Three-Unit Multifamily
For Sale
$350,000
3768 Jefferson St, Gary, IN 46408
Two homes on separate parcels contain three living spaces, with independent entrances for each unit.
Property Size2,476 SF
Price / SF$141.36
Days on Market17
Property Features for 3768 Jefferson St
General Information
Standard status
Active
Size
2,476 SF
Property subtype
Residential Income
Units
Unit Mix
3BR/2BA main level with primary suite, 2BR garden unit, 2BR/1BA rear house
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$464
Amenities
common laundry area
Building Details
Buildings
2
Listing Agency:
McCormick Real Estate, Inc.
(219) 663-9300
Listed By:
Jeff McCormick · License #RB14033291
(219) 613-5643
Source:
Exprealty
Added: Sep 16
Changed: Sep 24
Last Checked: Oct 1 at 6:04PM
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 McCormick Real Estate, Inc.
Investment Insights
Based on property information with market context.
Two homes at 3768 Jefferson St in Gary, Indiana, occupy separate parcels and provide three residential units. The front home has a three-bedroom, two-bath main-level unit with a primary suite, living room and kitchen. Its finished lower level is configured as a separate two-bedroom unit with its own side entrance, living room and kitchen. A shared laundry area includes a washer and dryer.
The rear home has two bedrooms, one full bathroom, a living room and kitchen, plus an unfinished basement. Interior and exterior renovations have been completed, and the units have separate entrances.
The rear home has two bedrooms, one full bathroom, a living room and kitchen, plus an unfinished basement. Interior and exterior renovations have been completed, and the units have separate entrances.
Key Highlights
- Three residential units across two parcels
- Front home has a 3‑bedroom, 2‑bath main‑level unit and a separate 2‑bedroom lower‑level unit
- Rear home includes 2 bedrooms, 1 full bath, and an unfinished basement
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
$21,906
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
6.26%
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%
$438,120
$438.1K
Cap Rate 7%
$312,943
$312.9K
Cap Rate 9%
$243,400
$243.4K
Market Conditions
NOI Build-Up for 2,476 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
$42.2K $17.04/SF
− Vacancy
−$2.4K −$0.95/SF
EGI
$39.8K $16.09/SF
− OpEx
−$17.9K −$7.24/SF
NOI
$21.9K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$438,120
Cap Rate 7%
$312,943
Cap Rate 9%
$243,400
Alternative Uses
Best Use
Apartment 5plus
$312.9K
$273.8K – $365.1K
NOI $21,906 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$691.2K
$604.8K – $806.4K
NOI $48,384 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
360
Businesses Nearby
Explore this area
Business Placement
Demographics for 46408, IN
15,109
Population
7,861
Households
1.9
Avg Household Size
38
Median Age
12%
College-Educated
84%
High-School Grad
9.7 sq mi
ZIP Area
1,558
Density / Sq Mi
$47,063
Median Household Income
$35,163
Median Earnings
$1,016
Median Rent
$96,200
Median Home Value
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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?
Multifamily property - Two homes on separate parcels contain three living spaces, with independent entrances for each unit.
Where is this multifamily property located?
The property is located at 3768 Jefferson St Gary, IN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Three residential units across two parcels; Front home has a 3‑bedroom, 2‑bath main‑level unit and a separate 2‑bedroom lower‑level unit; Rear home includes 2 bedrooms, 1 full bath, and an unfinished basement
