Duplex With 7-Bay
For Sale
$260,000
116 Kingsbury Avenue, La Porte, IN 46350
Two updated apartments share a full basement, separate utilities, and an adjoining garage with multiple bays.
Property Size1,982 SF
Price / SF$131.18
Days on Market584
Property Features for 116 Kingsbury Avenue
General Information
Standard status
Active
Size
1,982 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$1,727
Building Details
Year Built
1914
Listing Agency:
McColly Real Estate
(219) 716-4481
Listed By:
Betty Daniel-Lanie · License #RB14023688
(219) 716-4481
Source:
Exitrealty
Added: Jan 23, 2025
Changed: Aug 30
Last Checked: Aug 30 at 7:05AM
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 McColly Real Estate
Investment Insights
Based on property information with market context.
This duplex contains two 2-bedroom apartments within a 1,982-square-foot property. The units have been updated throughout and include separate utility systems. A full basement adds supporting space, while the building’s mechanical systems, exterior roof, and siding are described as being in good condition.
A 7-bay garage sits beside the duplex, providing substantial enclosed vehicle and storage capacity. The garage roof was replaced 3 months ago. Built in 1914, the property is located at 116 Kingsbury Avenue in La Porte, Indiana.
A 7-bay garage sits beside the duplex, providing substantial enclosed vehicle and storage capacity. The garage roof was replaced 3 months ago. Built in 1914, the property is located at 116 Kingsbury Avenue in La Porte, Indiana.
Key Highlights
- Two 2‑bedroom apartments in a 1,982‑square‑foot duplex
- Adjacent 7‑bay garage included with the property
- Separate utilities serve each apartment
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
$18,284
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
7.03%
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%
$365,680
$365.7K
Cap Rate 7%
$261,200
$261.2K
Cap Rate 9%
$203,156
$203.2K
Market Conditions
NOI Build-Up for 1,982 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
$26.8K $13.50/SF
− Vacancy
−$637 −$0.32/SF
EGI
$26.1K $13.18/SF
− OpEx
−$7.8K −$3.95/SF
NOI
$18.3K $9.23/SF
Area
LaPorte County, IN
Vacancy
2.38%
Lease Rate
$13.50 /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%
$365,680
Cap Rate 7%
$261,200
Cap Rate 9%
$203,156
Alternative Uses
Best Use
Multifamily LT 5
$261.2K
$228.6K – $304.7K
NOI $18,284 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$227.8K
$199.3K – $265.7K
NOI $15,943 @ 7.0% cap · market cap 6.13%
Theoretical Best
Specialty Retail
$551.0K
$482.1K – $642.8K
NOI $38,570 @ 7.0% cap · market cap 14.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
156
Businesses Nearby
Explore this area
Business Placement
Demographics for 46350, IN
44,522
Population
19,576
Households
2.3
Avg Household Size
42
Median Age
24%
College-Educated
92%
High-School Grad
193.5 sq mi
ZIP Area
230
Density / Sq Mi
$75,311
Median Household Income
$44,309
Median Earnings
$920
Median Rent
$199,800
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 updated apartments share a full basement, separate utilities, and an adjoining garage with multiple bays.
Where is this duplex located?
The property is located at 116 Kingsbury Avenue La Porte, IN.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Two 2‑bedroom apartments in a 1,982‑square‑foot duplex; Adjacent 7‑bay garage included with the property; Separate utilities serve each apartment
