Duplex on Corner
For Sale
$225,000
303 W Main Street, Syracuse, IN 46567
MULTI_FAMILY - Syracuse, IN
Property Size1,800 SF
Lot Size0.18 Acres
Price / SF$125
Days on Market49
Property Features for 303 W Main Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 1, Basement, Bedroom 2, Bathroom 2, Bathroom 1, Bathroom 3, Bedroom 3
Parking
4
Lot features
Corner
Elementary school
Syracuse
Middle school
Wawasee
High school
Wawasee
Elementary school district
Wawasee
Middle school district
Wawasee
High school district
Wawasee
Directions
Turn left on West Main Street from North Huntington Street. Go to the end of the block, it is the last house on the left.
Subdivision
Kosciusko County
Standard status
Active
APN
43-04-06-200-317.000-026
Size
1,800 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Lot 2 S & W Add
Tax Annual Amount
1250
Legal Description
Lot 2 S & W Add
Utilities
Cooling system
Central Air
Building Details
Year built
1867
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl
Architectural style
Other
Listing Agency:
Listing Leaders, NCI-Culver
(574) 842-4663
Listed By:
Mckenzie Click
(574) 780-8412
Added: Jun 25
Changed: Aug 5
Last Checked: Aug 12 at 10:06AM
MLS# 202625108
Copyright © 2026 North Central Indiana Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Duplex at 303 W Main Street in Syracuse, Indiana, situated on a corner lot. The property is configured with four bedrooms and 2.5 bathrooms, with a basement and rooms including multiple bedrooms and bathrooms. Interior finishes include vinyl and carpet flooring, and the home is equipped with central air cooling.
The duplex is described as having long-term tenants already in place, supporting an immediate rental income setup. Its downtown Syracuse location places it within reach of local shops, restaurants, and parks.
Built in 1867, the property provides an investor-friendly option for buyers seeking a small residential income asset with existing occupancy. Lot size is listed at 0.18 acres, and the property size is listed at 1,800 square feet.
The duplex is described as having long-term tenants already in place, supporting an immediate rental income setup. Its downtown Syracuse location places it within reach of local shops, restaurants, and parks.
Built in 1867, the property provides an investor-friendly option for buyers seeking a small residential income asset with existing occupancy. Lot size is listed at 0.18 acres, and the property size is listed at 1,800 square feet.
Key Highlights
- Duplex with long‑term tenants already in place for immediate rental income
- 0.18‑acre corner lot at 303 W Main Street, Syracuse, IN 46567
- Four bedrooms and 2.5 bathrooms
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
241
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 - Duplex on a corner lot with long-term tenants, offering four bedrooms and central air cooling.
Where is this duplex located?
The property is located at 303 W Main Street 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 long‑term tenants already in place for immediate rental income; 0.18‑acre corner lot at 303 W Main Street, Syracuse, IN 46567; Four bedrooms and 2.5 bathrooms
