Multifamily Property with
For Sale
$127,500
3714 S Race St, Marion, IN 46953
Three residential units include an efficiency and a studio.
Property Size1,780 SF
Price / SF$71.63
Days on Market22
Property Features for 3714 S Race St
General Information
Standard status
Active
Size
1,780 SF
Property subtype
Residential Income
Units
Unit Mix
1 x efficiency, 1 x studio
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$944
Listing Agency:
RE/MAX Realty One
(765) 618-9394
Listed By:
Cathy Hunnicutt · License #RB15000856
(765) 618-9394
Source:
Exprealty
Added: Jul 21
Changed: Aug 11
Last Checked: Aug 11 at 4:30AM
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 RE/MAX Realty One
Investment Insights
Based on property information with market context.
This multifamily property contains three residential units within 1,780 square feet. The unit mix includes one efficiency and one studio, providing a defined configuration for a small residential income property.
The property is located at 3714 S Race St in Marion, IN. Showings are scheduled on Thursdays and Saturdays from 11 AM to 3 PM, and offers require 48 hours for a response.
The property is located at 3714 S Race St in Marion, IN. Showings are scheduled on Thursdays and Saturdays from 11 AM to 3 PM, and offers require 48 hours for a response.
Key Highlights
- Three‑unit multifamily property
- 1,780 square feet of property size
- Unit mix includes 1 efficiency and 1 studio
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
$9,695
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
7.60%
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%
$193,900
$193.9K
Cap Rate 7%
$138,500
$138.5K
Cap Rate 9%
$107,722
$107.7K
Market Conditions
NOI Build-Up for 1,780 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
$16.0K $9.00/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$13.8K $7.78/SF
− OpEx
−$4.2K −$2.33/SF
NOI
$9.7K $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%
$193,900
Cap Rate 7%
$138,500
Cap Rate 9%
$107,722
Alternative Uses
Best Use
Multifamily LT 5
$138.5K
$121.2K – $161.6K
NOI $9,695 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$126.6K
$110.8K – $147.7K
NOI $8,864 @ 7.0% cap · market cap 6.95%
Theoretical Best
Specialty Retail
$345.7K
$302.5K – $403.3K
NOI $24,198 @ 7.0% cap · market cap 18.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
574
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units include an efficiency and a studio.
Where is this triplex located?
The property is located at 3714 S Race St Marion, IN.
What is the asking price?
The asking price for this property is $127,500.
What are key features of this property?
This property features: Three‑unit multifamily property; 1,780 square feet of property size; Unit mix includes 1 efficiency and 1 studio
