Two-Building 6-Unit
For Sale
$500,000
1103 North Street, Lafayette, IN 47904
Two separate buildings totaling six units on one parcel, with two units currently rented and tenants paying utilities.
Property Size3,870 SF
Price / SF$129.20
Days on Market150
Property Features for 1103 North Street
General Information
Standard status
Active
Size
3,870 SF
Property subtype
Multi Family / Sixplex
Lease Term
1 Year, Month to Month
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$2,807
Amenities
2
Yes
Carpet, Laminate
8
Forced Air
Block
4
Unfinished
6
10
No
Vinyl, Wood
Basement, Off Street Parking
Shingle
Building Details
Year Built
1880
Buildings
2
Units
6
Listing Agency:
Indiana Integrity REALTORS
Listed By:
Eric Campos · License #RB14052463
(765) 430-2160
Source:
Compass
Added: Apr 9
Changed: Aug 8
Last Checked: Jul 22 at 8:43AM
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 Indiana Integrity REALTORS
Investment Insights
Based on property information with market context.
This for-sale multifamily investment features six total units across two separate buildings on a single parcel. The duplex was built in 1900 and the fourplex was built in 1880, providing a mix of historic character and functional rental space.
Two units are currently rented. Tenants pay all utilities, which helps shift operating expenses to residents.
The property is configured as a duplex plus a fourplex under one ownership structure, offering a straightforward way to manage multiple tenants within two buildings.
Two units are currently rented. Tenants pay all utilities, which helps shift operating expenses to residents.
The property is configured as a duplex plus a fourplex under one ownership structure, offering a straightforward way to manage multiple tenants within two buildings.
Key Highlights
- 6‑unit investment property on a single parcel with two separate buildings (duplex + fourplex)
- Duplex built in 1900 and fourplex built in 1880
- Two units currently rented; tenants pay all utilities
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
$36,969
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
7.39%
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%
$739,380
$739.4K
Cap Rate 7%
$528,129
$528.1K
Cap Rate 9%
$410,767
$410.8K
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
$53.4K $13.80/SF
− Vacancy
−$593 −$0.15/SF
EGI
$52.8K $13.65/SF
− OpEx
−$15.8K −$4.09/SF
NOI
$37.0K $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%
$739,380
Cap Rate 7%
$528,129
Cap Rate 9%
$410,767
Alternative Uses
Best Use
Multifamily LT 5
$528.1K
$462.1K – $616.2K
NOI $36,969 @ 7.0% cap · market cap 7.39%
Second Best
Apartment 5plus
$486.8K
$426.0K – $568.0K
NOI $34,078 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$893.5K
$781.8K – $1.04M
NOI $62,544 @ 7.0% cap · market cap 12.51%
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?
Duplex - Two separate buildings totaling six units on one parcel, with two units currently rented and tenants paying utilities.
Where is this duplex located?
The property is located at 1103 North Street Lafayette, IN.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 6‑unit investment property on a single parcel with two separate buildings (duplex + fourplex); Duplex built in 1900 and fourplex built in 1880; Two units currently rented; tenants pay all utilities
