Remodeled Triplex with
For Sale
$329,900
815 North Main Street, Mishawaka, IN 46545
Three-unit property with central air, updated interiors, and separate storage areas.
Property Size3,650 SF
Price / SF$90.38
Days on Market173
Property Features for 815 North Main Street
General Information
Standard status
Active
Size
3,650 SF
Property subtype
Multi Family / Triplex
Lease Term
1 Year
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,205
Amenities
Central Air
2
Yes
Vinyl
3
Gas
Partial Basement
6
No
Basement, Open Floor Plan
Building Details
Year Built
1916
Units
3
Listing Agency:
Irish Realty
(574) 360-2569
Listed By:
Brandon Thomas · License #RB20000112
(574) 360-2569
Source:
Compass
Added: Mar 11
Changed: Aug 30
Last Checked: Aug 30 at 8:32AM
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 Irish Realty
Investment Insights
Based on property information with market context.
This 3,650-square-foot triplex, built in 1916, includes three residential units with two bedrooms apiece. Unit A has been recently renovated with an open living and kitchen arrangement, foyer, main-level laundry, appliances, and basement storage. Unit B is occupied and provides an open layout, updated bath, kitchen appliances, laundry, and additional basement space. Unit C includes a remodeled kitchen and living area completed in 2023, along with a breakfast bar and appliances.
Central air and newer HVAC systems serve all three units. The property also has a new fence installed in 2024. Located at 815 North Main Street in Mishawaka, Indiana, the asset combines multiple residential units with interior updates and storage areas.
Central air and newer HVAC systems serve all three units. The property also has a new fence installed in 2024. Located at 815 North Main Street in Mishawaka, Indiana, the asset combines multiple residential units with interior updates and storage areas.
Key Highlights
- 3,650‑square‑foot triplex with three two‑bedroom units
- Unit A recently renovated and vacant
- Unit B occupied with updated bathroom and open layout
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
$27,870
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
8.45%
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%
$557,400
$557.4K
Cap Rate 7%
$398,143
$398.1K
Cap Rate 9%
$309,667
$309.7K
Market Conditions
NOI Build-Up for 3,650 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
$54.3K $14.88/SF
− Vacancy
−$3.6K −$1.00/SF
EGI
$50.7K $13.88/SF
− OpEx
−$22.8K −$6.25/SF
NOI
$27.9K $7.64/SF
Area
St. Joseph County, IN
Vacancy
6.70%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
45.00%
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%
$557,400
Cap Rate 7%
$398,143
Cap Rate 9%
$309,667
Alternative Uses
Best Use
Multifamily LT 5
$459.3K
$401.9K – $535.9K
NOI $32,152 @ 7.0% cap · market cap 9.75%
Second Best
Apartment 5plus
$398.1K
$348.4K – $464.5K
NOI $27,870 @ 7.0% cap · market cap 8.45%
Theoretical Best
Retail
$723.8K
$633.3K – $844.4K
NOI $50,665 @ 7.0% cap · market cap 15.36%
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
675
Businesses Nearby
Explore this area
Business Placement
Demographics for 46545, IN
26,312
Population
13,046
Households
2
Avg Household Size
37
Median Age
31%
College-Educated
94%
High-School Grad
18.3 sq mi
ZIP Area
1,438
Density / Sq Mi
$55,889
Median Household Income
$36,999
Median Earnings
$986
Median Rent
$174,700
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 - Three-unit property with central air, updated interiors, and separate storage areas.
Where is this triplex located?
The property is located at 815 North Main Street Mishawaka, IN.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 3,650‑square‑foot triplex with three two‑bedroom units; Unit A recently renovated and vacant; Unit B occupied with updated bathroom and open layout
