Top/Bottom
For Sale
$185,000
Pending
334 W 5th St, Auburn, IN 46706
One unit is leased through April 2027 while the other is vacant and ready to re-lease, with tenants covering utilities.
Property Size1,748 SF
Days on Market25
Property Features for 334 W 5th St
General Information
Standard status
Pending
Size
1,748 SF
Property subtype
Residential Income
Building Details
Tenancy
Multi
Listing Agency:
Mike Thomas Assoc., Inc
(260) 433-9500
Listed By:
Andrea Shepherd · License #RB14044805
(260) 433-9500
Source:
Exprealty
Added: Jul 16
Changed: Jul 31
Last Checked: Aug 8 at 8:55AM
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 Mike Thomas Assoc., Inc
Investment Insights
Based on property information with market context.
This top/bottom duplex provides two separate living units with practical rental setup for an income-focused buyer. The bottom unit is leased through April 2027, supporting immediate rental cash flow, while the top unit is vacant and ready for occupancy. Roof and gutters were replaced about one year ago, and tenants are responsible for all utilities.
The property is located at 334 W 5th St in Auburn, IN. Professional property management is already in place and available to remain with the sale, supporting an easy transition for the next owner.
With a brand-new roof and gutters and an existing waiting list of qualified applicants, the vacant top unit is positioned to move quickly once a new tenant is secured.
The property is located at 334 W 5th St in Auburn, IN. Professional property management is already in place and available to remain with the sale, supporting an easy transition for the next owner.
With a brand-new roof and gutters and an existing waiting list of qualified applicants, the vacant top unit is positioned to move quickly once a new tenant is secured.
Key Highlights
- Bottom unit leased through April 2027
- Top unit is vacant and ready to re‑lease
- Brand‑new roof and gutters installed about one year ago
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
$15,292
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
8.27%
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%
$305,840
$305.8K
Cap Rate 7%
$218,457
$218.5K
Cap Rate 9%
$169,911
$169.9K
Market Conditions
NOI Build-Up for 1,748 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
$23.1K $13.20/SF
− Vacancy
−$1.2K −$0.70/SF
EGI
$21.8K $12.50/SF
− OpEx
−$6.6K −$3.75/SF
NOI
$15.3K $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%
$305,840
Cap Rate 7%
$218,457
Cap Rate 9%
$169,911
Alternative Uses
Best Use
Multifamily LT 5
$218.5K
$191.2K – $254.9K
NOI $15,292 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$202.3K
$177.0K – $236.0K
NOI $14,158 @ 7.0% cap · market cap 7.65%
Theoretical Best
Warehouse
$1.43M
$1.25M – $1.67M
NOI $100,368 @ 7.0% cap · market cap 54.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Explore this area
Business Placement
Demographics for 46706, IN
19,995
Population
8,336
Households
2.4
Avg Household Size
41
Median Age
27%
College-Educated
95%
High-School Grad
87.9 sq mi
ZIP Area
227
Density / Sq Mi
$76,288
Median Household Income
$43,617
Median Earnings
$829
Median Rent
$194,900
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?
Duplex - One unit is leased through April 2027 while the other is vacant and ready to re-lease, with tenants covering utilities.
Where is this duplex located?
The property is located at 334 W 5th St Auburn, IN.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Bottom unit leased through April 2027; Top unit is vacant and ready to re‑lease; Brand‑new roof and gutters installed about one year ago
