NOT LISTED FOR SALE

509 W Franklin St Elkhart, IN 46516

West Central Neighborhood

Estimated Value: $89,000 - $165,000

3 Beds
1 Bath
2,064 Sq Ft
$56/Sq Ft Est. Value

Last Sold June 15, 2018

Last sale price $55,000 $27 Per Sq Ft

Est. 109% increase in value since last sale

Current estimated payment $805/month

1 Day on Market

About This Home

As of June 2018

cash cow 3 unit investment property with separated electric. New metal roof installed last year.

Last Agent to Sell the Property

Joshua Schirr

McKinnies Realty, LLC Elkhart Listed on: 03/25/2018

McKinnies Realty, LLC Elkhart

Last Buyer's Agent

Joshua Schirr

McKinnies Realty, LLC Elkhart Listed on: 03/25/2018

McKinnies Realty, LLC Elkhart

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $775

Year Built

  • Built in 1882

Lot Details

  • 6,765 Sq Ft Lot
  • Lot Dimensions are 41x165

Parking

  • 3 Parking Spaces

Home Design

  • Triplex
  • Masonry Siding
  • Masonry

Interior Spaces

  • 2-Story Property
  • Unfinished Basement

Flooring

  • Carpet
  • Vinyl

Bedrooms and Bathrooms

  • 3 Bedrooms
  • 1 Full Bathroom

Utilities

  • Heating System Uses Gas
  • Cable TV Available

Listing and Financial Details

  • Tenant pays for electric
  • The owner pays for heating, water
  • Assessor Parcel Number 20-06-05-387-005.000-012

Community Details

Overview

  • 3 Units

Pet Policy

  • Pets Allowed with Restrictions

Building Details

  • Electric Expense $500
  • Fuel Expense $1,800
  • Insurance Expense $800
  • Maintenance Expense $1,200
  • Water Sewer Expense $600

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$775

Year Built

Built in 1882

Lot Details

0

Listing Details

  • Class: INVESTMENT
  • Property Sub Type: Triplex
  • Year Built: 1882
  • Style: Two Story
  • Bedrooms: 3
  • Total Bathrooms: 1
  • Total Full Bathrooms: 1
  • Legal Description: Beardsleys 2ND S & Western; E1/2 Lot 206 |
  • Parcel Number ID: 20-06-05-387-005.000-012
  • Platted: Yes
  • Amenities: Cable Ready
  • Special Features: None

Interior Features

  • Total Sq Ft: 3136
  • Total Finished Sq Ft: 2064
  • Above Grade Finished Sq Ft: 2064
  • Below Grade Sq Ft: 1072
  • Basement: Yes
  • Basement Foundation: Unfinished
  • Flooring: Carpet, Vinyl
  • Total Below Grade Sq Ft: 1072
  • Number Of Ranges Ovens: 3
  • Number Ttl Rooms Below Grade: 1

Exterior Features

  • Exterior: Masonry
  • Stories: 2

Garage/Parking

  • Number Of Parking Spaces: 3

Utilities

  • Heating Fuel: Gas
  • Sewer: City
  • Water Utilities: City
  • Annual Electric: 500
  • Annual Fuel Expense: 1800
  • Annual Insurance Expense: 800
  • Annual Maintenance Expense: 1200
  • Annual Water Sewer Expense: 600
  • Number Of W D Hookups: 1

Condo/Co-op/Association

  • Pet Restrictions: Yes

Lot Info

  • Lot Description: 0-2.9999
  • Lot Dimensions: 41x165
  • Estimated Lot Sq Ft: 6765
  • Estimated Lot Size Acres: 0.1553
  • Lot Number: 206

Rental Info

  • Lease Term: Week to Week, 1 Year
  • Owner Pays: Heating, Water
  • Tenant Pays: Electric

Tax Info

  • Annual Property Tax: 775

Multi Family

  • Number Of Refrigerators: 3
  • Number Of Units: 3
  • Num Of1 Bedrooms: 2
  • Num Of2 Bedrooms: 1

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Oct 23, 2025
Sold by
Myle Properties Llc
Bought by
509 Franklin Llc
Current Estimated Value
$115,137

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$87,200
Outstanding Balance
$87,200
Interest Rate
6.26%
Mortgage Type
New Conventional
Estimated Equity
$27,937

Purchase Details

Closed on
Jul 25, 2024
Sold by
Freedom River Three Llc
Bought by
Myle Properties Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$85,769
Interest Rate
6.95%
Mortgage Type
Construction

Purchase Details

Closed on
Jun 10, 2022
Sold by
Freedom River Two Llc
Bought by
Barna Family Revocable

Purchase Details

Listed on
Mar 25, 2018
Closed on
Jul 27, 2018
Sold by
Barna Richard I
Bought by
Freedom River Two Llc
Seller's Agent
Joshua Schirr
McKinnies Realty, LLC Elkhart
Buyer's Agent
Joshua Schirr
McKinnies Realty, LLC Elkhart
List Price
$55,000
Sold Price
$55,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
10.38%
Original Mortgage
$406,000
Interest Rate
4.5%
Mortgage Type
New Conventional

