Two-Unit
For Sale
$225,000
903 N Lake Street, Syracuse, IN 46567
MULTI_FAMILY - Syracuse, IN
Property Size1,652 SF
Lot Size0.20 Acres
Price / SF$136.20
Days on Market23
Property Features for 903 N Lake Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bathroom 2, Basement, Bedroom 1, Bedroom 3
Parking
4
Elementary school
Syracuse
Middle school
Wawasee
High school
Wawasee
Elementary school district
Wawasee
Middle school district
Wawasee
High school district
Wawasee
Directions
Off of N Huntington St, turn right onto E Washington St. Turn left onto N Lake St, and its the second house on the left.
Subdivision
Kosciusko County
Standard status
Active
APN
43-04-06-100-164.000-026
Size
1,652 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
008-021-012 Tract E 1/2 Ne 6-34-7 .20a
Legal Description
008-021-012 Tract E 1/2 Ne 6-34-7 .20a
Utilities
Cooling system
Central Air
Building Details
Year built
1910
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Carpet
Architectural style
Other
Listing Agency:
Listing Leaders, NCI-Culver
(574) 842-4663
Listed By:
Mckenzie Click
(574) 780-8412
Added: Jul 21
Changed: Aug 3
Last Checked: Aug 12 at 2:06AM
MLS# 202629202
Copyright © 2026 North Central 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.
Investment Insights
Based on property information with market context.
This two-unit duplex includes two separate units, with rental income already in place. The property features central air cooling and flooring finished in vinyl and carpet. Interior areas include multiple bedrooms and two bathrooms, plus a basement for additional storage or utility space.
Set on a 0.2-acre lot, the duplex totals 1,652 square feet and was built in 1910. The location is convenient to Syracuse Beach, local restaurants, and parks.
Designed for income generation, this duplex offers a straightforward configuration for an owner seeking a multi-unit rental property in Syracuse, Indiana.
Set on a 0.2-acre lot, the duplex totals 1,652 square feet and was built in 1910. The location is convenient to Syracuse Beach, local restaurants, and parks.
Designed for income generation, this duplex offers a straightforward configuration for an owner seeking a multi-unit rental property in Syracuse, Indiana.
Key Highlights
- Two separate units with rental income already in place
- 0.2‑acre lot
- 1,652 SF duplex
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
$13,989
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
6.22%
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%
$279,780
$279.8K
Cap Rate 7%
$199,843
$199.8K
Cap Rate 9%
$155,433
$155.4K
Market Conditions
NOI Build-Up for 1,652 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
$20.8K $12.60/SF
− Vacancy
−$831 −$0.50/SF
EGI
$20.0K $12.10/SF
− OpEx
−$6.0K −$3.63/SF
NOI
$14.0K $8.47/SF
Area
Kosciusko County, IN
Vacancy
3.99%
Lease Rate
$12.60 /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%
$279,780
Cap Rate 7%
$199,843
Cap Rate 9%
$155,433
Alternative Uses
Best Use
Multifamily LT 5
$199.8K
$174.9K – $233.2K
NOI $13,989 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$179.1K
$156.7K – $208.9K
NOI $12,534 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$287.8K
$251.8K – $335.8K
NOI $20,146 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Explore this area
Business Placement
Demographics for 46567, IN
9,773
Population
5,849
Households
1.7
Avg Household Size
44
Median Age
25%
College-Educated
90%
High-School Grad
57.3 sq mi
ZIP Area
171
Density / Sq Mi
$73,277
Median Household Income
$46,327
Median Earnings
$964
Median Rent
$228,200
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 - Two separate units in a duplex with central air and vinyl and carpet flooring.
Where is this duplex located?
The property is located at 903 N Lake Street Syracuse, IN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two separate units with rental income already in place; 0.2‑acre lot; 1,652 SF duplex
