Brick Triplex with Separate
For Sale
$220,000
110 S Cowen St, Garrett, IN 46738
Three-unit brick property near downtown Garrett with varied unit layouts, exterior basement access, and rear parking.
Property Size2,272 SF
Price / SF$96.83
Days on Market26
Property Features for 110 S Cowen St
General Information
Standard status
Active
Size
2,272 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Open Door Rentals and Real Est
(260) 438-1087
Listed By:
Tammie Jones · License #RB14043031
Source:
Callcriswell
Added: Aug 5
Changed: Aug 29
Last Checked: Aug 25 at 4:14AM
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 Open Door Rentals and Real Est
Investment Insights
Based on property information with market context.
Built in 1900, this 2,272-square-foot brick triplex occupies 2 lots near downtown Garrett. The unit mix includes one three-bedroom, one-bath apartment and two one-bedroom, one-bath apartments. Unit 1 is vacant for showings, while Unit 2 is leased month to month and Unit 3 has a lease expiring 1-31-27.
The property has 1 water/sewer meter, 3 electric meters, and 1 gas meter serving the furnace in Unit 1. Unit 2 uses electric baseboard heat, and Unit 3 has all-electric baseboard heating. Each apartment includes a stove and refrigerator. Exterior access leads to the basement, and parking is located behind the building. Water, sewer, and trash are handled through RUBS, with professional management in place and lawn mowing paid by the owner.
The property has 1 water/sewer meter, 3 electric meters, and 1 gas meter serving the furnace in Unit 1. Unit 2 uses electric baseboard heat, and Unit 3 has all-electric baseboard heating. Each apartment includes a stove and refrigerator. Exterior access leads to the basement, and parking is located behind the building. Water, sewer, and trash are handled through RUBS, with professional management in place and lawn mowing paid by the owner.
Key Highlights
- Three‑unit brick property built in 1900
- 2,272 SF building on 2 lots near downtown Garrett
- Unit mix includes one 3 bed/1 bath and two 1 bed/1 bath apartments
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
$19,876
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
9.03%
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%
$397,520
$397.5K
Cap Rate 7%
$283,943
$283.9K
Cap Rate 9%
$220,844
$220.8K
Market Conditions
NOI Build-Up for 2,272 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
$30.0K $13.20/SF
− Vacancy
−$1.6K −$0.70/SF
EGI
$28.4K $12.50/SF
− OpEx
−$8.5K −$3.75/SF
NOI
$19.9K $8.75/SF
Area
DeKalb County, IN
Vacancy
5.32%
Lease Rate
$13.20 /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%
$397,520
Cap Rate 7%
$283,943
Cap Rate 9%
$220,844
Alternative Uses
Best Use
Multifamily LT 5
$283.9K
$248.5K – $331.3K
NOI $19,876 @ 7.0% cap · market cap 9.03%
Second Best
Apartment 5plus
$262.9K
$230.0K – $306.7K
NOI $18,402 @ 7.0% cap · market cap 8.36%
Theoretical Best
Warehouse
$1.86M
$1.63M – $2.17M
NOI $130,456 @ 7.0% cap · market cap 59.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Explore this area
Business Placement
Demographics for 46738, IN
8,183
Population
3,756
Households
2.2
Avg Household Size
37
Median Age
17%
College-Educated
90%
High-School Grad
26.0 sq mi
ZIP Area
315
Density / Sq Mi
$62,212
Median Household Income
$37,137
Median Earnings
$855
Median Rent
$156,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit brick property near downtown Garrett with varied unit layouts, exterior basement access, and rear parking.
Where is this triplex located?
The property is located at 110 S Cowen St Garrett, IN.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Three‑unit brick property built in 1900; 2,272 SF building on 2 lots near downtown Garrett; Unit mix includes one 3 bed/1 bath and two 1 bed/1 bath apartments
