Three-Unit Apartment
For Sale
$249,900
1653 W 10th Pl, Gary, IN 46404
Two upper residences are vacant and ready for leasing, while the ground-level unit is occupied.
Property Size1,449 SF
Price / SF$172.46
Days on Market28
Property Features for 1653 W 10th Pl
General Information
Standard status
Active
Size
1,449 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,046
Amenities
fenced yard
Building Details
Buildings
1
Listing Agency:
The Jaeger Group, LLC
(219) 796-0449
Listed By:
Lakia Hasenjaeger · License #RB14032390
(219) 796-0449
Source:
Exprealty
Added: Aug 3
Changed: Aug 23
Last Checked: Aug 30 at 7:34PM
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 The Jaeger Group, LLC
Investment Insights
Based on property information with market context.
Built in 1905, this three-unit apartment property includes two residences with 2 bedrooms, 1 bathroom, a living room, and an eat-in kitchen. Each measures approximately 850 square feet. The third residence provides 1 bedroom, 1 bathroom, and approximately 700 square feet. A large fenced yard adds shared outdoor space to the property.
The main-floor residence is occupied, while both upper-level units are vacant and ready for leasing. The property is located at 1653 W 10th Place in Gary, Indiana, and is offered in its present as-is condition.
The main-floor residence is occupied, while both upper-level units are vacant and ready for leasing. The property is located at 1653 W 10th Place in Gary, Indiana, and is offered in its present as-is condition.
Key Highlights
- 3‑unit apartment building built in 1905
- Two 2‑bedroom, 1‑bathroom units of approximately 850 square feet each
- Third unit includes 1 bedroom, 1 bathroom, and approximately 700 square feet
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
$14,405
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
5.76%
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%
$288,100
$288.1K
Cap Rate 7%
$205,786
$205.8K
Cap Rate 9%
$160,056
$160.1K
Market Conditions
NOI Build-Up for 1,449 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
$21.7K $15.00/SF
− Vacancy
−$1.2K −$0.80/SF
EGI
$20.6K $14.20/SF
− OpEx
−$6.2K −$4.26/SF
NOI
$14.4K $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%
$288,100
Cap Rate 7%
$205,786
Cap Rate 9%
$160,056
Alternative Uses
Best Use
Multifamily LT 5
$205.8K
$180.1K – $240.1K
NOI $14,405 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$183.1K
$160.3K – $213.7K
NOI $12,820 @ 7.0% cap · market cap 5.13%
Theoretical Best
Specialty Retail
$404.5K
$353.9K – $471.9K
NOI $28,315 @ 7.0% cap · market cap 11.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Explore this area
Business Placement
Demographics for 46404, IN
15,658
Population
7,708
Households
2
Avg Household Size
39
Median Age
16%
College-Educated
89%
High-School Grad
6.0 sq mi
ZIP Area
2,610
Density / Sq Mi
$39,188
Median Household Income
$34,337
Median Earnings
$995
Median Rent
$88,300
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 - Two upper residences are vacant and ready for leasing, while the ground-level unit is occupied.
Where is this triplex located?
The property is located at 1653 W 10th Pl Gary, IN.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 3‑unit apartment building built in 1905; Two 2‑bedroom, 1‑bathroom units of approximately 850 square feet each; Third unit includes 1 bedroom, 1 bathroom, and approximately 700 square feet
