Renovated
For Sale
$239,900
1887 South 700 East Unit 123, Elwood, IN 46036
Brick multifamily property with three occupied apartments, individual laundry connections, and off-street parking.
Property Size2,508 SF
Price / SF$95.65
Days on Market161
Property Features for 1887 South 700 East Unit 123
General Information
Standard status
Active
Size
2,508 SF
Property subtype
Multi Family / Triplex
Occupancy
100%
Lease Term
1 Year, Month to Month
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,969
Amenities
laundry connections
off-street parking
Ceiling Fan
1
No
Laminate
3
Baseboard
Block
Crawl
6
4
Yes
Gravel
Brick
Ceiling Fan, Off Street Parking, Countertops-Laminate, Detector-Smoke, Eat-In Kitchen, Water Heater Electric, Water Softener-Owned
Asphalt
Building Details
Year Built
1973
Buildings
1
Units
3
Construction
brick
Tenancy
Multi
Listing Agency:
CENTURY 21 Scheetz
(317) 844-5111
Listed By:
Cheryl Trietsch · License #RB14042006
(317) 844-5111
Source:
Compass
Added: Mar 23
Changed: Aug 30
Last Checked: Aug 30 at 4:38AM
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 Scheetz
Investment Insights
Based on property information with market context.
This brick triplex contains three apartments within 2,508 square feet and was built in 1973. Each unit includes laundry connections, while the property provides off-street parking and relies on a private well and septic system. Apartment 3 underwent a full interior reconstruction in 2025, including replacement electrical, plumbing, windows, doors, and appliances.
All three apartments are currently leased. Two leases are month-to-month, and the remaining lease runs through October 2026. Tenants pay their own electric service and optional cable or internet connections. Ownership responsibilities include property taxes, insurance, trash service, landscaping and mowing, snow removal, and electricity for the well pump. The property is located at 1887 South 700 East, Unit 123, in Elwood, Indiana.
All three apartments are currently leased. Two leases are month-to-month, and the remaining lease runs through October 2026. Tenants pay their own electric service and optional cable or internet connections. Ownership responsibilities include property taxes, insurance, trash service, landscaping and mowing, snow removal, and electricity for the well pump. The property is located at 1887 South 700 East, Unit 123, in Elwood, Indiana.
Key Highlights
- Three occupied apartments within a 2,508‑square‑foot triplex
- Apartment 3 reconstructed in 2025 with new electrical, plumbing, windows, doors, and appliances
- Two units are month‑to‑month; the third lease expires in October 2026
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
$20,882
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
8.70%
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%
$417,640
$417.6K
Cap Rate 7%
$298,314
$298.3K
Cap Rate 9%
$232,022
$232.0K
Market Conditions
NOI Build-Up for 2,508 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
$31.6K $12.60/SF
− Vacancy
−$1.8K −$0.71/SF
EGI
$29.8K $11.89/SF
− OpEx
−$8.9K −$3.57/SF
NOI
$20.9K $8.33/SF
Area
Madison County, IN
Vacancy
5.60%
Lease Rate
$12.60 /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%
$417,640
Cap Rate 7%
$298,314
Cap Rate 9%
$232,022
Alternative Uses
Best Use
Multifamily LT 5
$298.3K
$261.0K – $348.0K
NOI $20,882 @ 7.0% cap · market cap 8.70%
Second Best
Apartment 5plus
$274.9K
$240.5K – $320.7K
NOI $19,240 @ 7.0% cap · market cap 8.02%
Theoretical Best
Office A
$578.1K
$505.8K – $674.4K
NOI $40,464 @ 7.0% cap · market cap 16.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 46036, IN
11,247
Population
5,284
Households
2.1
Avg Household Size
44
Median Age
10%
College-Educated
92%
High-School Grad
80.3 sq mi
ZIP Area
140
Density / Sq Mi
$59,082
Median Household Income
$39,022
Median Earnings
$841
Median Rent
$108,500
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?
Triplex - Brick multifamily property with three occupied apartments, individual laundry connections, and off-street parking.
Where is this triplex located?
The property is located at 1887 South 700 East Unit 123 Elwood, IN.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Three occupied apartments within a 2,508‑square‑foot triplex; Apartment 3 reconstructed in 2025 with new electrical, plumbing, windows, doors, and appliances; Two units are month‑to‑month; the third lease expires in October 2026
