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    Three-Unit Triplex with Updates Title is generated by Realmo AI

    580 Indiana Avenue, Aurora, IN 47001

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    For Sale
    $259,900

    Well-maintained triplex with multiple long-term leases and recent capital improvements, including roof, windows, and HVAC systems.

    Type:Multi Family / Multi Fam 2-4 units
    Property size:
    2,607 SF
    Price / SF:
    $99/SF
    Added:
    May 23, 2026
    Days on Market:
    15
    Last Refresh:
    Jun 6 at 3:10 am

    Property Features for 580 Indiana Avenue

    General Information

    Standard status
    Active
    Size
    2,607 SF
    Property subtype
    Multi Family / Multi Fam 2-4 units

    Building Details

    Year Built
    1940

    We can help!

    Listing Contact
    Kristy Theobald
    Kristy Theobald

    Listing agent Kristy Theobald License #RB21001488

    Listing office Lohmiller Real Estate

    Listing date May 23, 2026

    Source Compass

    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 Lohmiller Real Estate

    HighLights

    • 3‑unit triplex at 580 Indiana Ave, Aurora, IN, with long‑term tenant leases through Sept and Oct 2026
    • Potential gross income of $2,590 per month ($31,080 annually); tenants pay utilities, landlord pays water and trash (~$100/mo)
    • Recent capital improvements include new roof, gutters, and new windows
    • HVAC upgrades include 3 high‑efficiency gas furnaces, 2 new central air units, and a new 3‑zone heat and AC split system
    • Unit 1 has been completely gutted and updated
    • Basement includes extensive foundation repairs with new I‑beam and replaced entry wall, plus new electric, plumbing, and gas lines

    Overview

    This for-sale three-unit triplex includes two leased 1-bedroom, 1-bath units and one 2-bedroom, 1-bath unit that is currently vacant. The property is described as well maintained, with unit improvements that include a completely gutted and updated unit 1. The basement includes extensive foundation repairs, including a new I-beam, replacement of the basement entry wall, and new electrical, plumbing, and gas lines.

    Capital improvements noted in the information include a new roof and gutters, new windows, three high-efficiency gas furnaces, two new central air units, and a new three-zone heat and AC split system. Per the remarks, tenants pay utilities, while the landlord pays water and trash (approximately $100 per month).

    The current occupancy mix provides an opportunity for an investor or buyer looking to acquire a multifamily asset with existing leases through September and October 2026 and a separate unit available for lease-up. Investors should review the attached capital improvement documentation and confirm all terms, including utility responsibilities, lease details, and any remaining work or warranty information.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Restaurant Spa & Massage Center Hair Salon Nail Salon Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Bar & Pub HVAC Service Storage Facility

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Aurora
    County
    Dearborn
    State
    Indiana
    Longitude
    -84.922378
    Latitude
    39.047836

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    FAQs

    What type of property is this?
    Triplex - Well-maintained triplex with multiple long-term leases and recent capital improvements, including roof, windows, and HVAC systems.
    Where is this triplex located?
    The property is located at 580 Indiana Avenue Aurora, IN.
    What is the asking price?
    The asking price for this property is $259,900.
    What are key features of this property?
    This property features: 3‑unit triplex at 580 Indiana Ave, Aurora, IN, with long‑term tenant leases through Sept and Oct 2026; Potential gross income of $2,590 per month ($31,080 annually); tenants pay utilities, landlord pays water and trash (~$100/mo); Recent capital improvements include new roof, gutters, and new windows
    (812) 537-1023
    We can help!
    Listing Contact
    Kristy Theobald
    Kristy Theobald
    Real Estate License ID: RB21001488
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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