Brick Triplex with Rear
For Sale
$220,000
110 S Cowen Street, Garrett, IN 46738
MULTI_FAMILY - Garrett, IN
Property Size2,272 SF
Lot Size0.14 Acres
Price / SF$96.83
Days on Market48
Property Features for 110 S Cowen Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 2, Basement, Bedroom 5, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 3
Parking
6
Fireplace
1
Basement
Block
Lot features
City/ Town/ Suburb, Slope
Elementary school
J.E. Ober
Middle school
Garrett
High school
Garrett
Elementary school district
Garrett Keyser Butler
Middle school district
Garrett Keyser Butler
High school district
Garrett Keyser Butler
Directions
randolph to king to cowen
Subdivision
Dekalb County
Standard status
Active
APN
17-09-04-233-020.000-013
Size
2,272 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
OP
Tax Annual Amount
926
Legal Description
OP
Amenities
stove/refrigerator
parking
basement access
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Carpet, Laminate
Roof type
Shingle
Architectural style
Other
Listing Agency:
Open Door Rentals and Real Est
(260) 333-7368
Listed By:
Tammie Jones · License #RB14043031
(260) 438-1087
Added: Jun 25
Changed: Aug 9
Last Checked: Aug 11 at 11:06PM
MLS# 202625190
Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. 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.
Brick triplex situated on 2 lots in DeKalb County. Built in 1900 and measuring 2,272 square feet, the property features shingle roofing and interior flooring including laminate and carpet. A basement is accessible from the exterior, and the home includes a fireplace.
The triplex offers three rental units with basic kitchen appliances included (stove and refrigerator in each unit). Unit 1 is a 3 bed, 1 bath unit and is shown as vacant for showings; it uses a gas furnace with 1 gas meter. Unit 2 is a 1 bed, 1 bath unit on a month-to-month lease and is heated with electric baseboard. Unit 3 is a 1 bed, 1 bath unit with electric baseboard heat and a lease expiration of 1-31-27.
Each unit is RUBS water/sewer/trash, with 1 water/sewer/trash meter and 3 electric meters total. Parking is located in the rear of the units, and the owner pays to mow the lawn.
The triplex offers three rental units with basic kitchen appliances included (stove and refrigerator in each unit). Unit 1 is a 3 bed, 1 bath unit and is shown as vacant for showings; it uses a gas furnace with 1 gas meter. Unit 2 is a 1 bed, 1 bath unit on a month-to-month lease and is heated with electric baseboard. Unit 3 is a 1 bed, 1 bath unit with electric baseboard heat and a lease expiration of 1-31-27.
Each unit is RUBS water/sewer/trash, with 1 water/sewer/trash meter and 3 electric meters total. Parking is located in the rear of the units, and the owner pays to mow the lawn.
Key Highlights
- 2 lots on 0.14 acres with 2,272 SF brick triplex built in 1900
- Exterior basement access plus shingle roof and fireplace
- Rear parking for the 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
$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
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
233
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit triplex with rear parking, exterior basement access, and separate metering for water, sewer, trash, and electricity.
Where is this triplex located?
The property is located at 110 S Cowen Street 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: 2 lots on 0.14 acres with 2,272 SF brick triplex built in 1900; Exterior basement access plus shingle roof and fireplace; Rear parking for the units
