2-Unit Updated
For Sale
$196,969
1829 Greenbush St, Lafayette, IN 47904
Two separate residences offer a straightforward multifamily configuration with updated interiors.
Property Size1,164 SF
Price / SF$169.22
Days on Market40
Property Features for 1829 Greenbush St
General Information
Standard status
Active
Size
1,164 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
Raeco Realty
(765) 838-2785
Listed By:
Jason Conley · License #RB23001060
Source:
Callcriswell
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 28 at 1:08PM
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 Raeco Realty
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each arranged with 1 bedroom and 1 bathroom. The property was built in 1920 and has received updates over time, supporting continued residential use across both sides.
Located at 1829 Greenbush Street in Lafayette, Indiana, the property is identified as a duplex and presents a two-unit multifamily format. Each residence offers a functional layout within the existing structure.
Located at 1829 Greenbush Street in Lafayette, Indiana, the property is identified as a duplex and presents a two-unit multifamily format. Each residence offers a functional layout within the existing structure.
Key Highlights
- Two‑unit duplex at 1829 Greenbush Street
- Each unit includes 1 bedroom and 1 bathroom
- Built in 1920
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
$11,119
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
5.65%
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%
$222,380
$222.4K
Cap Rate 7%
$158,843
$158.8K
Cap Rate 9%
$123,544
$123.5K
Market Conditions
NOI Build-Up for 1,164 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
$16.1K $13.80/SF
− Vacancy
−$178 −$0.15/SF
EGI
$15.9K $13.65/SF
− OpEx
−$4.8K −$4.09/SF
NOI
$11.1K $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%
$222,380
Cap Rate 7%
$158,843
Cap Rate 9%
$123,544
Alternative Uses
Best Use
Multifamily LT 5
$158.8K
$139.0K – $185.3K
NOI $11,119 @ 7.0% cap · market cap 5.65%
Second Best
Apartment 5plus
$146.4K
$128.1K – $170.8K
NOI $10,250 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$268.7K
$235.2K – $313.5K
NOI $18,812 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
995
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 residences offer a straightforward multifamily configuration with updated interiors.
Where is this duplex located?
The property is located at 1829 Greenbush St Lafayette, IN.
What is the asking price?
The asking price for this property is $196,969.
What are key features of this property?
This property features: Two‑unit duplex at 1829 Greenbush Street; Each unit includes 1 bedroom and 1 bathroom; Built in 1920
