Leased Duplex
203 Lincoln Street Lafayette, IN 47904
203 Lincoln Street, Lafayette, IN, 47904
$289,900
For Sale
$289,900
Turn-of-the-century duplex with two fully leased units, including all utilities paid by tenants.
Property Size2,788 SF
Price / SF$103.98
Days on Market26
Property Features for 203 Lincoln Street
General Information
- Standard status
- Active
- Size
- 2,788 SF
- Property subtype
- Multi Family / Duplex
Building Details
- Year Built
- 1901
Listing agency
Elite Property Mgmt and Realty
(765) 426-5502
Listed by
Ryan Griswold · License #RB16000796
(765) 426-5502
Source
Compass
Added: Jun 27 Updated: Jul 22 at 12:53AM Checked: Jul 22 at 12:53AM
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 offers two separate residential units with a total of about 2,800 square feet of living space. One side features 4 bedrooms and 1 full bathroom, while the other side includes 2 bedrooms and 1 full bathroom. Both sides of the duplex are fully leased, and each tenant pays all utilities.
The property is located near Columbian Park in Lafayette, with convenient access to downtown Lafayette and Purdue University. Shopping and multiple restaurants are described as within 5 minutes, and the listing notes proximity to major roads and highways including US 52, US 231, and I-65.
For investors and owner-occupants seeking income stability, the current configuration provides two independently leased units within the same duplex building.
The property is located near Columbian Park in Lafayette, with convenient access to downtown Lafayette and Purdue University. Shopping and multiple restaurants are described as within 5 minutes, and the listing notes proximity to major roads and highways including US 52, US 231, and I-65.
For investors and owner-occupants seeking income stability, the current configuration provides two independently leased units within the same duplex building.
Key Highlights
- Built in 1901, 2‑story duplex with stone and vinyl exterior and shingle roof
- About 2,800 sq ft of living space with basement (1 below‑grade room reported)
- Two fully leased units: one has 4 bedrooms/1 full bath; the other has 2 bedrooms/1 full bath
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $38.5k | $13.80 |
| − Vacancy | −$427 | −$0.15 |
| EGI | $38.0k | $13.65 |
| − OpEx | −$11.4k | −$4.09 |
| NOI | $26.6k | $9.55 |
2,788 SF · lease $13.80/SF/yr · vacancy 1.11% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$380.5K
$332.9K – $443.9K
NOI $26,633 @ 7.0% cap · market cap 9.19%
Second Best
Apartment 5plus
$350.7K
$306.9K – $409.2K
NOI $24,550 @ 7.0% cap · market cap 8.47%
Theoretical Best
Office A
$643.7K
$563.2K – $751.0K
NOI $45,057 @ 7.0% cap · market cap 15.54%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Turn-of-the-century duplex with two fully leased units, including all utilities paid by tenants.
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 $289,900.
What are key features of this property?
This property features: Built in 1901, 2‑story duplex with stone and vinyl exterior and shingle roof; About 2,800 sq ft of living space with basement (1 below‑grade room reported); Two fully leased units: one has 4 bedrooms/1 full bath; the other has 2 bedrooms/1 full bath
