
Cap Rate
6.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$249,740
$249.7K
Cap Rate 7%
$178,386
$178.4K
Cap Rate 9%
$138,744
$138.7K
Market Conditions
NOI Build-Up for 1,502 SF
Gross rent
$19.3K $12.84/SF
− Vacancy
−$1.4K −$0.96/SF
EGI
$17.8K $11.88/SF
− OpEx
−$5.4K −$3.56/SF
NOI
$12.5K $8.31/SF
Area
Elkhart County, IN
Vacancy
7.50%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$249,740
Cap Rate 7%
$178,386
Cap Rate 9%
$138,744
Alternative Uses
Best Use
Multifamily LT 5
$178.4K
$156.1K – $208.1K
NOI $12,487 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$159.1K
$139.2K – $185.7K
NOI $11,139 @ 7.0% cap · market cap 5.80%
Theoretical Best
Specialty Retail
$278.1K
$243.3K – $324.4K
NOI $19,466 @ 7.0% cap · market cap 10.14%
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
395
Businesses Nearby
Explore this area
Business Placement
Demographics for 46514, IN
42,048
Population
17,987
Households
2.3
Avg Household Size
39
Median Age
21%
College-Educated
86%
High-School Grad
38.7 sq mi
ZIP Area
1,087
Density / Sq Mi
$61,784
Median Household Income
$40,909
Median Earnings
$1,084
Median Rent
$170,900
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-unit rental property with renovations completed before tenant occupancy and a new furnace installed this year.
Where is this triplex located?
The property is located at 616 N Michigan Street Elkhart, IN.
What is the asking price?
The asking price for this property is $191,900.
What are key features of this property?
This property features: Three‑unit triplex configuration; 1,502 square feet of property size; Renovated before the three tenants moved in
