Two-Story Duplex Near
For Sale
$117,000
3713 S Race Street, Marion, IN 46953
INVESTMENT, Two Story, Marion, IN
Property Size1,644 SF
Lot Size0.22 Acres
Price / SF$71.17
Days on Market48
Property Features for 3713 S Race Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 3, Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bathroom 2
Parking
4
Fireplace
1
Subdivision
Wigger & Pence
Lot features
City/ Town/ Suburb, Level
Elementary school
Frances Slocum
Middle school
McCulloch
High school
Marion
Elementary school district
Marion Community Schools
Middle school district
Marion Community Schools
High school district
Marion Community Schools
Directions
SR 18 to 38th St. Turn East on 38th then north on Race. Property is on the right.
Standard status
Active
APN
27-07-18-304-154.000-002
Size
1,644 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
780
Tax Description
6' S/SD LOT 38 & LOT 41 WIGGER & PENCE 2ND ADD
Tax Annual Amount
300
Legal Description
6' S/SD LOT 38 & LOT 41 WIGGER & PENCE 2ND ADD
Utilities
Cooling system
Central Air
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Laminate, Vinyl
Architectural style
Other
Listing Agency:
RE/MAX Realty One · RE/MAX International
(765) 454-7300
Listed By:
Cathy Hunnicutt · License #RB15000856
(765) 618-9394
Added: Jul 17
Changed: Aug 26
Last Checked: Sep 2 at 7:06AM
MLS# 202628751
Copyright © 2026 REALTORS Association of Central Indiana. 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 two-story duplex contains 1,644 square feet on a 0.218-acre lot. The property includes three bedrooms, three bathrooms, a basement, vinyl and laminate flooring, central air, and a fireplace. Built in 1900, the building offers two separate apartments, both of which are currently rented.
The property is located one block from the IWU campus in Marion, Indiana. Its existing residential configuration and current rental status provide a clearly defined multifamily setup, while the on-site basement and central cooling add to the physical features of the building.
The property is located one block from the IWU campus in Marion, Indiana. Its existing residential configuration and current rental status provide a clearly defined multifamily setup, while the on-site basement and central cooling add to the physical features of the building.
Key Highlights
- Two‑story duplex with 1,644 square feet of property size
- Both apartments are currently rented
- 0.218‑acre lot located one block from the IWU campus
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
$8,954
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
7.65%
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%
$179,080
$179.1K
Cap Rate 7%
$127,914
$127.9K
Cap Rate 9%
$99,489
$99.5K
Market Conditions
NOI Build-Up for 1,644 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
$14.8K $9.00/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$12.8K $7.78/SF
− OpEx
−$3.8K −$2.33/SF
NOI
$9.0K $5.45/SF
Area
Grant County, IN
Vacancy
13.55%
Lease Rate
$9.00 /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%
$179,080
Cap Rate 7%
$127,914
Cap Rate 9%
$99,489
Alternative Uses
Best Use
Multifamily LT 5
$127.9K
$111.9K – $149.2K
NOI $8,954 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$117.0K
$102.3K – $136.5K
NOI $8,187 @ 7.0% cap · market cap 7.00%
Theoretical Best
Specialty Retail
$319.3K
$279.4K – $372.5K
NOI $22,349 @ 7.0% cap · market cap 19.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
Explore this area
Business Placement
Demographics for 46953, IN
22,781
Population
10,095
Households
2.3
Avg Household Size
37
Median Age
16%
College-Educated
84%
High-School Grad
85.6 sq mi
ZIP Area
266
Density / Sq Mi
$46,224
Median Household Income
$25,969
Median Earnings
$800
Median Rent
$88,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both apartments are currently rented and the property includes central air, mixed flooring, a basement, and a fireplace.
Where is this duplex located?
The property is located at 3713 S Race Street Marion, IN.
What is the asking price?
The asking price for this property is $117,000.
What are key features of this property?
This property features: Two‑story duplex with 1,644 square feet of property size; Both apartments are currently rented; 0.218‑acre lot located one block from the IWU campus
