Two-Unit Duplex
For Sale
Contact for pricing
2609-11 Lincoln St, Highland, IN 14605
Occupied duplex offering two-bedroom residences with lease terms extending into 2027.
Property Size1,664 SF
Lot Size0.12 Acres
Price / SF$191.71
Days on Market8
Property Features for 2609-11 Lincoln St
General Information
Standard status
Active
Size
1,664 SF
Lot size
0.12 Acres
Property subtype
Multifamily
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Gross Income
$30,900
Building Details
Year Built
1966
Buildings
1
Tenancy
Multi
Listing Agency:
Ellsbury Group
Listed By:
Tariq Suboh · License #RB20000815
(219) 805-5200
Source:
Crexi
Added: Sep 11
Changed: Sep 16
Last Checked: Sep 18 at 8:16AM
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 1966-built duplex contains two residential units, each configured with 2 bedrooms and 1 bathroom. The units average 832 square feet apiece, creating 1,664 square feet of total building area on a 0.12-acre parcel. Both residences are currently leased and occupied, with existing lease terms extending into 2027.
The property is located in Highland, Indiana, within the Highland Town school district. Its two-unit configuration provides a straightforward multifamily layout with consistent unit sizing and established occupancy.
The property is located in Highland, Indiana, within the Highland Town school district. Its two-unit configuration provides a straightforward multifamily layout with consistent unit sizing and established occupancy.
Key Highlights
- Two‑unit duplex with 1,664 square feet of total building area
- Two 2‑bedroom, 1‑bathroom units averaging 832 sq ft each
- Both units leased and occupied with terms extending into 2027
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
$11,109
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
3.48%
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%
$222,180
$222.2K
Cap Rate 7%
$158,700
$158.7K
Cap Rate 9%
$123,433
$123.4K
Market Conditions
NOI Build-Up for 1,664 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
$17.0K $10.20/SF
− Vacancy
−$1.1K −$0.66/SF
EGI
$15.9K $9.54/SF
− OpEx
−$4.8K −$2.86/SF
NOI
$11.1K $6.68/SF
Area
Vermillion County, IN
Vacancy
6.50%
Lease Rate
$10.20 /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%
$222,180
Cap Rate 7%
$158,700
Cap Rate 9%
$123,433
Alternative Uses
Best Use
Multifamily LT 5
$158.7K
$138.9K – $185.2K
NOI $11,109 @ 7.0% cap · market cap 3.48%
Second Best
Apartment 5plus
$147.5K
$129.0K – $172.1K
NOI $10,323 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$294.4K
$257.6K – $343.5K
NOI $20,607 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,049
Businesses Nearby
Explore this area
Business Placement
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 - Occupied duplex offering two-bedroom residences with lease terms extending into 2027.
Where is this duplex located?
The property is located at 2609-11 Lincoln St Highland, IN.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,664 square feet of total building area; Two 2‑bedroom, 1‑bathroom units averaging 832 sq ft each; Both units leased and occupied with terms extending into 2027
