Brick Triplex Near
For Sale
$220,000
Pending
110 S Cowen Street, Garrett, IN 46738
INVESTMENT, Two Story, Garrett, IN
Property Size2,272 SF
Lot Size0.14 Acres
Days on Market80
Property Features for 110 S Cowen Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Basement, Bedroom 4, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 2
Parking
6
Fireplace
1
Basement
Block
Lot features
City/ Town/ Suburb, Slope
Elementary school
J.E. Ober
Middle school
Garrett
High school
Garrett
Elementary school district
Garrett Keyser Butler
Middle school district
Garrett Keyser Butler
High school district
Garrett Keyser Butler
Directions
randolph to king to cowen
Subdivision
Dekalb County
Standard status
Pending
APN
17-09-04-233-020.000-013
Size
2,272 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
OP
Tax Annual Amount
926
Legal Description
OP
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Carpet, Laminate
Roof type
Shingle
Architectural style
Other
Listing Agency:
Open Door Rentals and Real Est
(260) 333-7368
Listed By:
Tammie Jones · License #RB14043031
(260) 438-1087
Added: Jun 25
Changed: Sep 5
Last Checked: Sep 12 at 1:06AM
MLS# 202625190
Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,272-square-foot brick triplex occupies two lots at 110 S Cowen Street in Garrett, Indiana. Built in 1900, the property includes one three-bedroom, one-bath unit and two one-bedroom, one-bath units. Unit 1 is vacant for showings, while the other units have existing lease arrangements. Each apartment includes a stove and refrigerator, with carpet and laminate flooring throughout the property. A shingle roof, fireplace, and exterior basement entry are also present.
The property is located near downtown Garrett on a 0.14-acre parcel. Rear parking serves the units. Utility infrastructure includes one water/sewer meter, three electric meters, and one gas meter. Heating consists of a gas furnace in Unit 1, electric baseboard heat in Unit 2, and all-electric baseboard heat in Unit 3. Professional property management is in place, and the owner handles lawn mowing.
The property is located near downtown Garrett on a 0.14-acre parcel. Rear parking serves the units. Utility infrastructure includes one water/sewer meter, three electric meters, and one gas meter. Heating consists of a gas furnace in Unit 1, electric baseboard heat in Unit 2, and all-electric baseboard heat in Unit 3. Professional property management is in place, and the owner handles lawn mowing.
Key Highlights
- 2,272‑square‑foot triplex on a 0.14‑acre parcel
- Unit mix includes one 3‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units
- Brick construction with a shingle roof; built in 1900
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
$19,876
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
9.03%
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%
$397,520
$397.5K
Cap Rate 7%
$283,943
$283.9K
Cap Rate 9%
$220,844
$220.8K
Market Conditions
NOI Build-Up for 2,272 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
$30.0K $13.20/SF
− Vacancy
−$1.6K −$0.70/SF
EGI
$28.4K $12.50/SF
− OpEx
−$8.5K −$3.75/SF
NOI
$19.9K $8.75/SF
Area
DeKalb County, IN
Vacancy
5.32%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$397,520
Cap Rate 7%
$283,943
Cap Rate 9%
$220,844
Alternative Uses
Best Use
Multifamily LT 5
$283.9K
$248.5K – $331.3K
NOI $19,876 @ 7.0% cap · market cap 9.03%
Second Best
Apartment 5plus
$262.9K
$230.0K – $306.7K
NOI $18,402 @ 7.0% cap · market cap 8.36%
Theoretical Best
Warehouse
$1.86M
$1.63M – $2.17M
NOI $130,456 @ 7.0% cap · market cap 59.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 46738, IN
8,183
Population
3,756
Households
2.2
Avg Household Size
37
Median Age
17%
College-Educated
90%
High-School Grad
26.0 sq mi
ZIP Area
315
Density / Sq Mi
$62,212
Median Household Income
$37,137
Median Earnings
$855
Median Rent
$156,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Three units offer one- and three-bedroom layouts, rear parking, exterior basement access, and a mix of electric and gas heat.
Where is this triplex located?
The property is located at 110 S Cowen Street Garrett, IN.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: 2,272‑square‑foot triplex on a 0.14‑acre parcel; Unit mix includes one 3‑bedroom, 1‑bath unit and two 1‑bedroom, 1‑bath units; Brick construction with a shingle roof; built in 1900