Purchase Details

Listed on
Mar 25, 2018
Closed on
Jul 26, 2018
Sold by
Barna Richard I
Bought by
Freedom River Two Llc
Seller's Agent
Joshua Schirr
McKinnies Realty, LLC Elkhart
Buyer's Agent
Joshua Schirr
McKinnies Realty, LLC Elkhart
List Price
$55,000
Sold Price
$55,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$406,000
Interest Rate
4.5%
Mortgage Type
New Conventional

Purchase Details

Listed on
Mar 25, 2018
Closed on
Jun 18, 2018
Sold by
Legacy Development Group Llc
Bought by
Barna Richard I
Seller's Agent
Joshua Schirr
McKinnies Realty, LLC Elkhart
Buyer's Agent
Joshua Schirr
McKinnies Realty, LLC Elkhart
List Price
$55,000
Sold Price
$55,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$406,000
Interest Rate
4.5%
Mortgage Type
New Conventional

Purchase Details

Listed on
Mar 25, 2018
Closed on
Jun 15, 2018
Sold by
Legacy Development Group Llc
Bought by
Barna Richard I
Seller's Agent
Joshua Schirr
McKinnies Realty, LLC Elkhart
Buyer's Agent
Joshua Schirr
McKinnies Realty, LLC Elkhart
List Price
$55,000
Sold Price
$55,000

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$406,000
Interest Rate
4.5%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jun 2, 2016
Sold by
Wong Mang Yu
Bought by
Legacy Development Group Llc

Purchase Details

Closed on
Apr 29, 2010
Sold by
Ens Reo Group Llc
Bought by
509 W Franklin St Land Trust 202

Purchase Details

Closed on
Oct 4, 2009
Sold by
509 W Franklin St Land Trust
Bought by
Wong Mang Yu

Purchase Details

Closed on
Jul 28, 2009
Sold by
Deutsche Bank National Trust Company
Bought by
Ens Reo Group Llc

Purchase Details

Closed on
May 27, 2009
Sold by
Franks Christina
Bought by
Deutsche Bank National Trust Company

Purchase Details

Closed on
Mar 8, 2006
Sold by
Simons Jeffrey W
Bought by
Franks Robert L

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$75,650
Interest Rate
10.22%
Mortgage Type
Fannie Mae Freddie Mac

Purchase Details

Closed on
Feb 9, 2001
Sold by
Simons Jeffrey W and Simons Barbara S
Bought by
Simons Jeffrey W

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$68,000
Interest Rate
7.18%
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
509 Franklin Llc -- Fidelity National Title Compan
Myle Properties Llc $85,000 Fidelity National Title Compan
Freedom River Three Llc $85,000 Fidelity National Title Compan
Barna Family Revocable -- Fidelity National Title
Freedom River Two Llc -- Fidelity National Title
Freedom River Two Llc -- Fidelity National Title
Barna Richard I $539,980 Fidelity National Title
Barna Richard I $539,980 Fidelity National Title
Legacy Development Group Llc -- Meridian Title Co
509 W Franklin St Land Trust 202 -- Madison Title
Wong Mang Yu -- Lawyers Title
Ens Reo Group Llc $4,000 Fidelity Land Title Agency O
Deutsche Bank National Trust Company $2,550 None Available
Franks Robert L -- Metropolitan Title
Simons Jeffrey W -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open 509 Franklin Llc $87,200
Previous Owner Myle Properties Llc $85,769
Previous Owner Barna Richard I $406,000
Previous Owner Barna Richard I $406,000
Previous Owner Franks Robert L $75,650
Previous Owner Simons Jeffrey W $68,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
06/15/2018 06/15/18 Sold $55,000 0.0% $27 / Sq Ft
03/26/2018 03/26/18 Pending -- -- --
03/25/2018 03/25/18 For Sale $55,000 -- $27 / Sq Ft
Source: Indiana Regional MLS

Tax History Compared to Growth

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 $2,415 $57,800 $13,200 $44,600
2022 $1,128 $55,700 $13,200 $42,500
2021 $1,130 $55,000 $13,200 $41,800
2020 $1,090 $49,800 $13,200 $36,600
2019 $996 $45,600 $13,200 $32,400
2018 $801 $36,300 $4,300 $32,000
2017 $794 $35,900 $4,300 $31,600
2016 $790 $35,800 $4,300 $31,500
2014 $755 $35,400 $4,300 $31,100
2013 $886 $44,300 $13,200 $31,100
Source: Public Records

Agents Affiliated with this Home

  • Joshua Schirr

    Seller's Agent in 2018

    Joshua Schirr

    McKinnies Realty, LLC Elkhart

    (574) 606-7771

    1 in this area

    91 Total Sales

    Joshua Schirr
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Map

Source: Indiana Regional MLS

MLS Number: 201811437

Indiana Regional MLS

APN: 20-06-05-387-005.000-012

Indiana Elkhart County Elkhart 46516 West Central

509 W Franklin St, Elkhart, IN

Not Listed for Sale

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