Tenant-Occupied Duplex with
New
For Sale
$149,995
341 W 15th St, Auburn, IN 46706
Two leased apartments provide an established residential income configuration with separate utility responsibility for occupants.
Property Size1,572 SF
Price / SF$95.42
Days on Market2
Property Features for 341 W 15th St
General Information
Standard status
Active
Size
1,572 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
yard
Building Details
Year Built
1910
Buildings
1
Tenancy
Multi
Listing Agency:
The LT Group Real Estate
Listed By:
Atalie Honaker
(260) 609-2085
Source:
Spencerchildersgroup
Added: Sep 18
Last Checked: Sep 19 at 1:38PM
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 The LT Group Real Estate
Investment Insights
Based on property information with market context.
This 1,572-square-foot duplex, built in 1910, contains two tenant-occupied apartments with distinct layouts. The main-level residence offers two bedrooms and one bathroom, while the upstairs unit includes one bedroom and one bathroom. Tenants pay their own utilities, separating those costs from the owner’s responsibilities.
The property also includes a yard and a detached two-car garage, providing outdoor space and additional covered storage or parking. Located at 341 W 15th St in Auburn, Indiana, the building combines a two-unit configuration with existing occupancy and supporting site improvements.
The property also includes a yard and a detached two-car garage, providing outdoor space and additional covered storage or parking. Located at 341 W 15th St in Auburn, Indiana, the building combines a two-unit configuration with existing occupancy and supporting site improvements.
Key Highlights
- Two tenant‑occupied apartments in one duplex
- Main‑level unit has 2 bedrooms and 1 bathroom
- Upstairs unit includes 1 bedroom and 1 bathroom
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
$13,753
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
9.17%
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%
$275,060
$275.1K
Cap Rate 7%
$196,471
$196.5K
Cap Rate 9%
$152,811
$152.8K
Market Conditions
NOI Build-Up for 1,572 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
$20.8K $13.20/SF
− Vacancy
−$1.1K −$0.70/SF
EGI
$19.6K $12.50/SF
− OpEx
−$5.9K −$3.75/SF
NOI
$13.8K $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%
$275,060
Cap Rate 7%
$196,471
Cap Rate 9%
$152,811
Alternative Uses
Best Use
Multifamily LT 5
$196.5K
$171.9K – $229.2K
NOI $13,753 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$181.9K
$159.2K – $212.2K
NOI $12,732 @ 7.0% cap · market cap 8.49%
Theoretical Best
Warehouse
$1.29M
$1.13M – $1.50M
NOI $90,262 @ 7.0% cap · market cap 60.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
567
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased apartments provide an established residential income configuration with separate utility responsibility for occupants.
Where is this duplex located?
The property is located at 341 W 15th St Auburn, IN.
What is the asking price?
The asking price for this property is $149,995.
What are key features of this property?
This property features: Two tenant‑occupied apartments in one duplex; Main‑level unit has 2 bedrooms and 1 bathroom; Upstairs unit includes 1 bedroom and 1 bathroom
