Two-Unit Duplex
For Sale
$269,900
203 Lincoln Street, Lafayette, IN 47904
INVESTMENT, Two Story, Lafayette, IN
Property Size2,788 SF
Lot Size0.17 Acres
Price / SF$96.81
Days on Market52
Property Features for 203 Lincoln Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6, Basement, Bedroom 1, Bedroom 5, Bathroom 1
Parking
2
Parking features
Off Street
Lot features
City/ Town/ Suburb, Corner
Elementary school
Murdock
Middle school
Sunnyside/Tecumseh
High school
Jefferson
Elementary school district
Lafayette
Middle school district
Lafayette
High school district
Lafayette
Directions
N 18th St to Douglas, right onto Lincoln, house on left
Subdivision
Tippecanoe County
Standard status
Active
APN
79-07-28-205-002.000-004
Size
2,788 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
E M WEAVERS ADDN N 1/2 LOTS 62 & 63
Legal Description
E M WEAVERS ADDN N 1/2 LOTS 62 & 63
Building Details
Year built
1901
Floors in Building
2
Number of units
2
Flooring type
Laminate, Carpet
Roof type
Shingle
Architectural style
Other
Listing Agency:
Elite Property Mgmt and Realty
(765) 607-4663
Listed By:
Ryan Griswold · License #RB16000796
(765) 426-5502
Added: Jul 8
Changed: Aug 26
Last Checked: Aug 28 at 9:06PM
MLS# 202627197
Copyright © 2026 Lafayette Regional Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1901, this duplex contains 2,788 square feet of living space across two residences. One unit offers four bedrooms and one full bathroom, while the other includes two bedrooms and one full bathroom. Interior finishes include laminate and carpet flooring, with a shingle roof, basement, and off-street parking.
Both units are fully leased, and tenants pay all utilities. The property is near Columbian Park with access to downtown Lafayette and Purdue University. Shopping and multiple restaurants are within five minutes, while US52, US231, and I-65 provide access to major roadways.
Both units are fully leased, and tenants pay all utilities. The property is near Columbian Park with access to downtown Lafayette and Purdue University. Shopping and multiple restaurants are within five minutes, while US52, US231, and I-65 provide access to major roadways.
Key Highlights
- 2,788 square feet of living space in a duplex built in 1901
- Unit mix includes one 4‑bedroom residence and one 2‑bedroom residence
- Each unit includes 1 full bathroom
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully leased duplex with separate two- and four-bedroom residences and tenant-paid utilities.
Where is this duplex located?
The property is located at 203 Lincoln Street 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: 2,788 square feet of living space in a duplex built in 1901; Unit mix includes one 4‑bedroom residence and one 2‑bedroom residence; Each unit includes 1 full bathroom
