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 Market55
Property Features for 127 S 31st St
General Information
Standard status
Active
Size
2,532 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1945
Tenancy
Multi
Listing Agency:
Keller Williams Lafayette
Listed By:
Amy Bray
(765) 650-6329
Source:
Spencerchildersgroup
Added: Aug 20
Changed: Sep 12
Last Checked: Oct 7 at 1:17PM
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 / Yr
$22,296
Cap Rate
8.92%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
