Tenant-Occupied
For Sale
$250,000
127 S 31st St, Lafayette, IN 47904
Two-unit residential property with separate off-street parking and tenant-paid utilities.
Property Size2,532 SF
Price / SF$98.74
Days on Market32
Property Features for 127 S 31st St
General Information
Standard status
Active
Size
2,532 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,662
Building Details
Tenancy
Multi
Listing Agency:
Keller Williams Lafayette
(765) 650-6329
Listed By:
Amy Bray
(765) 650-6329
Source:
Exprealty
Added: Jul 22
Changed: Aug 21
Last Checked: Aug 21 at 4:41AM
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 Keller Williams Lafayette
Investment Insights
Based on property information with market context.
This 2,532-square-foot duplex includes two residential units, both occupied at present. The front unit is expected to become vacant after the current tenant moves out next month, while the rear unit has a lease extending through July 2027.
Each unit has available off-street parking, and tenants pay all utilities. Washer and dryer appliances are tenant-owned and will not convey with the property. The duplex is located at 127 S 31st St in Lafayette, Indiana.
Each unit has available off-street parking, and tenants pay all utilities. Washer and dryer appliances are tenant-owned and will not convey with the property. The duplex is located at 127 S 31st St in Lafayette, Indiana.
Key Highlights
- 2,532‑square‑foot duplex with two residential units
- Both units are currently tenant‑occupied
- Rear unit lease runs through July 2027
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
$22,296
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
8.92%
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%
$445,920
$445.9K
Cap Rate 7%
$318,514
$318.5K
Cap Rate 9%
$247,733
$247.7K
Market Conditions
NOI Build-Up for 2,532 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
$41.0K $16.20/SF
− Vacancy
−$480 −$0.19/SF
EGI
$40.5K $16.01/SF
− OpEx
−$18.2K −$7.20/SF
NOI
$22.3K $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%
$445,920
Cap Rate 7%
$318,514
Cap Rate 9%
$247,733
Alternative Uses
Best Use
Multifamily LT 5
$345.5K
$302.4K – $403.1K
NOI $24,188 @ 7.0% cap · market cap 9.68%
Second Best
Apartment 5plus
$318.5K
$278.7K – $371.6K
NOI $22,296 @ 7.0% cap · market cap 8.92%
Theoretical Best
Office A
$584.6K
$511.5K – $682.0K
NOI $40,920 @ 7.0% cap · market cap 16.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,230
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-unit residential property with separate off-street parking and tenant-paid utilities.
Where is this duplex located?
The property is located at 127 S 31st St Lafayette, IN.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2,532‑square‑foot duplex with two residential units; Both units are currently tenant‑occupied; Rear unit lease runs through July 2027
