Building Details

Buildings 1

Stories 2

Listing Agency: Apple Tree Realty, LLC

Listed By: Kristine Miller Show Phone

Source: Exprealty

Added: Aug 31 Changed: Oct 6 Last Checked: Oct 5 at 7:06PM

Report an Issue

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.

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 / Yr

$9,531

Cap Rate

5.35%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $9,531 @ 7.0% cap · market cap 5.35%

Second Best

Apartment 5plus

$124.5K

$108.9K – $145.3K (±1% cap)

NOI $8,715 @ 7.0% cap · market cap 4.90%

Theoretical Best

Specialty Retail

$339.9K

$297.4K – $396.5K (±1% cap)

NOI $23,790 @ 7.0% cap · market cap 13.37%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Duplexes

Suggested Use

Top Pick Law Firm (Bike/Boat/Book/etc) Store Skin Care Clinic Pet Grooming Service Acupuncture HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Two-Story Duplex Near Campus

3713 S Race Street, Marion, IN 46953

$117,000

1,644 SF

View details

Two-Story Duplex Near IWU

3812 S Washington Street, Marion, IN 46953

$117,000

1,644 SF

View details

Two-Bedroom Duplex with Covered Porch

617 W 5th St, Marion, IN 46953

$84,900

1,740 SF

View details

Two-Unit Duplex

621 W 5Th Street, Marion, IN 46953

$84,000

2,774 SF

View details

Two-Unit Duplex with Two-Level Units

1146 W 6th St, Marion, IN 46953

$69,900

2,708 SF

View details

Updated Duplex With Separate Meters

702 W 6th St, Marion, IN 46953

$59,900

3,056 SF

View details

Mixed-Use Riverfront Restaurant Building

123 E 3rd St, Marion, IN 46952

$525,000

6,216 SF

View details

Two-Story Triplex

3714 S Race Street, Marion, IN 46953

$127,500

1,780 SF

View details

Office Building with Pole Sign

1328 W 2nd St, Marion, IN 46952

$74,900

1,670 SF

View details

Flex Space with Attached Workshop

3246 S Poplar St, Marion, IN 46953

$97,000

1,586 SF

View details

Historic Train Depot Office Building

1002 S Washington St, Marion, IN 46953

$129,900

2,202 SF

View details

Residential Income Property with Kennel Business

1611 E Loew Rd, Marion, IN 46953

$179,900

3,336 SF

View details

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