4-Unit Quadplex with
New
For Sale
$359,000
525 S 3rd Street, Lafayette, IN 47905
INVESTMENT, Two Story, Lafayette, IN
Property Size2,280 SF
Lot Size0.15 Acres
Price / SF$157.46
Days on Market3
Property Features for 525 S 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 4, Bathroom 3, Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 6, Bedroom 4, Basement
Parking
4
Parking features
Paved or Surfaced
Basement
Block
Lot features
City/ Town/ Suburb, Level
Elementary school
Thomas Miller
Middle school
Sunnyside/Tecumseh
High school
Jefferson
Elementary school district
Lafayette
Middle school district
Lafayette
High school district
Lafayette
Directions
4th Street to Romig. Right on Romig. Left on 3rd. Property on the left.
Subdivision
Tippecanoe County
Standard status
Active
APN
79-07-29-259-013.000-004
Size
2,280 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
ROMIGS ADDN LOT 15
Legal Description
ROMIGS ADDN LOT 15
Utilities
Cooling system
Wall Unit(s), Multi Units
Building Details
Year built
1921
Floors in Building
2
Number of units
4
Flooring type
Mixed
Roof type
Shingle
Architectural style
Other
Listing Agency:
Keller Williams Lafayette · Keller Williams Realty
(765) 807-7177
Listed By:
Steven Childers · License #RB22002269
(765) 413-6046
Added: Nov 4
Changed: Nov 6
Last Checked: Nov 6 at 12:06PM
MLS# 202645681
Copyright © 2026 Lafayette Regional Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 2,280-square-foot quadplex at 525 S 3rd Street contains four apartments: two with one bedroom and two with two bedrooms. Three units are vacant. Roof and gutter work has been completed, along with interior updates in three of the four apartments. The building was constructed in 1921 and has wall-unit cooling and paved parking.
The property occupies a 0.15-acre lot in Lafayette, near downtown shopping, dining, and entertainment. Utility expenses are divided between tenants and the landlord.
The property occupies a 0.15-acre lot in Lafayette, near downtown shopping, dining, and entertainment. Utility expenses are divided between tenants and the landlord.
Key Highlights
- Four apartments: two 1‑bedroom units and two 2‑bedroom units
- Three units are vacant
- Roof and gutter updates; interiors updated in 3 of 4 units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,780
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$435,600
$435.6K
Cap Rate 7%
$311,143
$311.1K
Cap Rate 9%
$242,000
$242.0K
Market Conditions
NOI Build-Up for 2,280 SF
Gross rent
$31.5K $13.80/SF
− Vacancy
−$349 −$0.15/SF
EGI
$31.1K $13.65/SF
− OpEx
−$9.3K −$4.09/SF
NOI
$21.8K $9.55/SF
Area
Tippecanoe County, IN
Vacancy
1.11%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$435,600
Cap Rate 7%
$311,143
Cap Rate 9%
$242,000
Alternative Uses
Best Use
Multifamily LT 5
$311.1K
$272.3K – $363.0K
NOI $21,780 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$286.8K
$251.0K – $334.6K
NOI $20,077 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$526.4K
$460.6K – $614.1K
NOI $36,847 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,062
Businesses Nearby
Explore this area
Business Placement
Demographics for 47905, IN
41,787
Population
18,309
Households
2.3
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
120.4 sq mi
ZIP Area
347
Density / Sq Mi
$63,115
Median Household Income
$41,595
Median Earnings
$1,101
Median Rent
$215,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - Three apartments are vacant, and the property includes one- and two-bedroom layouts.
Where is this quadplex located?
The property is located at 525 S 3rd Street Lafayette, IN.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Four apartments: two 1‑bedroom units and two 2‑bedroom units; Three units are vacant; Roof and gutter updates; interiors updated in 3 of 4 units
