Remodeled Quadplex Apartment
For Sale
$450,000
1848 Truman St, Portage, IN 46368
Four-unit property offers a mix of one- and two-bedroom apartments with onsite and street parking.
Property Size3,672 SF
Days on Market145
Property Features for 1848 Truman St
General Information
Standard status
Active
Size
3,672 SF
Class
C
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 2BR, 2 x 1BR
Multifamily Units
4
Amenities
on-site laundry
Building Details
Building Size
3,672 SF
Year Built
1974
Buildings
1
Units
4
Listing Agency:
Diversified Commercial Real Estate
(219) 836-4740
Listed By:
Mike Larson · License ##RB14030764
Source:
Commercialcafe
Added: Apr 8
Changed: Aug 29
Last Checked: Aug 29 at 3:28PM
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 Diversified Commercial Real Estate
Investment Insights
Based on property information with market context.
Built in 1974, this four-unit apartment property includes two 2-bedroom apartments and two 1-bedroom apartments. Two of the units have been fully remodeled, creating a mix of updated and existing residential spaces within the building. Residents have access to onsite and street parking, along with a common area equipped with one washing machine and one dryer.
The property is located less than 2 miles from I-94 and SR-249. Bass Pro Shop, Starbucks, LongHorn Steakhouse, and Taco Bell are a few miles away. The building sits on a cul-de-sac, providing a residential setting with convenient access to the surrounding road network and nearby commercial destinations.
The property is located less than 2 miles from I-94 and SR-249. Bass Pro Shop, Starbucks, LongHorn Steakhouse, and Taco Bell are a few miles away. The building sits on a cul-de-sac, providing a residential setting with convenient access to the surrounding road network and nearby commercial destinations.
Key Highlights
- Four‑unit apartment building with two 2‑bedroom and two 1‑bedroom apartments
- Two apartments are fully remodeled
- Built in 1974
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
$33,450
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
7.43%
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%
$669,000
$669.0K
Cap Rate 7%
$477,857
$477.9K
Cap Rate 9%
$371,667
$371.7K
Market Conditions
NOI Build-Up for 3,672 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
$50.7K $13.80/SF
− Vacancy
−$2.9K −$0.79/SF
EGI
$47.8K $13.01/SF
− OpEx
−$14.3K −$3.90/SF
NOI
$33.4K $9.11/SF
Area
Porter County, IN
Vacancy
5.70%
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%
$669,000
Cap Rate 7%
$477,857
Cap Rate 9%
$371,667
Alternative Uses
Best Use
Multifamily LT 5
$477.9K
$418.1K – $557.5K
NOI $33,450 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$416.6K
$364.5K – $486.0K
NOI $29,160 @ 7.0% cap · market cap 6.48%
Theoretical Best
Healthcare Medical
$1.39M
$1.22M – $1.62M
NOI $97,420 @ 7.0% cap · market cap 21.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
77
Businesses Nearby
Explore this area
Business Placement
Demographics for 46368, IN
39,837
Population
16,870
Households
2.4
Avg Household Size
39
Median Age
18%
College-Educated
90%
High-School Grad
25.3 sq mi
ZIP Area
1,575
Density / Sq Mi
$72,638
Median Household Income
$42,508
Median Earnings
$1,140
Median Rent
$213,500
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?
Quadplex - Four-unit property offers a mix of one- and two-bedroom apartments with onsite and street parking.
Where is this quadplex located?
The property is located at 1848 Truman St Portage, IN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Four‑unit apartment building with two 2‑bedroom and two 1‑bedroom apartments; Two apartments are fully remodeled; Built in 1974
