Updated Triplex with
For Sale
$219,900
Pending
316 S Lee Street, Garrett, IN 46738
INVESTMENT, One and Half Story, Garrett, IN
Property Size2,004 SF
Lot Size0.13 Acres
Days on Market50
Property Features for 316 S Lee Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 1, Basement, Bedroom 3, Bathroom 3, Bathroom 1, Bathroom 2
Parking
4
Lot features
Irregular
Elementary school
J.E. Ober
Middle school
Garrett
High school
Garrett
Elementary school district
Garrett Keyser Butler
Middle school district
Garrett Keyser Butler
High school district
Garrett Keyser Butler
Directions
GPS Friendly
Subdivision
Dekalb County
Standard status
Pending
APN
17-09-03-153-031.000-013
Size
2,004 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Cowens First Addition Cowens First Addition N 1/2
Tax Annual Amount
800
Legal Description
Cowens First Addition Cowens First Addition N 1/2
Building Details
Year built
1900
Floors in Building
1
Number of units
3
Flooring type
Mixed
Architectural style
Other
Listing Agency:
Keller Williams Indy Metro NE · Keller Williams Realty
(317) 564-7100
Listed By:
Ivan Koblov
(317) 850-7985
Added: Aug 7
Changed: Sep 15
Last Checked: Sep 25 at 2:06PM
MLS# 202632112
Copyright © 2026 Lafayette Regional 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.
This 2,004-square-foot triplex contains three occupied units within a 1900-built property on a 0.13-acre lot. Two residences have been updated within the last few years, while the third remains in good condition with a long-term occupant. The building includes a basement with separate access for each unit, along with three washer/dryer connections supporting both gas and electric setups; the connections are currently unused.
Off-street parking accommodates 3-4 vehicles. The owner handles utilities and lawn care. Financial metrics include an 11.3% cap rate and a 6.5 GRM. The property is located in Garrett, Indiana, within DeKalb County.
Off-street parking accommodates 3-4 vehicles. The owner handles utilities and lawn care. Financial metrics include an 11.3% cap rate and a 6.5 GRM. The property is located in Garrett, Indiana, within DeKalb County.
Key Highlights
- Three‑unit property with 2,004 Square Feet of building area
- Two units updated within the last few years; third unit in good condition
- Fully occupied, including one unit with a long‑term tenant
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
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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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied three-unit property with separate basement access, off-street parking, and two recently improved residences.
Where is this triplex located?
The property is located at 316 S Lee Street 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: Three‑unit property with 2,004 Square Feet of building area; Two units updated within the last few years; third unit in good condition; Fully occupied, including one unit with a long‑term tenant
