Building Details

Year Built 1901

Tenancy Multi

Listing Agency: Elite Property Mgmt and Realty

Listed By: Ryan Griswold · License #RB16000796 Show Phone

Source: Spencerchildersgroup

Added: Jul 21 Changed: Oct 15 Last Checked: Oct 7 at 2:35PM

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Investment Insights

Based on property information with market context.

Built in 1901, this duplex contains two separate residential units with different bedroom configurations. The larger unit offers four bedrooms and one full bath, while the second includes two bedrooms and one full bath. Both units are fully leased, and tenants are responsible for all utilities.

The property is near Columbian Park and offers access to downtown Lafayette and Purdue University. Shopping and several restaurants are within a five-minute drive, with US52, US231, and I-65 providing connections to the surrounding area.

Key Highlights

• Two‑unit duplex constructed in 1901
• Unit mix includes one 4‑bedroom, 1‑bath unit and one 2‑bedroom, 1‑bath unit
• Both units are fully leased

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,550

Cap Rate

9.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$491,000 $491.0K

Cap Rate 7%

$350,714 $350.7K

Cap Rate 9%

$272,778 $272.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,788 SF

Gross rent

$45.2K $16.20/SF

− Vacancy

−$528 −$0.19/SF

EGI

$44.6K $16.01/SF

− OpEx

−$20.1K −$7.20/SF

NOI

$24.6K $8.81/SF

Area

Tippecanoe County, IN

Vacancy

1.17%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$491,000

Cap Rate 7%

$350,714

Cap Rate 9%

$272,778

Alternative Uses

Best Use

Multifamily LT 5

$380.5K

$332.9K – $443.9K (±1% cap)

NOI $26,633 @ 7.0% cap · market cap 9.87%

Second Best

Apartment 5plus

$350.7K

$306.9K – $409.2K (±1% cap)

NOI $24,550 @ 7.0% cap · market cap 9.10%

Theoretical Best

Office A

$643.7K

$563.2K – $751.0K (±1% cap)

NOI $45,057 @ 7.0% cap · market cap 16.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Locksmith (Bike/Boat/Book/etc) Store Carpet & Flooring Store Electrical Service Acupuncture Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,102

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 Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Historic income property with distinct residential units and established occupancy.

Where is this duplex located?

The property is located at 203 Lincoln St Lafayette, IN.

What is the asking price?

The asking price for this property is $269,900.

What are key features of this property?

This property features: Two‑unit duplex constructed in 1901; Unit mix includes one 4‑bedroom, 1‑bath unit and one 2‑bedroom, 1‑bath unit; Both units are fully leased