Duplex with Separate
New
For Sale
$230,000
620 Middlebury Street, Elkhart, IN 46516
Two separate electrical panels and tenant-metered utilities support independent service for each residence.
Property Size2,164 SF
Price / SF$106.28
Days on Market2
Property Features for 620 Middlebury Street
General Information
Standard status
Active
Size
2,164 SF
Property subtype
Multi-Family
Units
Multifamily Units
2
Individually Metered Utilities
unspecified utilities
Amenities
onsite laundry
Building Details
Year Built
1920
Listing Agency:
RE/MAX Realty One
(765) 454-7300
Listed By:
Carson and Lisa Lowry Real Estate
(812) 305-4663
Source:
Carsonlowryrealestate
Added: Oct 24
Changed: Oct 25
Last Checked: Oct 24 at 3:31PM
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 RE/MAX Realty One
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Investment Insights
Based on property information with market context.
This 2,164-square-foot duplex was built in 1920 and has been updated with new windows, flooring, light fixtures, kitchen cabinets and countertops, and bathroom vanities. Some siding is newer. The building has two newer furnaces, two new water heaters, and separate electrical panels. Each residence has access to its own basement laundry setup, and utilities are separately metered.
The property is at 620 Middlebury Street in Elkhart, Indiana. The owner pays property taxes and insurance; tenants pay their own utility costs. Both units are vacant and available for tenant selection.
The property is at 620 Middlebury Street in Elkhart, Indiana. The owner pays property taxes and insurance; tenants pay their own utility costs. Both units are vacant and available for tenant selection.
Key Highlights
- Two‑unit duplex with 2,164 square feet
- Built in 1920
- Updates include windows, flooring, light fixtures, kitchen cabinets and countertops, and bathroom vanities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,991
Cap Rate
7.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$359,820
$359.8K
Cap Rate 7%
$257,014
$257.0K
Cap Rate 9%
$199,900
$199.9K
Market Conditions
NOI Build-Up for 2,164 SF
Gross rent
$27.8K $12.84/SF
− Vacancy
−$2.1K −$0.96/SF
EGI
$25.7K $11.88/SF
− OpEx
−$7.7K −$3.56/SF
NOI
$18.0K $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%
$359,820
Cap Rate 7%
$257,014
Cap Rate 9%
$199,900
Alternative Uses
Best Use
Multifamily LT 5
$257.0K
$224.9K – $299.9K
NOI $17,991 @ 7.0% cap · market cap 7.82%
Second Best
Apartment 5plus
$229.3K
$200.6K – $267.5K
NOI $16,048 @ 7.0% cap · market cap 6.98%
Theoretical Best
Specialty Retail
$400.6K
$350.6K – $467.4K
NOI $28,045 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
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Business Placement
Demographics for 46516, IN
33,670
Population
14,137
Households
2.4
Avg Household Size
35
Median Age
18%
College-Educated
84%
High-School Grad
17.5 sq mi
ZIP Area
1,924
Density / Sq Mi
$54,934
Median Household Income
$39,189
Median Earnings
$986
Median Rent
$150,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate electrical panels and tenant-metered utilities support independent service for each residence.
Where is this duplex located?
The property is located at 620 Middlebury Street Elkhart, IN.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,164 square feet; Built in 1920; Updates include windows, flooring, light fixtures, kitchen cabinets and countertops, and bathroom vanities
