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407 Wooster Road, 
Winona Lake, IN 46590

$325,000


5

Beds


5

Baths


4,047

Sq Ft


Multi-Family


Virtual Tour

Active

Listed by

James Bausch, Cell: 574-742-4531

RE/MAX Results

Last updated:

October 31, 2026, 08:36 PM

MLS#

202643295

Source:

Indiana Regional MLS

About This Home

407 Wooster Road

Investment Opportunity! Location, Location, Location AND new furnace! Grace College is directly across the street, making this an attractive rental location. The Village at Winona is just a short walk away, offering restaurants, shopping, and entertainment. Tenants can also enjoy easy access to the area's popular biking and walking trails at the edge of campus. Previously owner-occupied with the additional units rented out, this property provides the opportunity to live in one unit while your tenants help pay the mortgage! Whether you're looking to expand your investment portfolio or offset your own housing expenses, this property offers flexibility and room to increase revenue. Unit 1 is the spacious main residence, featuring beautiful hardwood flooring, 2 bedrooms, and 1.5 bathrooms. A generous living room showcases a feature fireplace and built-in bookshelves, while the large separate dining room provides plenty of space for entertaining. The kitchen offers abundant cabinetry for storage and organization. Upstairs, you'll find two generously sized bedrooms and a full bathroom. In the past, the dining room has also served as a third bedroom, offering additional flexibility. Unit 2 is located in the walkout lower level and features 1 bedroom and 1 bathroom. Unit 3, also located in the walkout lower level, enjoys peaceful views of the backyard and mature shade tree. This 1-bedroom, 1-bathroom unit features a charming eat-in kitchen with a pantry for extra storage. Unit 4 is situated above the garages and offers hardwood flooring, an open-concept living, dining, and kitchen area with 1 bedroom and 1 bathroom. Additional Income Potential! The spacious breezeway offers the possibility of adding coin-operated laundry machines for tenants, while two garage bays could potentially be rented separately for additional storage income. Units 1 and 2 are currently vacant, providing an opportunity for immediate occupancy or securing new tenants. All four units have historically been rented below market value, creating potential for increased rental income. Tenants currently pay their own electricity, while the landlord covers the remaining utilities. Future leases could potentially incorporate utility bill-backs to help offset operating expenses. Four units, multiple income opportunities, and an unbeatable location near Grace College and Winona Lake amenities! Live in one and rent the others, or maximize the property's potential as a fully leased investment.

Home Facts

Multi-Family

5 Baths

5 Bedrooms

Built in 1948

Subdivision & Development:

Farmstead

Price Summary

325,000

$80 per Sq. Ft.

MLS #:

202643295

Last Updated:

October 31, 2026, 08:36 PM

Added:

14 day(s) ago


Rooms & Interior

Bedrooms

Total Bedrooms:

5

Bathrooms

Total Bathrooms:

5

Full Bathrooms:

4

Interior

Living Area:

4,047 Sq. Ft.


Structure

Structure

Architectural Style:

Two Story

Building Area:

4,434 Sq. Ft.

Year Built:

1948


Lot

Lot Size (Sq. Ft):

12,632


Finances & Disclosures

Finances

Price:

$325,000

Price per Sq. Ft:

$80 per Sq. Ft.

Source:Indiana Regional MLS
IRMLS information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IRMLS Data is deemed reliable but is not guaranteed accurate by the MLS. IRMLS information provided by the Indiana Regional MLS. Copyright 2026 Indiana Regional MLS LLC.

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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.