Two-Story Duplex Near
For Sale
$117,000
3812 S Washington Street, Marion, IN 46953
INVESTMENT, Two Story, Marion, IN
Property Size1,644 SF
Lot Size0.18 Acres
Price / SF$71.17
Days on Market49
Property Features for 3812 S Washington Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Basement, Bedroom 3, Bathroom 1, Bathroom 2
Parking
3
Basement
Block
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
SR 9/15/37 South, Turn East on 38th Street then left on Washington Street, The house is on the right side
Subdivision
Grant County
Standard status
Active
APN
27-07-19-201-029.000-002
Size
1,644 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
16-18-4569 LOT 48 KNIGHT & OVERMAN 2ND ADD 11/30/99 #55178
Tax Annual Amount
1000
Legal Description
16-18-4569 LOT 48 KNIGHT & OVERMAN 2ND ADD 11/30/99 #55178
Amenities
open deck
back yard
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Tile, Wood
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 17
Changed: Sep 2
Last Checked: Sep 3 at 2:06PM
MLS# 202628842
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 two-story duplex contains 1,644 square feet arranged as separate upstairs and downstairs apartments. The property includes three bedrooms, two bathrooms, a basement, tile and wood flooring, and was built in 1900. Each level contributes to the building’s two-unit layout.
Set at 3812 S Washington Street in Marion, the property is located across the street from IWU. The 0.175-acre parcel provides a large rear yard, an open deck, and parking behind the building, offering useful outdoor and access features for the duplex configuration.
Set at 3812 S Washington Street in Marion, the property is located across the street from IWU. The 0.175-acre parcel provides a large rear yard, an open deck, and parking behind the building, offering useful outdoor and access features for the duplex configuration.
Key Highlights
- Two‑story duplex with separate upstairs and downstairs apartments
- 1,644 square feet on a 0.175‑acre parcel
- Three bedrooms, two bathrooms, and a basement
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
$8,954
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
7.65%
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%
$179,080
$179.1K
Cap Rate 7%
$127,914
$127.9K
Cap Rate 9%
$99,489
$99.5K
Market Conditions
NOI Build-Up for 1,644 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
$14.8K $9.00/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$12.8K $7.78/SF
− OpEx
−$3.8K −$2.33/SF
NOI
$9.0K $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%
$179,080
Cap Rate 7%
$127,914
Cap Rate 9%
$99,489
Alternative Uses
Best Use
Multifamily LT 5
$127.9K
$111.9K – $149.2K
NOI $8,954 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$117.0K
$102.3K – $136.5K
NOI $8,187 @ 7.0% cap · market cap 7.00%
Theoretical Best
Specialty Retail
$319.3K
$279.4K – $372.5K
NOI $22,349 @ 7.0% cap · market cap 19.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
197
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?
Duplex - Upstairs and downstairs units share a rear deck, yard, and parking area.
Where is this duplex located?
The property is located at 3812 S Washington Street Marion, IN.
What is the asking price?
The asking price for this property is $117,000.
What are key features of this property?
This property features: Two‑story duplex with separate upstairs and downstairs apartments; 1,644 square feet on a 0.175‑acre parcel; Three bedrooms, two bathrooms, and a basement
