Updated Duplex with In-Unit
For Sale
$149,000
605 N Huntington St, Syracuse, IN 46567
Two separately metered units offer in-unit laundry, updated mechanical systems, and a covered front porch.
Property Size1,278 SF
Price / SF$116.59
Days on Market42
Property Features for 605 N Huntington St
General Information
Standard status
Active
Size
1,278 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
in-unit laundry
covered front porch
Building Details
Year Built
1918
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Results
(574) 742-4531
Listed By:
James Bausch · License #RB15000093
Source:
Kmsrealestategroup
Added: Jul 18
Changed: Aug 28
Last Checked: Aug 28 at 12:42PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This duplex contains two residential units with a combined property size of 1278. The main-level unit has 1 bedroom and 1 bathroom, while the upper unit includes 2 bedrooms and 1 bathroom. Both units have in-unit laundry. Improvements include new flooring, a tub and surround, an exterior door, two newer HVAC systems, newer water heaters, and a roof that is only a few years old. The main level also includes a covered front porch.
Gas, electric, and water are separately metered, with utilities paid by tenants. The owner covers sewer and trash. Long-term tenants are in place. The property is within walking distance of local shops and Syracuse Park & Beach in Syracuse, Indiana.
Gas, electric, and water are separately metered, with utilities paid by tenants. The owner covers sewer and trash. Long-term tenants are in place. The property is within walking distance of local shops and Syracuse Park & Beach in Syracuse, Indiana.
Key Highlights
- Two‑unit duplex with 1‑bedroom and 2‑bedroom layouts
- Both units include in‑unit laundry
- Separately metered gas, electric, and water; tenants pay utilities
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
$10,822
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
7.26%
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%
$216,440
$216.4K
Cap Rate 7%
$154,600
$154.6K
Cap Rate 9%
$120,244
$120.2K
Market Conditions
NOI Build-Up for 1,278 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
$16.1K $12.60/SF
− Vacancy
−$643 −$0.50/SF
EGI
$15.5K $12.10/SF
− OpEx
−$4.6K −$3.63/SF
NOI
$10.8K $8.47/SF
Area
Kosciusko County, IN
Vacancy
3.99%
Lease Rate
$12.60 /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%
$216,440
Cap Rate 7%
$154,600
Cap Rate 9%
$120,244
Alternative Uses
Best Use
Multifamily LT 5
$154.6K
$135.3K – $180.4K
NOI $10,822 @ 7.0% cap · market cap 7.26%
Second Best
Apartment 5plus
$138.5K
$121.2K – $161.6K
NOI $9,697 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$222.6K
$194.8K – $259.8K
NOI $15,585 @ 7.0% cap · market cap 10.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
303
Businesses Nearby
Explore this area
Business Placement
Demographics for 46567, IN
9,773
Population
5,849
Households
1.7
Avg Household Size
44
Median Age
25%
College-Educated
90%
High-School Grad
57.3 sq mi
ZIP Area
171
Density / Sq Mi
$73,277
Median Household Income
$46,327
Median Earnings
$964
Median Rent
$228,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered units offer in-unit laundry, updated mechanical systems, and a covered front porch.
Where is this duplex located?
The property is located at 605 N Huntington St Syracuse, IN.
What is the asking price?
The asking price for this property is $149,000.
What are key features of this property?
This property features: Two‑unit duplex with 1‑bedroom and 2‑bedroom layouts; Both units include in‑unit laundry; Separately metered gas, electric, and water; tenants pay utilities
