Two-Unit Duplex with Off-Street
For Sale
$250,000
127 S 31st Street, Lafayette, IN 47904
INVESTMENT, One Story, Lafayette, IN
Property Size2,532 SF
Lot Size0.14 Acres
Price / SF$98.74
Days on Market46
Property Features for 127 S 31st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Basement, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 1
Parking
3
Parking features
Off Street
Basement
Block
Lot features
City/ Town/ Suburb, Level
Elementary school
Oakland
Middle school
Sunnyside/Tecumseh
High school
Jefferson
Elementary school district
Lafayette
Middle school district
Lafayette
High school district
Lafayette
Directions
South St to 31st, down 1 st block on left
Subdivision
Tippecanoe County
Standard status
Active
APN
79-07-27-127-016.000-004
Size
2,532 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Lafayette-Fairfield TWP LSC B
Legal Description
Lafayette-Fairfield TWP LSC B
Utilities
Cooling system
Central Air
Building Details
Year built
1945
Floors in Building
1
Number of units
2
Flooring type
Wood
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Lafayette · Keller Williams Realty
(765) 807-7177
Listed By:
Amy Bray
(765) 650-6329
Added: Jul 22
Changed: Sep 4
Last Checked: Sep 5 at 9:06PM
MLS# 202629429
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.
Built in 1945, this duplex contains two residential units within 2,532 square feet on a 0.14-acre lot. The property includes four bedrooms, two bathrooms, a basement, wood flooring, central air conditioning, and a shingle roof. Off-street parking is available for both units.
The duplex is located at 127 S 31st Street in Lafayette, Indiana. The rear unit has a lease extending through July 2027, while the front unit is expected to become vacant after the current tenant moves out next month. Tenants are responsible for all utilities. Washer and dryer units belong to the tenants and will not transfer with the property.
The duplex is located at 127 S 31st Street in Lafayette, Indiana. The rear unit has a lease extending through July 2027, while the front unit is expected to become vacant after the current tenant moves out next month. Tenants are responsible for all utilities. Washer and dryer units belong to the tenants and will not transfer with the property.
Key Highlights
- Two‑unit duplex with 2,532 square feet on a 0.14‑acre lot
- Rear unit lease runs through July 2027
- Front unit expected to be vacant after the current tenant moves out next month
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 - Each unit includes dedicated off-street parking, central air, wood flooring, and tenant-paid utilities.
Where is this duplex located?
The property is located at 127 S 31st Street 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: Two‑unit duplex with 2,532 square feet on a 0.14‑acre lot; Rear unit lease runs through July 2027; Front unit expected to be vacant after the current tenant moves out next month
