Updated Triplex with Off-Street
For Sale
$219,900
Pending
316 S Lee St, Garrett, IN 46738
Fully occupied three-unit property with separate laundry connections, individual basement access, and multiple recent updates.
Property Size2,004 SF
Days on Market26
Property Features for 316 S Lee St
General Information
Standard status
Pending
Size
2,004 SF
Total Parking Spaces
4
Property subtype
Residential Income
Occupancy
100%
Net Operating Income
$24,900
Financials
Cap Rate
11.3%
Gross Income
$33,600
Gross Rent Multiplier
6.5
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,500
Amenities
washer/dryer connections
separate basement access
Listing Agency:
Keller Williams Indy Metro NE
(317) 850-7985
Listed By:
Ivan Koblov
(317) 850-7985
Source:
Exprealty
Added: Aug 7
Changed: Aug 31
Last Checked: Aug 30 at 10:19PM
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 Keller Williams Indy Metro NE
Investment Insights
Based on property information with market context.
This 2,004-square-foot triplex at 316 S Lee St in Garrett, IN, contains three residential units and is fully occupied. Two units have received substantial updates in recent years, while the third remains in good condition with a long-term tenant. The property includes first-floor, upstairs, and rear unit configurations.
Each unit has separate basement access, and three individual washer/dryer connections are installed with gas and electric capability. Off-street parking accommodates 3-4 vehicles. The owner currently covers utilities and lawn care, providing a defined operating arrangement for the property.
Each unit has separate basement access, and three individual washer/dryer connections are installed with gas and electric capability. Off-street parking accommodates 3-4 vehicles. The owner currently covers utilities and lawn care, providing a defined operating arrangement for the property.
Key Highlights
- Fully occupied triplex at 316 S Lee St, Garrett, IN
- 2,004‑square‑foot building with 3 residential units
- Two units substantially updated within the last few years
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
$17,532
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
7.97%
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%
$350,640
$350.6K
Cap Rate 7%
$250,457
$250.5K
Cap Rate 9%
$194,800
$194.8K
Market Conditions
NOI Build-Up for 2,004 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 $13.20/SF
− Vacancy
−$1.4K −$0.70/SF
EGI
$25.0K $12.50/SF
− OpEx
−$7.5K −$3.75/SF
NOI
$17.5K $8.75/SF
Area
DeKalb County, IN
Vacancy
5.32%
Lease Rate
$13.20 /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%
$350,640
Cap Rate 7%
$250,457
Cap Rate 9%
$194,800
Alternative Uses
Best Use
Multifamily LT 5
$250.5K
$219.2K – $292.2K
NOI $17,532 @ 7.0% cap · market cap 7.97%
Second Best
Apartment 5plus
$231.9K
$202.9K – $270.5K
NOI $16,231 @ 7.0% cap · market cap 7.38%
Theoretical Best
Warehouse
$1.64M
$1.44M – $1.92M
NOI $115,067 @ 7.0% cap · market cap 52.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
Explore this area
Business Placement
Demographics for 46738, IN
8,183
Population
3,756
Households
2.2
Avg Household Size
37
Median Age
17%
College-Educated
90%
High-School Grad
26.0 sq mi
ZIP Area
315
Density / Sq Mi
$62,212
Median Household Income
$37,137
Median Earnings
$855
Median Rent
$156,300
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?
Triplex - Fully occupied three-unit property with separate laundry connections, individual basement access, and multiple recent updates.
Where is this triplex located?
The property is located at 316 S Lee St Garrett, IN.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: Fully occupied triplex at 316 S Lee St, Garrett, IN; 2,004‑square‑foot building with 3 residential units; Two units substantially updated within the last few years
