Portage Townhome Units For
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2581 Parkview St, Portage, IN 46368
Eight fully occupied townhome units in Portage, Indiana.
Property Size10,560 SF
Price / SF$122.63
Days on Market179
Property Features for 2581 Parkview St
General Information
Standard status
Active
Size
10,560 SF
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$90,725
Building Details
Year Built
1989
Buildings
2
Stories
2
Units
8
Listing Agency:
Ellsbury Group
(219) 805-5200
Listed By:
Tariq Suboh · License #RB20000815
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Aug 8 at 6:34AM
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 Ellsbury Group
Investment Insights
Based on property information with market context.
This property features eight townhome units located in Portage, Indiana. Each unit offers a three-bedroom, one-and-a-half-bath layout, complemented by a private, fenced back patio. Tenants are responsible for covering the costs of gas and electric utilities, while the property ownership handles water and trash services. The property generates over $143,000 in gross annual rental income. Projections indicate that the income could exceed $168,000 once all units are brought to market rent. The property is currently operating at a true 7% cap rate based on actual performance and projects to approximately an 8.4% cap rate at market rents with updated pro forma expenses. The property size is 10560 square feet.
Key Highlights
- Fully occupied multi‑unit townhome property generating over $143,000 in gross annual rental income.
- Projected gross annual rental income exceeding $168,000 once all units are at market rent.
- Operating at a true 7% cap rate based on actual performance, projecting to approximately 8.4% at market rents.
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
$83,858
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
6.48%
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%
$1,677,160
$1.7M
Cap Rate 7%
$1,197,971
$1.2M
Cap Rate 9%
$931,756
$931.8K
Market Conditions
NOI Build-Up for 10,560 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
$162.2K $15.36/SF
− Vacancy
−$9.7K −$0.92/SF
EGI
$152.5K $14.44/SF
− OpEx
−$68.6K −$6.50/SF
NOI
$83.9K $7.94/SF
Area
Porter County, IN
Vacancy
6.00%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
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%
$1,677,160
Cap Rate 7%
$1,197,971
Cap Rate 9%
$931,756
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $83,858 @ 7.0% cap · market cap 6.48%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$4.00M
$3.50M – $4.67M
NOI $280,163 @ 7.0% cap · market cap 21.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
Explore this area
Business Placement
Demographics for 46368, IN
39,837
Population
16,870
Households
2.4
Avg Household Size
39
Median Age
18%
College-Educated
90%
High-School Grad
25.3 sq mi
ZIP Area
1,575
Density / Sq Mi
$72,638
Median Household Income
$42,508
Median Earnings
$1,140
Median Rent
$213,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight fully occupied townhome units in Portage, Indiana.
Where is this apartment building located?
The property is located at 2581 Parkview St Portage, IN.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Fully occupied multi‑unit townhome property generating over $143,000 in gross annual rental income.; Projected gross annual rental income exceeding $168,000 once all units are at market rent.; Operating at a true 7% cap rate based on actual performance, projecting to approximately 8.4% at market rents.
