$400,000

328 N State St Unit 1-5 Kendallville, IN 46755

Estimated payment $2,376/month

12 Beds
5 Baths
4,078 Sq Ft
$98 Price per Sq Ft

Highlights

  • Forced Air Heating and Cooling System
  • Baseboard Heating
  • Vinyl Flooring
  • Ceiling Fan
  • Level Lot

About This Home

Investment Opportunity – Cash-Flowing 5-Plex in Kendallville! This purpose-built 5-unit property offers over 4,000 sq. ft. and has strong cash flow potential with room to raise rents. Current monthly rents total $3,970, and once the two recently renovated units are re-leased, projected income will increase to around $4,200/month. Each unit is separately metered with split utilities, individual water heaters, and two units even have their own gas meters. Recent updates include a newer metal roof, vinyl siding, and updated water heaters. Tenants enjoy ample off-street parking and a convenient location close to schools, shopping, and downtown Kendallville. This is a rare chance to own a true multi-family income property with tenants already in place. Whether you’re looking to expand your portfolio or step into investment real estate with a strong performer, this 5-plex is the one to see!

Listing Agent

Ellen Schnurr

Open Door Rentals and Real Estate Listed on: 10/03/2025

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $2,960

Year Built

  • Built in 1870

Lot Details

  • 0.25 Acre Lot
  • Lot Dimensions are 66x166
  • Level Lot

Home Design

  • Vinyl Construction Material

Interior Spaces

  • 2-Story Property
  • Ceiling Fan
  • Vinyl Flooring
  • Partially Finished Basement

Bedrooms and Bathrooms

  • 12 Bedrooms
  • 5 Full Bathrooms

Parking

  • 6 Parking Spaces
  • Driveway
  • Off-Street Parking

Schools

  • North Side Elementary School
  • East Noble Middle School
  • East Noble High School

Utilities

  • Forced Air Heating and Cooling System
  • Baseboard Heating

Listing and Financial Details

  • The owner pays for building insurance, lawn maintenance, maintenance
  • Assessor Parcel Number 57-07-33-420-085.000-020

Community Details

Overview

  • 5 Units

Building Details

  • Electric Expense $1,395
  • Insurance Expense $4,980
  • Maintenance Expense $4,966
  • Trash Expense $995
  • Water Sewer Expense $318

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$2,960

Year Built

Built in 1870

Lot Details

0

Listing Details

  • Class: INVESTMENT
  • Property Sub Type: Fiveplex
  • Year Built: 1870
  • Style: Two Story
  • Bedrooms: 12
  • Total Bathrooms: 5
  • Total Full Bathrooms: 5
  • Legal Description: MITCHELLS ADD LOT 178
  • Parcel Number ID: 57-07-33-420-085.000-020
  • Platted: Yes
  • Amenities: Basement, Ceiling Fan, Off Street Parking
  • Road Surface: Concrete
  • Special Features: None

Interior Features

  • Total Sq Ft: 6478
  • Total Finished Sq Ft: 4078
  • Above Grade Finished Sq Ft: 4078
  • Below Grade Sq Ft: 2400
  • Basement: Yes
  • Basement Foundation: Partial Basement
  • Flooring: Vinyl
  • Total Below Grade Sq Ft: 2400
  • Number Of Ranges Ovens: 5

Exterior Features

  • Exterior: Vinyl
  • Stories: 2

Garage/Parking

  • Number Of Parking Spaces: 6

Utilities

  • Cooling: Central Air
  • Heating Fuel: Baseboard, Forced Air
  • Sewer: City
  • Water Utilities: City
  • Annual Electric: 1394.83
  • Annual Insurance Expense: 4980
  • Annual Maintenance Expense: 4965.87
  • Annual Trash Expense: 995
  • Annual Water Sewer Expense: 317.84

Schools

  • Elementary School: North Side

Lot Info

  • Lot Description: Level
  • Lot Dimensions: 66x166
  • Estimated Lot Sq Ft: 10890
  • Estimated Lot Size Acres: 0.25

Rental Info

  • Lease Term: 1 Year, 2 Years
  • Owner Pays: Building Insurance, Lawn Maintenance, Maintenance
  • Tenant Pays: Cable, Cooling, Electric, Sewer, Trash Collection, Water

Tax Info

  • Annual Property Tax: 2959.5

Multi Family

  • Number Of Refrigerators: 5
  • Number Of Units: 5
  • Num Of2 Bedrooms: 3

MLS Schools

  • High School: East Noble
  • Middle School: East Noble
  • School District: East Noble Schools

Map

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $2,960 $136,100 $19,300 $116,800
2023 $2,965 $134,800 $16,800 $118,000
2022 $3,515 $161,500 $16,800 $144,700
2021 $4,299 $195,500 $16,200 $179,300
2020 $3,350 $151,000 $14,200 $136,800
2019 $3,171 $141,000 $13,300 $127,700
2018 $2,711 $128,700 $12,300 $116,400
2017 $2,609 $130,200 $12,300 $117,900
2016 $2,583 $128,900 $12,300 $116,600
2014 $2,316 $115,600 $12,300 $103,300
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
10/03/2025 10/03/25 For Sale $400,000 -- $98 / Sq Ft
Source: Indiana Regional MLS

Purchase History

Date Type Sale Price Title Company
Deed $200,000 Metropolitan Title Company Of
Deed $150,000 Metropolitan Title Company Of
Source: Public Records

Source: Indiana Regional MLS

MLS Number: 202540110

Indiana Regional MLS

APN: 570733420085000020

Indiana Noble County Kendallville 46755

328 N State St Unit 1-5, Kendallville, IN

This home is located at 328 N State St Unit 1-5, Kendallville, IN 46755 and is currently priced at $400,000, approximately $98 per square foot. This property was built in 1870. 328 N State St Unit 1-5 is a home located in Noble County with nearby schools including North Side Elementary School, East Noble Middle School, and East Noble High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Indiana Regional MLS IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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Listing Agent
Ellen Schnurr
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Open Door Rentals and Real Estate
(260) 305-9007