Two-Unit Character
New
For Sale
$260,000
308 N 24th Street, Lafayette, IN 47904
Both residences include full baths, spacious living areas, and access to shared basement laundry.
Property Size1,920 SF
Price / SF$135.42
Days on Market2
Property Features for 308 N 24th Street
General Information
Standard status
Active
Size
1,920 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
shared laundry
covered porch
patio area
Building Details
Year Built
1930
Listing Agency:
Century 21 Bradley Realty, Inc
(260) 503-8466
Listed By:
Carson and Lisa Lowry Real Estate
(812) 305-4663
Source:
Carsonlowryrealestate
Added: Sep 12
Last Checked: Sep 12 at 5:29AM
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 Century 21 Bradley Realty, Inc
Investment Insights
Based on property information with market context.
Built in 1930, this 1,920-square-foot duplex contains two separate residences, each with 2 bedrooms and 1 full bath. The interiors feature arched openings, sizable living areas, and period character. Shared laundry is located in the basement, while the property also provides a one-car garage, two additional parking spaces, a covered porch, and a patio area.
The property is located near Downtown Lafayette, Murdock Park, local bus routes, and Purdue University. Its Lafayette setting offers access to nearby downtown amenities, park space, public transportation, and the university campus.
The property is located near Downtown Lafayette, Murdock Park, local bus routes, and Purdue University. Its Lafayette setting offers access to nearby downtown amenities, park space, public transportation, and the university campus.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bath per unit
- 1,920 SF building constructed in 1930
- Shared basement laundry
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
$18,341
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
7.05%
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%
$366,820
$366.8K
Cap Rate 7%
$262,014
$262.0K
Cap Rate 9%
$203,789
$203.8K
Market Conditions
NOI Build-Up for 1,920 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
$26.5K $13.80/SF
− Vacancy
−$294 −$0.15/SF
EGI
$26.2K $13.65/SF
− OpEx
−$7.9K −$4.09/SF
NOI
$18.3K $9.55/SF
Area
Tippecanoe County, IN
Vacancy
1.11%
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%
$366,820
Cap Rate 7%
$262,014
Cap Rate 9%
$203,789
Alternative Uses
Best Use
Multifamily LT 5
$262.0K
$229.3K – $305.7K
NOI $18,341 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$241.5K
$211.3K – $281.8K
NOI $16,907 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$443.3K
$387.9K – $517.2K
NOI $31,029 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,284
Businesses Nearby
Explore this area
Business Placement
Demographics for 47904, IN
16,571
Population
7,776
Households
2.1
Avg Household Size
34
Median Age
19%
College-Educated
84%
High-School Grad
5.8 sq mi
ZIP Area
2,857
Density / Sq Mi
$46,841
Median Household Income
$34,455
Median Earnings
$965
Median Rent
$118,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences include full baths, spacious living areas, and access to shared basement laundry.
Where is this duplex located?
The property is located at 308 N 24th Street Lafayette, IN.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bath per unit; 1,920 SF building constructed in 1930; Shared basement laundry
