Duplex with Lease
New
For Sale
$249,000
2741 Edgewood St, Portage, IN 46368
Two residential units provide four bedrooms and two bathrooms overall, with recent furnace replacement serving the front unit.
Property Size1,458 SF
Price / SF$170.78
Days on Market6
Property Features for 2741 Edgewood St
General Information
Standard status
Active
Size
1,458 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,818
Listing Agency:
Weichert Realtors - Shoreline
(219) 864-8440
Listed By:
Josh Pavich
(219) 508-8579
Source:
Exprealty
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 21 at 7:50AM
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 Weichert Realtors - Shoreline
Investment Insights
Based on property information with market context.
This duplex contains four bedrooms and two bathrooms across its two residential units. The front unit received a new furnace last year, and an approved insurance claim covers replacement siding, with the work still to be scheduled.
An existing tenant lease includes an option that will be available to the new owner. Showings require 24-hour notice.
An existing tenant lease includes an option that will be available to the new owner. Showings require 24-hour notice.
Key Highlights
- Four‑bedroom, two‑bathroom duplex
- Existing tenant lease includes an option for the new owner
- New furnace installed in the front unit last year
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
$13,281
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
5.33%
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%
$265,620
$265.6K
Cap Rate 7%
$189,729
$189.7K
Cap Rate 9%
$147,567
$147.6K
Market Conditions
NOI Build-Up for 1,458 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
$20.1K $13.80/SF
− Vacancy
−$1.1K −$0.79/SF
EGI
$19.0K $13.01/SF
− OpEx
−$5.7K −$3.90/SF
NOI
$13.3K $9.11/SF
Area
Porter County, IN
Vacancy
5.70%
Lease Rate
$13.80 /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%
$265,620
Cap Rate 7%
$189,729
Cap Rate 9%
$147,567
Alternative Uses
Best Use
Multifamily LT 5
$189.7K
$166.0K – $221.4K
NOI $13,281 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$165.4K
$144.7K – $193.0K
NOI $11,578 @ 7.0% cap · market cap 4.65%
Theoretical Best
Healthcare Medical
$552.6K
$483.5K – $644.7K
NOI $38,682 @ 7.0% cap · market cap 15.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
102
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units provide four bedrooms and two bathrooms overall, with recent furnace replacement serving the front unit.
Where is this duplex located?
The property is located at 2741 Edgewood St Portage, IN.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Four‑bedroom, two‑bathroom duplex; Existing tenant lease includes an option for the new owner; New furnace installed in the front unit last year
