Two-Bedroom Duplex
New
For Sale
$230,000
1002 N Colfax Street, Griffith, IN 46319
Residential, Griffith, IN
Property Size1,136 SF
Lot Size0.11 Acres
Price / SF$202.46
Days on Market2
Property Features for 1002 N Colfax Street
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Dining Room, Bedroom 2
Interior features
Cathedral Ceiling(s), Vaulted Ceiling(s)
Appliances
Dryer, Washer, Refrigerator, Microwave, Gas Range, Dishwasher
Subdivision
Colfax 5th Add
Lot features
Landscaped, Paved
Directions
On Colfax, just North of 45th, West side of street
Standard status
Active
APN
450726479023000006
Size
1,136 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
COLFAX 5TH ADDITION S.1/2 OF LOT 7
Tax Annual Amount
2043
Legal Description
COLFAX 5TH ADDITION S.1/2 OF LOT 7
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
cathedral ceilings
private back deck
Building Details
Year built
2007
Floors in Building
1
Listing Agency:
Realty Executives Premier · Realty Executives International
(219) 462-2224
Listed By:
Gabriel Solis-Corral
(219) 323-0600
Added: Sep 14
Last Checked: Sep 15 at 1:06AM
MLS# 845310
Copyright © 2026 Greater Northwest 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 duplex unit offers 1,136 square feet arranged across a single level, with two bedrooms, an open living area, a dining room, and two bathrooms. Cathedral and vaulted ceilings add vertical volume, while stone kitchen countertops and laminate flooring provide updated interior finishes. The primary bedroom includes a private three-quarter en suite bath, and the second full bathroom is positioned off the main living area.
An attached two-car garage and private rear deck extend the usable space beyond the interior. The property sits on 0.108 acres with public water and public sewer service. Natural gas forced-air heating, a 2007 construction date, and included appliances—washer, dryer, refrigerator, microwave, gas range, and dishwasher—complete the practical features. There is no HOA, and the location provides access to downtown Griffith and I-80/I-94.
An attached two-car garage and private rear deck extend the usable space beyond the interior. The property sits on 0.108 acres with public water and public sewer service. Natural gas forced-air heating, a 2007 construction date, and included appliances—washer, dryer, refrigerator, microwave, gas range, and dishwasher—complete the practical features. There is no HOA, and the location provides access to downtown Griffith and I-80/I-94.
Key Highlights
- Duplex unit with 2 bedrooms and 2 bathrooms
- 1136 square feet on a single level
- Attached 2‑car garage and private rear deck
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
$11,293
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
4.91%
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%
$225,860
$225.9K
Cap Rate 7%
$161,329
$161.3K
Cap Rate 9%
$125,478
$125.5K
Market Conditions
NOI Build-Up for 1,136 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
$17.0K $15.00/SF
− Vacancy
−$907 −$0.80/SF
EGI
$16.1K $14.20/SF
− OpEx
−$4.8K −$4.26/SF
NOI
$11.3K $9.94/SF
Area
Lake County, IN
Vacancy
5.32%
Lease Rate
$15.00 /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%
$225,860
Cap Rate 7%
$161,329
Cap Rate 9%
$125,478
Alternative Uses
Best Use
Multifamily LT 5
$161.3K
$141.2K – $188.2K
NOI $11,293 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$143.6K
$125.6K – $167.5K
NOI $10,050 @ 7.0% cap · market cap 4.37%
Theoretical Best
Specialty Retail
$317.1K
$277.5K – $370.0K
NOI $22,199 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
117
Businesses Nearby
Explore this area
Business Placement
Demographics for 46319, IN
18,108
Population
7,904
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
96%
High-School Grad
9.6 sq mi
ZIP Area
1,886
Density / Sq Mi
$75,976
Median Household Income
$42,239
Median Earnings
$1,162
Median Rent
$194,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Single-level layout includes cathedral ceilings, updated finishes, private outdoor space, and an attached two-car garage.
Where is this duplex located?
The property is located at 1002 N Colfax Street Griffith, 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: Duplex unit with 2 bedrooms and 2 bathrooms; 1136 square feet on a single level; Attached 2‑car garage and private rear deck
