Office Building with
For Sale
$225,000
1724 Main Street, Lafayette, IN 47904
Office building attached to a small apartment with parking available in the rear.
Property Size1,822 SF
Price / SF$123.49
Days on Market361
Property Features for 1724 Main Street
General Information
Standard status
Active
Size
1,822 SF
Property subtype
Multi Family / Other
Taxes and HOA fees
Annual Taxes
$2,664
Amenities
Central Air
1
No
Carpet, Laminate
4
Gas, Forced Air
Slab
2
Yes
Brick, Vinyl
Storage, Water Heater Electric
Building Details
Year Built
1974
Buildings
1
Units
1
Listing Agency:
Keller Williams Lafayette
(765) 775-3619
Listed By:
Xia Lin · License #RB25000885
(765) 775-3619
Source:
Compass
Added: Aug 16, 2025
Changed: Aug 8
Last Checked: Jul 21 at 9:47PM
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 Keller Williams Lafayette
Investment Insights
Based on property information with market context.
This office building is attached to a small apartment, creating a combined live-work style setup. Parking is available in the rear for convenient access.
The property is located at 1724 Main Street in Lafayette, IN.
The property is located at 1724 Main Street in Lafayette, IN.
Key Highlights
- Office building attached to a small apartment
- Parking available in the rear
- 1‑story building with slab foundation
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
$13,904
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
6.18%
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%
$278,080
$278.1K
Cap Rate 7%
$198,629
$198.6K
Cap Rate 9%
$154,489
$154.5K
Market Conditions
NOI Build-Up for 1,822 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
$24.1K $13.20/SF
− Vacancy
−$1.8K −$0.99/SF
EGI
$22.2K $12.21/SF
− OpEx
−$8.3K −$4.58/SF
NOI
$13.9K $7.63/SF
Area
Tippecanoe County, IN
Vacancy
7.50%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
37.50%
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%
$278,080
Cap Rate 7%
$198,629
Cap Rate 9%
$154,489
Alternative Uses
Best Use
Office B
$311.6K
$272.6K – $363.5K
NOI $21,809 @ 7.0% cap · market cap 9.69%
Second Best
Mixed Use
$198.6K
$173.8K – $231.7K
NOI $13,904 @ 7.0% cap · market cap 6.18%
Theoretical Best
Office A
$420.7K
$368.1K – $490.8K
NOI $29,446 @ 7.0% cap · market cap 13.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,988
Businesses Nearby
Explore this area
Business Placement
Demographics for 47904, IN
16,571
Population
7,776
Households
2.1
Avg Household Size
34
Median Age
19%
College-Educated
84%
High-School Grad
5.8 sq mi
ZIP Area
2,857
Density / Sq Mi
$46,841
Median Household Income
$34,455
Median Earnings
$965
Median Rent
$118,700
Median Home Value
Market
Vacancy Rate% for Office 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?
Live-work space - Office building attached to a small apartment with parking available in the rear.
Where is this live-work space located?
The property is located at 1724 Main Street Lafayette, IN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Office building attached to a small apartment; Parking available in the rear; 1‑story building with slab foundation
