Brick Triplex Investment
110 South Cowen Street Garrett, IN 46738
110 South Cowen Street, Garrett, IN, 46738
$220,000
Pending
For Sale
$220,000
Pending
Three-unit brick triplex with separate electric meters and basement exterior access, configured with stove and refrigerator in each unit.
Property Size2,272 SF
Days on Market28
Property Features for 110 South Cowen Street
General Information
- Standard status
- Pending
- Size
- 2,272 SF
- Property subtype
- Multi Family / Triplex
Building Details
- Year Built
- 1900
Listing agency
Open Door Rentals and Real Est
(260) 333-7368
Listed by
Tammie Jones · License #RB14043031
(260) 333-7368
Source
Compass
Added: Jun 25 Updated: Jul 22 at 12:17AM Checked: Jul 22 at 12:17AM
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.
This brick triplex on two lots is being offered as a turnkey rental property. It includes three separate units, each with a stove and refrigerator. Basement access is provided from the exterior.
The property has one water/sewer/trash meter, three electric meters, and parking available in the rear of the units. Unit 1 is vacant for showings and is an upstairs 3-bedroom, 1-bath unit. Unit 2 is a 1-bedroom, 1-bath unit on a month-to-month lease. Unit 3 is a 1-bedroom, 1-bath unit with the lease expiring 1/31/27.
Heating is set by unit: Unit 1 has a gas furnace with one gas meter, while Units 2 and 3 use electric baseboard heat. The owner pays to mow the lawn, and each unit’s utilities are separately metered as described in the listing.
The property has one water/sewer/trash meter, three electric meters, and parking available in the rear of the units. Unit 1 is vacant for showings and is an upstairs 3-bedroom, 1-bath unit. Unit 2 is a 1-bedroom, 1-bath unit on a month-to-month lease. Unit 3 is a 1-bedroom, 1-bath unit with the lease expiring 1/31/27.
Heating is set by unit: Unit 1 has a gas furnace with one gas meter, while Units 2 and 3 use electric baseboard heat. The owner pays to mow the lawn, and each unit’s utilities are separately metered as described in the listing.
Key Highlights
- Brick triplex on 2 lots near downtown Garrett (DeKalb County), built in 1900
- Unit mix: 3BR/1BA, 1BR/1BA, and 1BR/1BA; total of 5 bedrooms and 3 total baths
- Rents: Unit 1 $975 (vacant for showings), Unit 2 $685 (month‑to‑month), Unit 3 $675 (lease expires 1‑31‑27)
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $30.0k | $13.20 |
| − Vacancy | −$1.6k | −$0.70 |
| EGI | $28.4k | $12.50 |
| − OpEx | −$8.5k | −$3.75 |
| NOI | $19.9k | $8.75 |
2,272 SF · lease $13.20/SF/yr · vacancy 5.32% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three-unit brick triplex with separate electric meters and basement exterior access, configured with stove and refrigerator in each unit.
Where is this triplex located?
The property is located at 110 South 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: Brick triplex on 2 lots near downtown Garrett (DeKalb County), built in 1900; Unit mix: 3BR/1BA, 1BR/1BA, and 1BR/1BA; total of 5 bedrooms and 3 total baths; Rents: Unit 1 $975 (vacant for showings), Unit 2 $685 (month‑to‑month), Unit 3 $675 (lease expires 1‑31‑27)
