Two-Unit Residential Income
1735 S Fairbanks Street Griffith, IN 46319
For Sale
Contact for pricing
Two fully updated homes on one lot, each with separate bedrooms and full bathrooms.
Property Size2,000 SF
Price / SF$224.95
Days on Market122
Property Features for 1735 S Fairbanks Street
General Information
- Standard status
- Active
- Size
- 2,000 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1948
Listing Agency:
Listing Leaders Select, LLC
Listed By:
Jennifer Walker · License #RB18001905
Source:
Crexi
Added: Mar 25
Changed: Jul 23
Last Checked: Jul 24 at 9:21AM
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 Listing Leaders Select, LLC
Investment Insights
Based on property information with market context.
This two-unit residential income property consists of two separate homes on one lot, offering distinct living spaces within a single purchase. The primary home features 3 bedrooms and 2 full baths, while the second home offers 2 bedrooms and 2 full baths. Both homes have been updated throughout, including brand new kitchens with quartz countertops and stainless steel appliances, fully remodeled bathrooms, and updated flooring, lighting, and fixtures. Major mechanicals and brand new well systems are reported as less than 2 years old.
The property is situated on over 1 acre and includes a detached 2-car garage, providing additional usable space and a measure of privacy.
As presented, the configuration supports flexible occupancy, including owner-occupying one home and renting the other or using both homes for rental purposes. Buyers should confirm all income and expense details during due diligence.
The property is situated on over 1 acre and includes a detached 2-car garage, providing additional usable space and a measure of privacy.
As presented, the configuration supports flexible occupancy, including owner-occupying one home and renting the other or using both homes for rental purposes. Buyers should confirm all income and expense details during due diligence.
Key Highlights
- Two fully updated homes on one lot with separate bedrooms and 2 full baths setups
- Primary home: approx. 1,200 SF with 3 bedrooms and 2 full baths
- Second home: approx. 800 SF with 2 bedrooms and 2 full baths
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $30.0k | $15.00 |
| − Vacancy | −$1.6k | −$0.80 |
| EGI | $28.4k | $14.20 |
| − OpEx | −$8.5k | −$4.26 |
| NOI | $19.9k | $9.94 |
2,000 SF · lease $15.00/SF/yr · vacancy 5.32% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$284.0K
$248.5K – $331.4K
NOI $19,883 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$252.8K
$221.2K – $294.9K
NOI $17,694 @ 7.0% cap · market cap 3.93%
Theoretical Best
Specialty Retail
$558.3K
$488.5K – $651.4K
NOI $39,083 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Two fully updated homes on one lot, each with separate bedrooms and full bathrooms.
Where is this duplex located?
The property is located at 1735 S Fairbanks Street Griffith, IN.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Two fully updated homes on one lot with separate bedrooms and 2 full baths setups; Primary home: approx. 1,200 SF with 3 bedrooms and 2 full baths; Second home: approx. 800 SF with 2 bedrooms and 2 full baths
