Campus-Adjacent
For Sale
$117,000
3713 S Race St, Marion, IN 46953
Both apartments are currently rented in this two-unit residential property.
Property Size1,644 SF
Price / SF$71.17
Days on Market26
Property Features for 3713 S Race St
General Information
Standard status
Active
Size
1,644 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
RE/MAX Realty One
Listed By:
Cathy Hunnicutt · License #RB15000856
(765) 454-7300
Source:
Spencerchildersgroup
Added: Aug 8
Changed: Aug 29
Last Checked: Sep 1 at 9:38PM
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 RE/MAX Realty One
Investment Insights
Based on property information with market context.
This duplex contains two apartments totaling 1,644 square feet and was built in 1900. Both units are currently rented, providing an occupied residential configuration.
The property is located at 3713 S Race St in Marion, Indiana, approximately one block from the IWU campus. Showings are scheduled on Wednesdays and Saturdays between 11 a.m. and 3 p.m., with 48 hours requested for offer responses.
The property is located at 3713 S Race St in Marion, Indiana, approximately one block from the IWU campus. Showings are scheduled on Wednesdays and Saturdays between 11 a.m. and 3 p.m., with 48 hours requested for offer responses.
Key Highlights
- Two‑unit duplex with 1,644 square feet
- Both apartments are currently rented
- Built in 1900
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
$8,954
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
7.65%
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%
$179,080
$179.1K
Cap Rate 7%
$127,914
$127.9K
Cap Rate 9%
$99,489
$99.5K
Market Conditions
NOI Build-Up for 1,644 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
$14.8K $9.00/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$12.8K $7.78/SF
− OpEx
−$3.8K −$2.33/SF
NOI
$9.0K $5.45/SF
Area
Grant County, IN
Vacancy
13.55%
Lease Rate
$9.00 /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%
$179,080
Cap Rate 7%
$127,914
Cap Rate 9%
$99,489
Alternative Uses
Best Use
Multifamily LT 5
$127.9K
$111.9K – $149.2K
NOI $8,954 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$117.0K
$102.3K – $136.5K
NOI $8,187 @ 7.0% cap · market cap 7.00%
Theoretical Best
Specialty Retail
$319.3K
$279.4K – $372.5K
NOI $22,349 @ 7.0% cap · market cap 19.10%
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
403
Businesses Nearby
Explore this area
Business Placement
Demographics for 46953, IN
22,781
Population
10,095
Households
2.3
Avg Household Size
37
Median Age
16%
College-Educated
84%
High-School Grad
85.6 sq mi
ZIP Area
266
Density / Sq Mi
$46,224
Median Household Income
$25,969
Median Earnings
$800
Median Rent
$88,400
Median Home Value
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 - Both apartments are currently rented in this two-unit residential property.
Where is this duplex located?
The property is located at 3713 S Race St Marion, IN.
What is the asking price?
The asking price for this property is $117,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,644 square feet; Both apartments are currently rented; Built in 1900
