Six-Unit Multifamily
For Sale
$490,000
1103 North Street, Lafayette, IN 47904
INVESTMENT, Two Story, Lafayette, IN
Property Size3,870 SF
Lot Size0.15 Acres
Price / SF$126.61
Days on Market137
Property Features for 1103 North Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
8
Full bathrooms
6
Half bathrooms
2
Rooms
Bedroom 8, Bedroom 7, Bathroom 7, Bathroom 2, Bathroom 4, Bedroom 2, Bedroom 9, Bedroom 1, Bathroom 8, Bathroom 5, Bedroom 10, Bedroom 3, Bedroom 5, Bathroom 3, Bathroom 1, Bedroom 6, Basement, Bedroom 4, Bathroom 6
Parking
1
Fireplace
1
Basement
Block
Lot features
City/ Town/ Suburb, Corner
Elementary school
Edgelea
Middle school
Sunnyside/Tecumseh
High school
Jefferson
Elementary school district
Lafayette
Middle school district
Lafayette
High school district
Lafayette
Directions
N 9th Street, right on North St, property on the right side.
Subdivision
Tippecanoe County
Standard status
Active
APN
79-07-21-351-006.000-004
Size
3,870 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
TAYLOR HANNA HARTER & STOCKWELL ADDNLOT 72
Legal Description
TAYLOR HANNA HARTER & STOCKWELL ADDNLOT 72
Building Details
Year built
1880
Floors in Building
2
Number of units
6
Flooring type
Laminate, Carpet
Roof type
Shingle
Architectural style
Other
Listing Agency:
Indiana Integrity REALTORS
(765) 607-4070
Listed By:
Eric Campos · License #RB14052463
(765) 430-2160
Added: Apr 9
Changed: Aug 19
Last Checked: Aug 23 at 10:06PM
MLS# 202612419
Copyright © 2026 Lafayette Regional 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 six-unit investment property consists of two separate buildings on a single parcel. The duplex was built in 1900 and the fourplex was built in 1880, creating a mix of historic character and practical rental layout. Flooring includes laminate and carpet, and the property includes a basement.
The offering is located at 1103 North Street in Lafayette, Indiana (Tippecanoe County). Two units are currently rented, and the tenants pay all utilities.
Key exterior and building details include a shingle roof and fireplaces, which add architectural and comfort value across the homes.
The offering is located at 1103 North Street in Lafayette, Indiana (Tippecanoe County). Two units are currently rented, and the tenants pay all utilities.
Key exterior and building details include a shingle roof and fireplaces, which add architectural and comfort value across the homes.
Key Highlights
- Two buildings on one parcel totaling six units
- Duplex built in 1900 plus fourplex built in 1880
- 0.15‑acre lot
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
$34,078
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
6.95%
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%
$681,560
$681.6K
Cap Rate 7%
$486,829
$486.8K
Cap Rate 9%
$378,644
$378.6K
Market Conditions
NOI Build-Up for 3,870 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
$62.7K $16.20/SF
− Vacancy
−$734 −$0.19/SF
EGI
$62.0K $16.01/SF
− OpEx
−$27.9K −$7.20/SF
NOI
$34.1K $8.81/SF
Area
Tippecanoe County, IN
Vacancy
1.17%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$681,560
Cap Rate 7%
$486,829
Cap Rate 9%
$378,644
Alternative Uses
Best Use
Apartment 5plus
$486.8K
$426.0K – $568.0K
NOI $34,078 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$893.5K
$781.8K – $1.04M
NOI $62,544 @ 7.0% cap · market cap 12.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,110
Businesses Nearby
Explore this area
Business Placement
Demographics for 47904, IN
16,571
Population
7,776
Households
2.1
Avg Household Size
34
Median Age
19%
College-Educated
84%
High-School Grad
5.8 sq mi
ZIP Area
2,857
Density / Sq Mi
$46,841
Median Household Income
$34,455
Median Earnings
$965
Median Rent
$118,700
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?
Apartment building - Two-building 6-unit multifamily with laminate and carpet flooring, shingle roof, and fireplaces.
Where is this apartment building located?
The property is located at 1103 North Street Lafayette, IN.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: Two buildings on one parcel totaling six units; Duplex built in 1900 plus fourplex built in 1880; 0.15‑acre lot
