Two-Unit
For Sale
$269,900
203 Lincoln St, Lafayette, IN 47904
Historic income property with distinct residential units and established occupancy.
Property Size2,788 SF
Price / SF$96.81
Days on Market43
Property Features for 203 Lincoln St
General Information
Standard status
Active
Size
2,788 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 4BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1901
Tenancy
Multi
Listing Agency:
Elite Property Mgmt and Realty
(765) 426-5502
Listed By:
Ryan Griswold · License #RB16000796
Source:
Spencerchildersgroup
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 30 at 8:52PM
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 Elite Property Mgmt and Realty
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.
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 = 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
$24,550
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
9.10%
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%
$491,000
$491.0K
Cap Rate 7%
$350,714
$350.7K
Cap Rate 9%
$272,778
$272.8K
Market Conditions
NOI Build-Up for 2,788 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
$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 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%
$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
NOI $26,633 @ 7.0% cap · market cap 9.87%
Second Best
Apartment 5plus
$350.7K
$306.9K – $409.2K
NOI $24,550 @ 7.0% cap · market cap 9.10%
Theoretical Best
Office A
$643.7K
$563.2K – $751.0K
NOI $45,057 @ 7.0% cap · market cap 16.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
