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    314 W Association St Ellettsville, IN 47429

    Sponsored
    For Sale
    $230,000

    Duplex - Ellettsville, IN

    Type:Duplex
    Property size:
    1,721 SF
    Lot size:
    0.44 Acres
    Days on Market:
    16
    Last Refresh:
    Feb 4 at 12:06 pm

    Property Features for 314 W Association St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Standard status
    Active
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Laundry
    Bedrooms
    3
    Bathrooms
    2
    APN
    53-04-10-214-043.000-013
    EntryLevel
    Main
    Exterior features
    Basement, Fenced Yard, Off Street Parking, None
    Fencing
    Fenced
    Basement Y/N
    1
    Appliances
    Dryer, Range
    Size
    1,721 SF
    Lot size
    0.44 Acres

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Number of units
    2
    Flooring type
    Carpet
    Building materials
    Stone
    Architectural style
    Other

    We can help!

    Listing Contact
    Deborah Tomaro
    Deborah Tomaro

    Deb Tomaro Real Estate (812) 345-4404

    Listing agent Deborah Tomaro (812) 345-4404 License #RB14044665

    Listing date Jan 20, 2026

    MLS# 202542673 Listing URL

    Copyright © 2026 Indiana Uplands Realtor® Association. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Ellettsville Duplex with Rental Upside

    This duplex presents an investment opportunity with potential for increased revenue. Situated on two parcels totaling just over 0.4 acres, the property has a solid rental history. One unit is a two-bedroom with an office, and the other is a one-bedroom. The larger unit includes an office that could be converted into a third bedroom and has access to half of the basement. The remaining portion of the basement, featuring egress windows, offers the possibility of creating a third unit or rentable storage space, subject to local regulations. The property has been professionally managed and well maintained, with tenants responsible for most utilities. The two-bedroom lease extends through June 2026, while the one-bedroom lease is active through April 2026. The two units currently generate $920 and $850 respectively, offering the potential to increase rents to market rates in the future. The property is located approximately 15 minutes from Memorial Stadium. The property contains 1721 square feet and is located in Ellettsville, Indiana, which is experiencing high rental demand due to business expansion.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ellettsville
    County
    Monroe
    State
    Indiana
    Longitude
    -86.624218
    Latitude
    39.232464

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    FAQs

    What type of property is this?
    Duplex - Duplex in Ellettsville with long-term tenants and potential for growth.
    Where is this duplex located?
    The property is located at 314 W Association St Ellettsville, IN.
    What is the asking price?
    The asking price for this property is $230,000.
    What are key features of this property?
    This property features: - Investment opportunity with solid rental history and upside potential in a high-demand rental area (Ellettsville).; - Duplex on two parcels totaling over 0.4 acres, offering flexibility and room to grow.; - Potential to increase rental income by bringing rents to market rates.
    (812) 345-4404
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    314 W Association St Ellettsville, IN 47429
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    Ellettsville, IN 47429
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    314 W Association St Ellettsville, IN 47429
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    We can help!
    Listing Contact
    Deborah Tomaro
    Deborah Tomaro
    Real Estate License ID: RB14044665
    (812) 345-4404
    Learn more
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