2-Unit Two-Story
For Sale
$178,000
415 W 38th St, Marion, IN 46953
Separate entrances and refreshed interiors support flexible occupancy across both residences.
Property Size1,750 SF
Price / SF$101.71
Days on Market21
Property Features for 415 W 38th St
General Information
Standard status
Active
Size
1,750 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$936
Building Details
Buildings
1
Stories
2
Listing Agency:
Apple Tree Realty, LLC
Listed By:
Kristine Miller
(765) 432-4366
Source:
Exprealty
Added: Aug 31
Changed: Sep 15
Last Checked: Sep 19 at 3:31PM
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 Apple Tree Realty, LLC
Investment Insights
Based on property information with market context.
Located at 415 W 38th St in Marion, IN, this 1,750-square-foot duplex contains two distinct residences within a two-story structure. Each unit has its own entrance, while the interiors provide generous living areas, kitchens, dining or flexible room space, and full bathrooms. One residence includes three bedrooms, white cabinetry, and updated flooring. The other features two to three generously sized rooms, neutral finishes, refreshed flooring, white cabinetry, and an updated countertop and backsplash. Large windows bring natural light throughout the property.
Exterior features include a sizable yard, covered porch areas, and additional outdoor space. The separate-unit layout can accommodate rental use, multi-generational living, or an owner-occupant arrangement with one residence leased separately.
Exterior features include a sizable yard, covered porch areas, and additional outdoor space. The separate-unit layout can accommodate rental use, multi-generational living, or an owner-occupant arrangement with one residence leased separately.
Key Highlights
- 2‑unit duplex with 1,750 square feet
- Two‑story layout with separate entrances for each residence
- One unit includes 3 bedrooms, dining space, and a full bath
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
$9,531
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
5.35%
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%
$190,620
$190.6K
Cap Rate 7%
$136,157
$136.2K
Cap Rate 9%
$105,900
$105.9K
Market Conditions
NOI Build-Up for 1,750 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
$15.8K $9.00/SF
− Vacancy
−$2.1K −$1.22/SF
EGI
$13.6K $7.78/SF
− OpEx
−$4.1K −$2.33/SF
NOI
$9.5K $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%
$190,620
Cap Rate 7%
$136,157
Cap Rate 9%
$105,900
Alternative Uses
Best Use
Multifamily LT 5
$136.2K
$119.1K – $158.9K
NOI $9,531 @ 7.0% cap · market cap 5.35%
Second Best
Apartment 5plus
$124.5K
$108.9K – $145.3K
NOI $8,715 @ 7.0% cap · market cap 4.90%
Theoretical Best
Specialty Retail
$339.9K
$297.4K – $396.5K
NOI $23,790 @ 7.0% cap · market cap 13.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
385
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
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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 - Separate entrances and refreshed interiors support flexible occupancy across both residences.
Where is this duplex located?
The property is located at 415 W 38th St Marion, IN.
What is the asking price?
The asking price for this property is $178,000.
What are key features of this property?
This property features: 2‑unit duplex with 1,750 square feet; Two‑story layout with separate entrances for each residence; One unit includes 3 bedrooms, dining space, and a full bath
