Updated Duplex with Basement
New
For Sale
$189,900
1724 Central Street, Lafayette, IN 47905
Two one-bedroom units offer wood flooring, private basement areas, and tenant-paid utilities.
Property Size1,152 SF
Price / SF$164.84
Days on Market7
Property Features for 1724 Central Street
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1943
Listing Agency:
Century 21 Bradley-Lake Group
(812) 305-4663
Listed By:
Carson and Lisa Lowry Real Estate
(812) 305-4663
Source:
Carsonlowryrealestate
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 2:55PM
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 Century 21 Bradley-Lake Group
Investment Insights
Based on property information with market context.
This duplex contains 1,152 square feet and was built in 1943. The property includes two one-bedroom, one-bath units, with wood flooring throughout the living areas. Both units have basement space, and one includes a finished lower-level area that expands usable space.
Recent property improvements include a newer roof, newer HVAC systems, and fresh interior paint. Current tenants pay all utilities. The property is located at 1724 Central Street in Lafayette, Indiana, providing a two-unit configuration with established physical improvements and basement storage or supplemental-use areas.
Recent property improvements include a newer roof, newer HVAC systems, and fresh interior paint. Current tenants pay all utilities. The property is located at 1724 Central Street in Lafayette, Indiana, providing a two-unit configuration with established physical improvements and basement storage or supplemental-use areas.
Key Highlights
- Two‑unit duplex with 1,152 square feet
- Each unit includes 1 bedroom and 1 full bath
- Basement space serves both units; one lower level is finished
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
$11,005
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
5.80%
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%
$220,100
$220.1K
Cap Rate 7%
$157,214
$157.2K
Cap Rate 9%
$122,278
$122.3K
Market Conditions
NOI Build-Up for 1,152 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
$15.9K $13.80/SF
− Vacancy
−$176 −$0.15/SF
EGI
$15.7K $13.65/SF
− OpEx
−$4.7K −$4.09/SF
NOI
$11.0K $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%
$220,100
Cap Rate 7%
$157,214
Cap Rate 9%
$122,278
Alternative Uses
Best Use
Multifamily LT 5
$157.2K
$137.6K – $183.4K
NOI $11,005 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$144.9K
$126.8K – $169.1K
NOI $10,144 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$266.0K
$232.7K – $310.3K
NOI $18,618 @ 7.0% cap · market cap 9.80%
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
389
Businesses Nearby
Explore this area
Business Placement
Demographics for 47905, IN
41,787
Population
18,309
Households
2.3
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
120.4 sq mi
ZIP Area
347
Density / Sq Mi
$63,115
Median Household Income
$41,595
Median Earnings
$1,101
Median Rent
$215,500
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 - Two one-bedroom units offer wood flooring, private basement areas, and tenant-paid utilities.
Where is this duplex located?
The property is located at 1724 Central Street Lafayette, IN.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,152 square feet; Each unit includes 1 bedroom and 1 full bath; Basement space serves both units; one lower level is finished
