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    Updated Triplex with Income Title is generated by Realmo AI

    321 N 13th Street, Richmond, IN 47374

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    For Sale
    $119,900

    Traditional, Triplex - Richmond, IN

    Type:Triplex
    Property size:
    1,976 SF
    Lot size:
    0.21 Acres
    Price / SF:
    $60/SF
    Added:
    Jun 2, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 2 at 5:06 pm

    Property Features for 321 N 13th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Triplex
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    EntryLevel
    Main,Upper
    Exterior features
    Basement, None
    Basement Y/N
    1
    Appliances
    Microwave, Range
    Standard status
    Active
    APN
    89-16-33-320-814.000-030
    Size
    1,976 SF
    Lot size
    0.21 Acres

    Utilities

    Heating system
    Baseboard, Electric (Heating)

    Building Details

    Floors in Building
    2
    Number of units
    3
    Flooring type
    Carpet, Vinyl
    Building materials
    Brick
    Roof type
    Asphalt, Shingle
    Architectural style
    New Traditional

    We can help!

    Listing Contact
    Mark Tooley

    Listing agent Mark Tooley License #RB21002765

    Listing office Tarter Realty Auction and Appraisal Company 123 W Franklin St, Winchester, IN

    Listing date Jun 2, 2026

    MLS# 202621131 Listing URL

    Copyright © 2026 Mid-Eastern Indiana Association of Realtor MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Triplex with 3 units; 2 units currently occupied for immediate income potential
    • New roof installed in 2025
    • Hand railings and porch spindle updates completed in 2026
    • Two units have new water heaters; third unit water heater scheduled for installation soon
    • One unit extensively updated with new cabinets, countertops, flooring, and electrical service
    • Second unit updated with new carpeting in January 2025 plus updated outlets, switches, lights, and baseboard heaters

    Overview

    This traditional triplex offers immediate investment income with 2 of the 3 units currently occupied. The property has seen meaningful recent improvements, including a new roof installed in 2025, new hand railings, and porch spindle updates completed in 2026. Two units include newly installed water heaters, and the remaining unit is scheduled for installation soon. Inside, one unit has been extensively updated with new cabinets, countertops, flooring, and electrical service. Another unit received new carpeting in January 2025, along with updated outlets, switches, lights, and baseboard heaters.

    Located in Richmond, Indiana within Wayne County, the property provides a straightforward structure for an investor seeking an income-producing residential asset. The building’s configuration supports both continued rental performance and the opportunity to bring the remaining unit fully up to date as improvements are completed.

    For buyers, this is a practical option for expanding a rental portfolio, with current occupancy already generating cash flow while additional income potential remains. For owner-occupants, the layout can also support living in one unit while renting the others, backed by the recent roof and targeted interior and mechanical upgrades.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Wayne
    State
    Indiana
    Longitude
    -84.884383
    Latitude
    39.833297

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    FAQs

    What type of property is this?
    Triplex - Triplex with two occupied units and recent roof, porch, water heater, and interior updates for reliable investment income.
    Where is this triplex located?
    The property is located at 321 N 13th Street Richmond, IN.
    What is the asking price?
    The asking price for this property is $119,900.
    What are key features of this property?
    This property features: Triplex with 3 units; 2 units currently occupied for immediate income potential; New roof installed in 2025; Hand railings and porch spindle updates completed in 2026
    (765) 546-9051
    We can help!
    Listing Contact
    Mark Tooley
    Real Estate License ID: RB21002765
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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