Two-Unit Duplex with Fenced
For Sale
$239,900
Pending
920 Merrill Court South, South Bend, IN 46637
Both residences offer central air, forced-air heating, and flexible owner-occupant or rental use.
Property Size2,526 SF
Days on Market233
Property Features for 920 Merrill Court South
General Information
Standard status
Pending
Size
2,526 SF
Property subtype
Multi Family / Duplex
Property Condition
Severity
Repairs Needed
Evidence
requires minor repairs and improvements
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,796
Amenities
Central Air
2
No
Carpet, Vinyl
4
Forced Air
Crawl
Yes
Vinyl
Fenced Yard, Off Street Parking, Countertops-Laminate, Water Heater Gas
Building Details
Year Built
1989
Buildings
1
Units
2
Listing Agency:
McKinnies Realty, LLC Elkhart
(574) 271-3440
Listed By:
Joe Stante · License #RB19000393
(574) 271-3440
Source:
Compass
Added: Jan 10
Changed: Aug 30
Last Checked: Aug 31 at 12:56AM
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 McKinnies Realty, LLC Elkhart
Investment Insights
Based on property information with market context.
This 2,526-square-foot duplex, built in 1989, contains two separate residences. Each unit includes two bedrooms, one full bathroom, and one half bathroom, with carpet and vinyl flooring, central air, and forced-air heating. The property also includes a gas water heater, vinyl exterior, crawl-space foundation, a fenced yard, and off-street parking.
Located at 920 Merrill Court South in South Bend, the property is near retail shopping, the bypass, and campus. Its two-unit layout supports an owner-occupant arrangement with the second residence leased separately. The property is offered as-is and requires minor repairs and improvements.
Located at 920 Merrill Court South in South Bend, the property is near retail shopping, the bypass, and campus. Its two-unit layout supports an owner-occupant arrangement with the second residence leased separately. The property is offered as-is and requires minor repairs and improvements.
Key Highlights
- 2,526‑square‑foot duplex built in 1989
- Two units, each with 2 bedrooms, 1 full bathroom, and 1 half bathroom
- Central air and forced‑air heating in both residences
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
$20,819
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
8.68%
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%
$416,380
$416.4K
Cap Rate 7%
$297,414
$297.4K
Cap Rate 9%
$231,322
$231.3K
Market Conditions
NOI Build-Up for 2,526 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
$40.9K $16.20/SF
− Vacancy
−$3.1K −$1.22/SF
EGI
$37.9K $14.99/SF
− OpEx
−$17.0K −$6.74/SF
NOI
$20.8K $8.24/SF
Area
South Bend, IN
Vacancy
7.50%
Lease Rate
$16.20 /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%
$416,380
Cap Rate 7%
$297,414
Cap Rate 9%
$231,322
Alternative Uses
Best Use
Multifamily LT 5
$321.4K
$281.2K – $375.0K
NOI $22,498 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$297.4K
$260.2K – $347.0K
NOI $20,819 @ 7.0% cap · market cap 8.68%
Theoretical Best
Office A
$639.0K
$559.2K – $745.6K
NOI $44,733 @ 7.0% cap · market cap 18.65%
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
37
Businesses Nearby
Explore this area
Business Placement
Demographics for 46637, IN
15,887
Population
8,396
Households
1.9
Avg Household Size
38
Median Age
38%
College-Educated
94%
High-School Grad
10.0 sq mi
ZIP Area
1,589
Density / Sq Mi
$72,401
Median Household Income
$40,841
Median Earnings
$1,167
Median Rent
$192,000
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 - Both residences offer central air, forced-air heating, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 920 Merrill Court South South Bend, IN.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: 2,526‑square‑foot duplex built in 1989; Two units, each with 2 bedrooms, 1 full bathroom, and 1 half bathroom; Central air and forced‑air heating in both residences
