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    Princeton Duplex Investment Opportunity Title is generated by Realmo AI

    501 S Race Street, Princeton, IN 47670

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    Claim this Listing
    For Sale
    $250,000

    Duplex - Princeton, IN

    Type:Duplex
    Property size:
    1,800 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $138/SF
    Added:
    Apr 20, 2026
    Days on Market:
    48
    Last Refresh:
    Jun 6 at 4:06 pm

    Property Features for 501 S Race Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Laundry
    Parking features
    Paved or Surfaced
    Patio and Porch features
    Porch
    EntryLevel
    Main
    Exterior features
    Ceiling Fan, Off Street Parking, Bar, Cable Available, Countertops-laminate, Detector-smoke, Eat-in Kitchen, Foyer Entry, Kitchen Island, Open Floor Plan, Porch Covered, Water Heater Electric, Washer Hook-up, Custom Cabinetry, None
    Appliances
    Dishwasher, Dryer, Microwave, Range, Washer
    Standard status
    Active
    APN
    26-12-07-403-002.729-028
    Size
    1,800 SF
    Lot size
    0.16 Acres

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Number of units
    2
    Flooring type
    Other
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Anita Waldroup
    Anita Waldroup

    Listing agent Anita Waldroup License #RB14028427

    Listing office F.C. TUCKER EMGE 1105 S Main Street, Suite A, Evansville, IN

    Listing date Apr 20, 2026

    MLS# 202613998 Listing URL

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

    HighLights

    • Two Duplexes Included in Sale: An excellent investment opportunity.
    • Custom Amish Built: Benefit from high‑quality construction.
    • Open Floor Plan: Enjoy the modern open concept design.
    • Laundry Room in Each Unit: Each unit features a dedicated laundry room.
    • Tenant Maintained Yard: Reduced rent for tenants who maintain the yard.
    • Off‑Street Parking: Each unit has access to a parking pad.

    Overview

    This property features two custom-built duplexes located in Princeton, Indiana. Each unit offers an open floor plan encompassing the living room, dining area, and kitchen, complete with a bar for seating. Each unit includes 2 bedrooms, 1 bathroom, and a laundry room. Upon entry, a coat closet is available, along with additional closets throughout. A washer and dryer are provided in the laundry room, which also has an exit door. The property includes a parking pad for each tenant in front of the building. The lot size is 0.16 acres. The property size is 1800 square feet. Current tenants are mostly on month-to-month leases and have resided at the property for an extended period. There are restrictions of no smoking and no pets. One tenant in each building takes care of the yard with the owner discounting their rent.
    Property Profile 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 Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Princeton
    County
    Gibson
    State
    Indiana
    Longitude
    -87.562879
    Latitude
    38.350758

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    FAQs

    What type of property is this?
    Duplex - Two custom-built duplexes in Princeton, Indiana, ideal for investment.
    Where is this duplex located?
    The property is located at 501 S Race Street Princeton, IN.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: Two Duplexes Included in Sale: An excellent investment opportunity.; Custom Amish Built: Benefit from high‑quality construction.; Open Floor Plan: Enjoy the modern open concept design.
    (812) 664-7202
    We can help!
    Listing Contact
    Anita Waldroup
    Anita Waldroup
    Real Estate License ID: RB14028427
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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.

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