Duplex with Detached
For Sale
$312,000
Pending
206 South Railroad Street, Battle Ground, IN 47920
Two separate units provide individual entrances, utilities, parking, and garage access.
Property Size2,016 SF
Days on Market286
Property Features for 206 South Railroad Street
General Information
Standard status
Pending
Size
2,016 SF
Property subtype
Multi Family / Duplex
Lease Term
1 Year
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,322
Amenities
Ceiling Fan
Central Air
2
Yes
Carpet, Vinyl
3
Electricity, Floor, Forced Air, Heat Pump
Block, Poured Concrete, Stone
1
Cellar, Crawl, Partial Basement, Unfinished
4
No
Privacy, Wood
Concrete, Gravel
Wood
Basement, Ceiling Fan, Off Street Parking, Near Walking Trail, Storage, Bar, Cable Ready, Ceiling-9+, Closet(s) Walk-in, Countertops-Laminate, Countertops-Stone, Detector-Smoke, Foyer Entry, Garage Door Opener, Garden Tub, Open Floor Plan, Porch Covered, Six Panel Doors, Water Heater Electric, Sump Pump, Custom Cabinetry, Garage Utilities
2nd Detached Garage
Shingle
Building Details
Year Built
1935
Units
2
Listing Agency:
RE/MAX Ability Plus
(765) 418-1842
Listed By:
Hayley Wheeler · License #RB14041877
(765) 418-1842
Source:
Compass
Added: Nov 18, 2025
Changed: Aug 30
Last Checked: Aug 31 at 1:13AM
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 RE/MAX Ability Plus
Investment Insights
Based on property information with market context.
This duplex includes 2 units within a 2,016-square-foot property built in 1935. Each unit has a separate entrance, dedicated utilities, parking, and garage access. The property has undergone a complete renovation and has been maintained since the work was completed.
Interior features include central air, forced-air and heat-pump systems, ceiling fans, walk-in closets, laminate and stone countertops, custom cabinetry, covered porch space, and unfinished basement areas. Exterior improvements include a 2nd detached garage, off-street parking, storage, a sump pump, and a shingle roof.
The property is near historic Battleground and walking trails, adding nearby outdoor and community-oriented context to the residential setting.
Interior features include central air, forced-air and heat-pump systems, ceiling fans, walk-in closets, laminate and stone countertops, custom cabinetry, covered porch space, and unfinished basement areas. Exterior improvements include a 2nd detached garage, off-street parking, storage, a sump pump, and a shingle roof.
The property is near historic Battleground and walking trails, adding nearby outdoor and community-oriented context to the residential setting.
Key Highlights
- 2 units with separate entrances, utilities, parking, and garage access
- 2,016 square feet on a property built in 1935
- Complete renovation with ongoing maintenance since completion
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
$19,258
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
6.17%
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%
$385,160
$385.2K
Cap Rate 7%
$275,114
$275.1K
Cap Rate 9%
$213,978
$214.0K
Market Conditions
NOI Build-Up for 2,016 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
$27.8K $13.80/SF
− Vacancy
−$309 −$0.15/SF
EGI
$27.5K $13.65/SF
− OpEx
−$8.3K −$4.09/SF
NOI
$19.3K $9.55/SF
Area
Tippecanoe County, IN
Vacancy
1.11%
Lease Rate
$13.80 /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%
$385,160
Cap Rate 7%
$275,114
Cap Rate 9%
$213,978
Alternative Uses
Best Use
Multifamily LT 5
$275.1K
$240.7K – $321.0K
NOI $19,258 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$253.6K
$221.9K – $295.9K
NOI $17,752 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$465.4K
$407.3K – $543.0K
NOI $32,581 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
62
Businesses Nearby
Explore this area
Business Placement
Demographics for 47920, IN
2,665
Population
979
Households
2.7
Avg Household Size
42
Median Age
38%
College-Educated
92%
High-School Grad
28.0 sq mi
ZIP Area
95
Density / Sq Mi
$108,992
Median Household Income
$53,914
Median Earnings
$983
Median Rent
$263,100
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 - Two separate units provide individual entrances, utilities, parking, and garage access.
Where is this duplex located?
The property is located at 206 South Railroad Street Battle Ground, IN.
What is the asking price?
The asking price for this property is $312,000.
What are key features of this property?
This property features: 2 units with separate entrances, utilities, parking, and garage access; 2,016 square feet on a property built in 1935; Complete renovation with ongoing maintenance since completion
