Updated Triplex with Detached
For Sale
$214,900
2231 Lincoln St, Anderson, IN 46016
Three leased one-bedroom units include refreshed interiors, appliances, and tenant-paid utilities, with water remaining owner responsibility.
Property Size2,156 SF
Price / SF$99.68
Days on Market66
Property Features for 2231 Lincoln St
General Information
Standard status
Active
Size
2,156 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Cap Rate
12.29%
Gross Income
$30,600
Gross Rent Multiplier
7.35
Average Monthly Rent
$850
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1947
Listing Agency:
Real Broker, LLC
Listed By:
Eric Lewis · License #RB21000404
(317) 900-1256
Source:
Kmsrealestategroup
Added: Aug 9
Changed: Oct 7
Last Checked: Oct 7 at 2:50PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
Built in 1947, this 6,750-square-foot triplex contains three one-bedroom, one-bath units, including a detached accessory dwelling unit. The property has undergone updates that include a newer roof, exterior paint, lighting, gutters, interior paint, flooring, appliances, and water heaters. Units 1 and 2 also provide basement storage, with washer and dryer hookups serving each unit.
All three residences are leased under one-year terms. Residents pay their own utilities, while water remains the owner’s responsibility. The property is located at 2231 Lincoln St in Anderson, Indiana, and offers a 12.29% cap rate and 7.35 GRM, as provided.
All three residences are leased under one-year terms. Residents pay their own utilities, while water remains the owner’s responsibility. The property is located at 2231 Lincoln St in Anderson, Indiana, and offers a 12.29% cap rate and 7.35 GRM, as provided.
Key Highlights
- Three 1‑bedroom, 1‑bath units, including a detached accessory dwelling unit
- All units leased on one‑year leases
- 6,750 square feet; built in 1947
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,951
Cap Rate
8.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$359,020
$359.0K
Cap Rate 7%
$256,443
$256.4K
Cap Rate 9%
$199,456
$199.5K
Market Conditions
NOI Build-Up for 2,156 SF
Gross rent
$27.2K $12.60/SF
− Vacancy
−$1.5K −$0.71/SF
EGI
$25.6K $11.89/SF
− OpEx
−$7.7K −$3.57/SF
NOI
$18.0K $8.33/SF
Area
Madison County, IN
Vacancy
5.60%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$359,020
Cap Rate 7%
$256,443
Cap Rate 9%
$199,456
Alternative Uses
Best Use
Multifamily LT 5
$256.4K
$224.4K – $299.2K
NOI $17,951 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$236.3K
$206.8K – $275.7K
NOI $16,540 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$496.9K
$434.8K – $579.8K
NOI $34,785 @ 7.0% cap · market cap 16.19%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
800
Businesses Nearby
Explore this area
Business Placement
Demographics for 46016, IN
17,686
Population
9,225
Households
1.9
Avg Household Size
36
Median Age
10%
College-Educated
80%
High-School Grad
6.4 sq mi
ZIP Area
2,763
Density / Sq Mi
$35,543
Median Household Income
$28,753
Median Earnings
$864
Median Rent
$66,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Triplex - Three leased one-bedroom units include refreshed interiors, appliances, and tenant-paid utilities, with water remaining owner responsibility.
Where is this triplex located?
The property is located at 2231 Lincoln St Anderson, IN.
What is the asking price?
The asking price for this property is $214,900.
What are key features of this property?
This property features: Three 1‑bedroom, 1‑bath units, including a detached accessory dwelling unit; All units leased on one‑year leases; 6,750 square feet; built in 1947
