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: Oct 18 Last Checked: Oct 18 at 8:06AM

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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 / Yr

$11,165

Cap Rate

8.60%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$223,300 $223.3K

Cap Rate 7%

$159,500 $159.5K

Cap Rate 9%

$124,056 $124.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,239 SF

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 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. How Realmo checks its estimates

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

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0.24 Acres

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Brick Apartment Buildings With Commercial Space

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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