Building Details

Year built 1915

Listing Agency: NextHome Real Estate Connections Show Phone

Listed By: Tracey Symon · License ##RB14039503,PersonLicenseNumber Show Phone

Added: Aug 13 Changed: Sep 18 Last Checked: Sep 26 at 10:06AM

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MLS# 109435

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Investment Insights

Based on property information with market context.

This duplex contains two occupied residential units within a 2239-square-foot property built in 1915. Established tenants are in place, and the current 58% expense ratio reflects owner-paid water, sewer, and lawn care. The property is classified as a duplex and is offered for sale as a residential income asset.

Located at 221 Jackson St in Sullivan, Indiana, the property sits on a 0.2-acre lot. Financial metrics provided for the asset include a current cap rate of 5.46% and a stated value-add cap rate potential of 8.63%.

Key Highlights

• Both units currently occupied by established tenants
• 2239 square feet on a 0.2‑acre lot
• Built in 1915

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

$11,165

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

8.60%

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%

$223,300 $223.3K

Cap Rate 7%

$159,500 $159.5K

Cap Rate 9%

$124,056 $124.1K

Market Conditions

NOI Build-Up for 2,239 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

$18.0K $8.04/SF

− Vacancy

−$2.1K −$0.92/SF

EGI

$15.9K $7.12/SF

− OpEx

−$4.8K −$2.14/SF

NOI

$11.2K $4.99/SF

Area

Vigo County, IN

Vacancy

11.40%

Lease Rate

$8.04 /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%

$223,300

Cap Rate 7%

$159,500

Cap Rate 9%

$124,056

Alternative Uses

Best Use

Multifamily LT 5

$159.5K

$139.6K – $186.1K (±1% cap)

NOI $11,165 @ 7.0% cap · market cap 8.60%

Second Best

Apartment 5plus

$141.2K

$123.5K – $164.7K (±1% cap)

NOI $9,883 @ 7.0% cap · market cap 7.61%

Theoretical Best

Warehouse

$1.62M

$1.41M – $1.89M (±1% cap)

NOI $113,138 @ 7.0% cap · market cap 87.10%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Building Supply Parking Lot & Garage HVAC Service Kitchen & Bath Showroom Grocery & Convenience Store

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

Location Intelligence

Trade Area within ½ mile

10

Businesses Nearby

Explore this area Business Placement

Demographics for 47885, IN

9,231

Population

3,592

Households

2.6

Avg Household Size

42

Median Age

23%

College-Educated

88%

High-School Grad

82.8 sq mi

ZIP Area

111

Density / Sq Mi

$66,203

Median Household Income

$42,244

Median Earnings

$715

Median Rent

$154,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Both units are occupied by established tenants, supporting ongoing rental operations.

Where is this duplex located?

The property is located at 221 Jackson St Sullivan, IN.

What is the asking price?

The asking price for this property is $129,900.

What are key features of this property?

This property features: Both units currently occupied by established tenants; 2239 square feet on a 0.2‑acre lot; Built in 1915