Tenant-Occupied
For Sale
$225,000
303 W Main St, Syracuse, IN 46567
Four bedrooms and two-and-a-half bathrooms support an established residential rental setup in downtown Syracuse.
Property Size1,800 SF
Price / SF$125
Days on Market23
Property Features for 303 W Main St
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1867
Listing Agency:
Listing Leaders, NCI-Culver
(574) 842-4663
Listed By:
Mckenzie Click
Source:
Kmsrealestategroup
Added: Aug 6
Changed: Aug 28
Last Checked: Aug 25 at 4:58AM
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 Listing Leaders, NCI-Culver
Investment Insights
Based on property information with market context.
This duplex contains four bedrooms and two-and-a-half bathrooms, with long-term tenants currently in place. The property was built in 1867 and sits on a corner lot, offering a residential configuration suited to income-producing use.
Located in downtown Syracuse at 303 W Main St, the property is near local shops, restaurants, and parks. Its central setting provides convenient access to nearby downtown amenities while preserving the established character of an older residential building.
Located in downtown Syracuse at 303 W Main St, the property is near local shops, restaurants, and parks. Its central setting provides convenient access to nearby downtown amenities while preserving the established character of an older residential building.
Key Highlights
- Duplex with 4 bedrooms and 2.5 bathrooms
- Long‑term tenants already occupy the property
- Corner‑lot setting in downtown Syracuse
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
$15,243
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
6.77%
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%
$304,860
$304.9K
Cap Rate 7%
$217,757
$217.8K
Cap Rate 9%
$169,367
$169.4K
Market Conditions
NOI Build-Up for 1,800 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
$22.7K $12.60/SF
− Vacancy
−$905 −$0.50/SF
EGI
$21.8K $12.10/SF
− OpEx
−$6.5K −$3.63/SF
NOI
$15.2K $8.47/SF
Area
Kosciusko County, IN
Vacancy
3.99%
Lease Rate
$12.60 /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%
$304,860
Cap Rate 7%
$217,757
Cap Rate 9%
$169,367
Alternative Uses
Best Use
Multifamily LT 5
$217.8K
$190.5K – $254.1K
NOI $15,243 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$195.1K
$170.7K – $227.6K
NOI $13,657 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$313.6K
$274.4K – $365.9K
NOI $21,951 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
Explore this area
Business Placement
Demographics for 46567, IN
9,773
Population
5,849
Households
1.7
Avg Household Size
44
Median Age
25%
College-Educated
90%
High-School Grad
57.3 sq mi
ZIP Area
171
Density / Sq Mi
$73,277
Median Household Income
$46,327
Median Earnings
$964
Median Rent
$228,200
Median Home Value
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 - Four bedrooms and two-and-a-half bathrooms support an established residential rental setup in downtown Syracuse.
Where is this duplex located?
The property is located at 303 W Main St Syracuse, IN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Duplex with 4 bedrooms and 2.5 bathrooms; Long‑term tenants already occupy the property; Corner‑lot setting in downtown Syracuse
