Updated Side-by-Side
New
For Sale
$289,900
1019 Courtland Avenue, Lafayette, IN 47905
Two residences combine refreshed interiors, private outdoor space, and attached garages in a flexible income property.
Property Size2,300 SF
Lot Size0.40 Acres
Price / SF$126.04
Days on Market2
Property Features for 1019 Courtland Avenue
General Information
Standard status
Active
Size
2,300 SF
Lot size
0.40 Acres
Property subtype
Multi-Family
Occupancy
78%
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Additional Details
Furnished
Yes
Business Included
Yes
Building Details
Year Built
1984
Year Renovated
2023
Buildings
1
Listing Agency:
Crm Properties, Inc
(765) 431-9111
Listed By:
Patton Hall
(574) 267-7501
Source:
Pattonhall
Added: Sep 19
Last Checked: Sep 19 at 6:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Crm Properties, Inc
Investment Insights
Based on property information with market context.
This side-by-side duplex contains approximately 2,300 square feet, with each residence offering approximately 1,150 square feet. Both units include three bedrooms, two full bathrooms, separate laundry, open living areas with vaulted ceilings, updated bathrooms, new flooring, and fresh paint. Each side also has an attached one-car garage and access to a private backyard.
The property was built in 1984 and is located at 1019 Courtland Avenue in Lafayette, Indiana. One unit is occupied under a lease through February, while the other is available for a new tenant or owner occupant. The combination of completed interior updates, separate residential layouts, garage parking, and private outdoor areas provides a practical duplex configuration.
The property was built in 1984 and is located at 1019 Courtland Avenue in Lafayette, Indiana. One unit is occupied under a lease through February, while the other is available for a new tenant or owner occupant. The combination of completed interior updates, separate residential layouts, garage parking, and private outdoor areas provides a practical duplex configuration.
Key Highlights
- Side‑by‑side duplex with approximately 2,300 square feet
- Each unit offers approximately 1,150 sq. ft., 3 bedrooms, and 2 full bathrooms
- New flooring, fresh paint, and updated bathrooms in both units
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
$21,971
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
7.58%
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%
$439,420
$439.4K
Cap Rate 7%
$313,871
$313.9K
Cap Rate 9%
$244,122
$244.1K
Market Conditions
NOI Build-Up for 2,300 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
$31.7K $13.80/SF
− Vacancy
−$352 −$0.15/SF
EGI
$31.4K $13.65/SF
− OpEx
−$9.4K −$4.09/SF
NOI
$22.0K $9.55/SF
Area
Tippecanoe County, IN
Vacancy
1.11%
Lease Rate
$13.80 /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%
$439,420
Cap Rate 7%
$313,871
Cap Rate 9%
$244,122
Alternative Uses
Best Use
Multifamily LT 5
$313.9K
$274.6K – $366.2K
NOI $21,971 @ 7.0% cap · market cap 7.58%
Second Best
Apartment 5plus
$289.3K
$253.2K – $337.6K
NOI $20,253 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$531.0K
$464.6K – $619.5K
NOI $37,171 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
78%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
144
Businesses Nearby
Explore this area
Business Placement
Demographics for 47905, IN
41,787
Population
18,309
Households
2.3
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
120.4 sq mi
ZIP Area
347
Density / Sq Mi
$63,115
Median Household Income
$41,595
Median Earnings
$1,101
Median Rent
$215,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences combine refreshed interiors, private outdoor space, and attached garages in a flexible income property.
Where is this duplex located?
The property is located at 1019 Courtland Avenue Lafayette, IN.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Side‑by‑side duplex with approximately 2,300 square feet; Each unit offers approximately 1,150 sq. ft., 3 bedrooms, and 2 full bathrooms; New flooring, fresh paint, and updated bathrooms in both units
