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    Traditional Triplex with Income Units Title is generated by Realmo AI

    332 S Main Street, Montpelier, IN 47359

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    For Sale
    $145,000

    Traditional, Triplex - Montpelier, IN

    Type:Triplex
    Property size:
    2,691 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $53/SF
    Added:
    Dec 9, 2025
    Days on Market:
    177
    Last Refresh:
    Jun 4 at 10:06 pm

    Property Features for 332 S Main Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Triplex
    Bedrooms
    4
    Bathrooms
    3
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Laundry
    Parking features
    Off Street
    Patio and Porch features
    Porch
    EntryLevel
    Upper,Main
    Exterior features
    Basement, Eat-in Kitchen, Foyer Entry, Porch Covered, Water Heater Electric, Washer Hook-up, None
    Basement Y/N
    1
    Appliances
    Range
    Standard status
    Active
    APN
    050209101010000002
    Size
    2,691 SF
    Lot size
    0.17 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Floors in Building
    2
    Number of units
    3
    Flooring type
    Vinyl
    Roof type
    Shingle
    Architectural style
    New Traditional

    We can help!

    Listing Contact
    Tina Coons

    Listing agent Tina Coons License #RB14020128

    Listing office RE/MAX Real Estate Groups 2200 W McGalliard, Muncie, IN

    Listing date Dec 9, 2025

    MLS# 202548527 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

    • Monthly income of $1833 from three units
    • Excellent renters already in place
    • Property is in very nice condition
    • Basement included
    • Off‑street parking available
    • New Traditional architectural style

    Overview

    This traditional triplex offers three separate rental units, with stated monthly income of $1,833. Unit A is $700, Unit B is $455, and Unit C is $678. The owner pays water, and the current possession is subject to tenants’ rights.

    Located at 332 S Main Street in Montpelier, Indiana 47359 (Blackford County), the property is presented as being in very nice condition, with excellent renters in place according to the remarks.

    For investors or owner-operators seeking a small residential income property, the unit-by-unit rental structure and in-place tenancy can simplify near-term operations. The listing also notes that water is paid by the owner, so ongoing utility expense planning should account for that item. Because tenants are in possession with tenants’ rights, buyers should plan for property management and any applicable tenant-related requirements at closing.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Kitchen & Bath Showroom Bar & Pub

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

    Location Insight

    • Map
    • Local Demand
    City
    Montpelier
    County
    Blackford
    State
    Indiana
    Longitude
    -85.278729
    Latitude
    40.552426

    FAQs

    What type of property is this?
    Triplex - Three-unit triplex generating monthly rental income, with owner-paid water and tenants in place under tenant-rights possession.
    Where is this triplex located?
    The property is located at 332 S Main Street Montpelier, IN.
    What is the asking price?
    The asking price for this property is $145,000.
    What are key features of this property?
    This property features: Monthly income of $1833 from three units; Excellent renters already in place; Property is in very nice condition
    (765) 744-6493
    We can help!
    Listing Contact
    Tina Coons
    Real Estate License ID: RB14020128
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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.

    More about this property
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