Two-Story
For Sale
$127,500
3714 S Race Street, Marion, IN 46953
INVESTMENT, Two Story, Marion, IN
Property Size1,780 SF
Lot Size0.20 Acres
Price / SF$71.63
Days on Market45
Property Features for 3714 S Race Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
2
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Basement, Bathroom 2, Bedroom 1, Bathroom 1, Bathroom 3
Parking
4
Parking features
Off Street
Lot features
City/ Town/ Suburb, Level
Elementary school
Frances Slocum
Middle school
McCulloch
High school
Marion
Elementary school district
Marion Community Schools
Middle school district
Marion Community Schools
High school district
Marion Community Schools
Directions
South on Baldwin Ave, left on 38th St, Left on Race & the house is on the left side of the road
Subdivision
Grant County
Standard status
Active
APN
27-07-18-304-153.000-002
Size
1,780 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
16-23-5915 LOT 42 WIGGER & PENCE 2ND ADD
Tax Annual Amount
300
Legal Description
16-23-5915 LOT 42 WIGGER & PENCE 2ND ADD
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Carpet
Architectural style
Other
Listing Agency:
RE/MAX Realty One · RE/MAX International
(765) 454-7300
Listed By:
Cathy Hunnicutt · License #RB15000856
(765) 618-9394
Added: Jul 21
Changed: Sep 2
Last Checked: Sep 3 at 5:06AM
MLS# 202629220
Copyright © 2026 REALTORS Association of Central Indiana. 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 triplex contains three residential units within 1,780 square feet, including one efficiency and one studio. The property also includes a basement, three bathrooms, and bedrooms identified in the unit layout. Interior finishes include vinyl and carpet flooring, while off-street parking serves the property.
Built in 1900, the building occupies approximately 0.2 acres at 3714 S Race Street in Marion, Indiana. The Grant County property is located in ZIP Code 46953 and is classified as a triplex within the multifamily and residential income property categories.
Built in 1900, the building occupies approximately 0.2 acres at 3714 S Race Street in Marion, Indiana. The Grant County property is located in ZIP Code 46953 and is classified as a triplex within the multifamily and residential income property categories.
Key Highlights
- Three‑unit triplex with 1,780 square feet of property size
- Unit mix includes one efficiency and one studio
- Off‑street parking included
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
$9,695
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
7.60%
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%
$193,900
$193.9K
Cap Rate 7%
$138,500
$138.5K
Cap Rate 9%
$107,722
$107.7K
Market Conditions
NOI Build-Up for 1,780 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
$16.0K $9.00/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$13.8K $7.78/SF
− OpEx
−$4.2K −$2.33/SF
NOI
$9.7K $5.45/SF
Area
Grant County, IN
Vacancy
13.55%
Lease Rate
$9.00 /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%
$193,900
Cap Rate 7%
$138,500
Cap Rate 9%
$107,722
Alternative Uses
Best Use
Multifamily LT 5
$138.5K
$121.2K – $161.6K
NOI $9,695 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$126.6K
$110.8K – $147.7K
NOI $8,864 @ 7.0% cap · market cap 6.95%
Theoretical Best
Specialty Retail
$345.7K
$302.5K – $403.3K
NOI $24,198 @ 7.0% cap · market cap 18.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
Explore this area
Business Placement
Demographics for 46953, IN
22,781
Population
10,095
Households
2.3
Avg Household Size
37
Median Age
16%
College-Educated
84%
High-School Grad
85.6 sq mi
ZIP Area
266
Density / Sq Mi
$46,224
Median Household Income
$25,969
Median Earnings
$800
Median Rent
$88,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit income property with off-street parking, vinyl and carpet flooring, and a basement.
Where is this triplex located?
The property is located at 3714 S Race Street Marion, IN.
What is the asking price?
The asking price for this property is $127,500.
What are key features of this property?
This property features: Three‑unit triplex with 1,780 square feet of property size; Unit mix includes one efficiency and one studio; Off‑street parking included
