Renovated Triplex with New
For Sale
$198,900
616 N Michigan Street, Elkhart, IN 46514
MULTI_FAMILY - Elkhart, IN
Property Size1,502 SF
Lot Size0.20 Acres
Price / SF$132.42
Days on Market47
Property Features for 616 N Michigan Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 1, Bedroom 2, Basement
Parking
3
Parking features
Off Street
Lot features
City/ Town/ Suburb, Level
Elementary school
Mary Beck
Middle school
West Side
High school
Elkhart
Elementary school district
Elkhart Community Schools
Middle school district
Elkhart Community Schools
High school district
Elkhart Community Schools
Directions
Michigan St North of Bower, before Maple Row on the East side.
Subdivision
Elkhart County
Standard status
Active
APN
20-06-06-285-008.000-012
Size
1,502 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
BEARDSLEYS N ELK PT LOT 68
Tax Annual Amount
1560
Legal Description
BEARDSLEYS N ELK PT LOT 68
Building Details
Year built
1902
Floors in Building
1
Number of units
3
Flooring type
Laminate
Roof type
Shingle
Architectural style
Other
Listing Agency:
McKinnies Realty, LLC Elkhart
(574) 271-3440
Listed By:
Terrie Forrest · License #SP09002250
(574) 320-7777
Added: Jul 13
Changed: Aug 5
Last Checked: Aug 28 at 7:06PM
MLS# 202627998
Copyright © 2026 Elkhart County Board 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.
Investment Insights
Based on property information with market context.
This triplex at 616 N Michigan Street offers three rental units that were renovated before the current three tenants moved in. The property also has a new furnace installed this year. Interior finishes include laminate flooring, and the home includes a basement.
The building was constructed in 1902 and features a shingle roof. Off-street parking is available for tenants and visitors.
Set on a 0.2-acre lot with a total property size of 1,502 SF, this is a straightforward option for an investor looking to start or expand a small rental portfolio.
The building was constructed in 1902 and features a shingle roof. Off-street parking is available for tenants and visitors.
Set on a 0.2-acre lot with a total property size of 1,502 SF, this is a straightforward option for an investor looking to start or expand a small rental portfolio.
Key Highlights
- Renovated before the current three tenants moved in
- New furnace installed this year
- 0.2‑acre lot with total property size of 1,502 SF
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
$12,487
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
6.28%
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%
$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
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
$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 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%
$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 6.28%
Second Best
Apartment 5plus
$159.1K
$139.2K – $185.7K
NOI $11,139 @ 7.0% cap · market cap 5.60%
Theoretical Best
Specialty Retail
$278.1K
$243.3K – $324.4K
NOI $19,466 @ 7.0% cap · market cap 9.79%
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
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
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 - Triplex renovated prior to the current tenants moving in, with a new furnace and off-street parking on-site.
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 $198,900.
What are key features of this property?
This property features: Renovated before the current three tenants moved in; New furnace installed this year; 0.2‑acre lot with total property size of 1,502 SF
