Renovated Three-Unit
616 N Michigan Street Elkhart, IN 46514
For Sale
$209,900
MULTI_FAMILY - Elkhart, IN
Property Size1,502 SF
Lot Size0.20 Acres
Price / SF$139.75
Days on Market17
Property Features for 616 N Michigan Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 2, Basement, Bathroom 3, Bathroom 1, Bedroom 1
Parking
3
Parking features
Off Street
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
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
Last Checked: Jul 29 at 2:06PM
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 offering is a three-unit residential income property. The units were renovated prior to the current tenants moving in, and a new furnace was installed this year. The property is presented as a turnkey option for an income-focused buyer.
The property is located at 616 N Michigan Street in Elkhart, Indiana (Elkhart County).
The property is located at 616 N Michigan Street in Elkhart, Indiana (Elkhart County).
Key Highlights
- Year built 1902
- Renovated 3‑unit rental property (renovated before current tenants moved in)
- New furnace installed this year
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $19.3k | $12.84 |
| − Vacancy | −$1.4k | −$0.96 |
| EGI | $17.8k | $11.88 |
| − OpEx | −$5.4k | −$3.56 |
| NOI | $12.5k | $8.31 |
1,502 SF · lease $12.84/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$178.4K
$156.1K – $208.1K
NOI $12,487 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$159.1K
$139.2K – $185.7K
NOI $11,139 @ 7.0% cap · market cap 5.31%
Theoretical Best
Specialty Retail
$278.1K
$243.3K – $324.4K
NOI $19,466 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property in Elkhart with recent renovations and a newly installed furnace.
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 $209,900.
What are key features of this property?
This property features: Year built 1902; Renovated 3‑unit rental property (renovated before current tenants moved in); New furnace installed this year
