Duplex with Full
For Sale
$220,000
810 East 3rd Street, Mishawaka, IN 46544
Two residential units offer practical layouts for rental income or owner occupancy in Mishawaka.
Property Size2,178 SF
Price / SF$101.01
Days on Market104
Property Features for 810 East 3rd Street
General Information
Standard status
Active
Size
2,178 SF
Property subtype
Multi Family / Duplex
Lease Term
1 Year
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,133
Amenities
2
Yes
Laminate, Part Carpet, Wood
Forced Air
1
Full Basement
4
No
Vinyl
Basement, Fenced Yard, Fireplace, Off Street Parking
Building Details
Year Built
1890
Buildings
2
Units
2
Listing Agency:
St. Joseph Realty Group
(574) 344-9396
Listed By:
Kate Basham · License #RB24000999
(574) 344-9396
Source:
Compass
Added: May 19
Changed: Aug 30
Last Checked: Aug 30 at 1:18PM
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 St. Joseph Realty Group
Investment Insights
Based on property information with market context.
Located at 810 East 3rd Street in Mishawaka, this duplex contains two residential units, each configured with two bedrooms and one full bathroom. The property offers 2,178 square feet of building area, along with a full basement, fenced yard, fireplace, and off-street parking. Exterior siding is vinyl, and the building dates to 1890.
The property is positioned near schools, shopping, dining, parks, and major roadways. Its two-unit configuration supports continued rental use or an owner-occupancy arrangement with income from the additional unit. Interior finishes include laminate, partial carpeting, and wood flooring.
The property is positioned near schools, shopping, dining, parks, and major roadways. Its two-unit configuration supports continued rental use or an owner-occupancy arrangement with income from the additional unit. Interior finishes include laminate, partial carpeting, and wood flooring.
Key Highlights
- Two units, each with 2 bedrooms and 1 full bath
- 2,178 square feet of building area
- Full basement and fenced yard
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
$19,185
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
8.72%
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%
$383,700
$383.7K
Cap Rate 7%
$274,071
$274.1K
Cap Rate 9%
$213,167
$213.2K
Market Conditions
NOI Build-Up for 2,178 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
$29.3K $13.44/SF
− Vacancy
−$1.9K −$0.86/SF
EGI
$27.4K $12.58/SF
− OpEx
−$8.2K −$3.78/SF
NOI
$19.2K $8.81/SF
Area
St. Joseph County, IN
Vacancy
6.37%
Lease Rate
$13.44 /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%
$383,700
Cap Rate 7%
$274,071
Cap Rate 9%
$213,167
Alternative Uses
Best Use
Multifamily LT 5
$274.1K
$239.8K – $319.8K
NOI $19,185 @ 7.0% cap · market cap 8.72%
Second Best
Apartment 5plus
$237.6K
$207.9K – $277.2K
NOI $16,630 @ 7.0% cap · market cap 7.56%
Theoretical Best
Retail
$431.9K
$377.9K – $503.9K
NOI $30,233 @ 7.0% cap · market cap 13.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
887
Businesses Nearby
Explore this area
Business Placement
Demographics for 46544, IN
31,571
Population
13,661
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
39.8 sq mi
ZIP Area
793
Density / Sq Mi
$57,873
Median Household Income
$40,120
Median Earnings
$1,018
Median Rent
$151,100
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 - Two residential units offer practical layouts for rental income or owner occupancy in Mishawaka.
Where is this duplex located?
The property is located at 810 East 3rd Street Mishawaka, IN.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 full bath; 2,178 square feet of building area; Full basement and fenced yard
