3-Unit Residential Income
For Sale
$449,000
Pending
1533 North Broad Street, Griffith, IN 46319
Three well-appointed units with in-unit laundry and recent upgrades, including multiple HVAC components and updated electrical.
Property Size1,694 SF
Days on Market78
Property Features for 1533 North Broad Street
General Information
Standard status
Pending
Size
1,694 SF
Total Parking Spaces
5
Property subtype
Residential Income / Apartment
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,366
Amenities
Asphalt
Central Air
Yes
5
Carpet, Tile, Laminate
Hot Water
Dryer, Washer, Refrigerator, Range, Gas Water Heater
4
Finished, Walk-Out Access
1694.0
Gas Dryer Hookup, Washer Hookup
2
Smoke Detector(s)
13
Living Room, Wood Burning
Entrance Foyer, Open Floorplan, Eat-in Kitchen
Two
Shed(s)
Blinds, Insulated Windows
Private Yard
Front Porch, Rear Porch, Porch
No
Building Details
Year Built
1953
Listing Agency:
Coldwell Banker Realty
(219) 741-9155
Listed By:
Julie Urbanski · License #RB14049424
(219) 741-9155
Source:
Compass
Added: Jun 11
Changed: Aug 25
Last Checked: Aug 26 at 1:37PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This for-sale 3-unit residential income property offers a distinct mix of layouts across its three separate units. The upper-level unit features a ranch-style design with three bedrooms, a large living room with a wood-burning fireplace, a well-appointed kitchen and dining room, in-unit laundry, and updated bathroom finishes including a 3/4 bath. The ground-level second unit includes a large living room with a fireplace, a functional kitchen, in-unit laundry, a bedroom suited for main-floor living, and a bathroom with updated vanity and medicine cabinet. The third unit features an open-concept arrangement combining the living room, dining room, and kitchen, plus one bedroom, in-unit laundry, and a bathroom with updated fixtures.
The exterior includes a fenced backyard area with a shed for additional storage and a two-car garage with parking alongside the building. The property is described as being located near shopping and expressways in Griffith.
Recent improvements are highlighted throughout the property, including fresh paint, new flooring on the ground-level units, new carpet, a new electrical panel, updated windows (2023), and a newer three-zone boiler system with sensors in each unit (installed in 2021). Central air is also noted as newly installed. The property is currently vacant and presented as turnkey ready, with utilities paid for by the owner.
The exterior includes a fenced backyard area with a shed for additional storage and a two-car garage with parking alongside the building. The property is described as being located near shopping and expressways in Griffith.
Recent improvements are highlighted throughout the property, including fresh paint, new flooring on the ground-level units, new carpet, a new electrical panel, updated windows (2023), and a newer three-zone boiler system with sensors in each unit (installed in 2021). Central air is also noted as newly installed. The property is currently vacant and presented as turnkey ready, with utilities paid for by the owner.
Key Highlights
- Three‑unit property built in 1953 with in‑unit laundry in all units
- Three‑zone boiler system with sensors in each unit installed in 2021
- Recent updates include new windows (2023) and new central air
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
$16,841
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
3.75%
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%
$336,820
$336.8K
Cap Rate 7%
$240,586
$240.6K
Cap Rate 9%
$187,122
$187.1K
Market Conditions
NOI Build-Up for 1,694 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
$25.4K $15.00/SF
− Vacancy
−$1.4K −$0.80/SF
EGI
$24.1K $14.20/SF
− OpEx
−$7.2K −$4.26/SF
NOI
$16.8K $9.94/SF
Area
Lake County, IN
Vacancy
5.32%
Lease Rate
$15.00 /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%
$336,820
Cap Rate 7%
$240,586
Cap Rate 9%
$187,122
Alternative Uses
Best Use
Multifamily LT 5
$240.6K
$210.5K – $280.7K
NOI $16,841 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$214.1K
$187.3K – $249.8K
NOI $14,987 @ 7.0% cap · market cap 3.34%
Theoretical Best
Specialty Retail
$472.9K
$413.8K – $551.7K
NOI $33,103 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
335
Businesses Nearby
Explore this area
Business Placement
Demographics for 46319, IN
18,108
Population
7,904
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
96%
High-School Grad
9.6 sq mi
ZIP Area
1,886
Density / Sq Mi
$75,976
Median Household Income
$42,239
Median Earnings
$1,162
Median Rent
$194,300
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?
Triplex - Three well-appointed units with in-unit laundry and recent upgrades, including multiple HVAC components and updated electrical.
Where is this triplex located?
The property is located at 1533 North Broad Street Griffith, IN.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Three‑unit property built in 1953 with in‑unit laundry in all units; Three‑zone boiler system with sensors in each unit installed in 2021; Recent updates include new windows (2023) and new central air
