Updated Two-Unit
New
For Sale
$189,900
1724 Central Street, Lafayette, IN 47905
INVESTMENT, One Story, Lafayette, IN
Property Size1,152 SF
Lot Size0.12 Acres
Price / SF$164.84
Days on Market7
Property Features for 1724 Central Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2, Basement
Basement
Block
Lot features
Corner, Level
Elementary school
Oakland
Middle school
Sunnyside/Tecumseh
High school
Jefferson
Elementary school district
Lafayette
Middle school district
Lafayette
High school district
Lafayette
Directions
18th to Central
Subdivision
Tippecanoe County
Standard status
Active
APN
79-07-28-337-008.000-004
Size
1,152 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Justice 4th Addn Lot 150
Tax Annual Amount
400
Legal Description
Justice 4th Addn Lot 150
Utilities
Cooling system
Central Air
Building Details
Year built
1943
Floors in Building
1
Number of units
2
Flooring type
Wood
Architectural style
Other
Listing Agency:
Keller Williams Lafayette · Keller Williams Realty
(765) 807-7177
Listed By:
Thomas Albregts
(765) 426-8773
Added: Aug 21
Changed: Aug 26
Last Checked: Aug 27 at 1:06AM
MLS# 202634662
Copyright © 2026 Lafayette Regional Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1943, this one-story duplex contains 1,152 square feet and is arranged as two residential units. Each unit includes one bedroom, one full bathroom, and wood flooring, while basement areas provide additional storage or usable space. One side also has a finished lower-level section. Recent property work includes a newer roof, newer HVAC systems, and fresh interior paint.
The property occupies 0.117 acres at 1724 Central Street in Lafayette, Indiana, within Tippecanoe County. Current tenant arrangements include payment of all utilities by the tenant or tenants. The combination of two separate units, basement areas, and recent building-system updates provides a clearly defined residential income property configuration.
The property occupies 0.117 acres at 1724 Central Street in Lafayette, Indiana, within Tippecanoe County. Current tenant arrangements include payment of all utilities by the tenant or tenants. The combination of two separate units, basement areas, and recent building-system updates provides a clearly defined residential income property configuration.
Key Highlights
- Two‑unit duplex with 1,152 square feet
- Each unit has 1 bedroom and 1 full bath
- Basement space included with both units
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units provide one bedroom, one full bath, basement space, and wood flooring per unit.
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 has 1 bedroom and 1 full bath; Basement space included with both units
