2-Unit Limestone Ranch Duplex with
For Sale
$315,000
Pending
704 N Oakwood Drive, Griffith, IN 46319
MULTI_FAMILY - Griffith, IN
Property Size2,176 SF
Lot Size0.39 Acres
Days on Market54
Property Features for 704 N Oakwood Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
3
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Basement, Bathroom 3, Bedroom 1, Bathroom 2
Parking features
Driveway
Basement
Finished, Full
Subdivision
Nazarene Add
Lot features
Back Yard, Front Yard
Directions
Corner: Indianapolis Blvd & W. 45th St., go E. on W. 45th St to N. Arbogast St, S. on N. Arbogast St. to E. Pine St, E. on E. Pine St to N. Oakwood Ave, property sits on corner of E. Pine St & N. Oakwood Ave turn N. on N Oakwood Ave to front of prop
Standard status
Pending
APN
450735226047000006
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NAZARENE ADD. TO GRIFFITH LOT 4
Tax Annual Amount
5792
Legal Description
NAZARENE ADD. TO GRIFFITH LOT 4
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1968
Floors in Building
1
Listing Agency:
Home Connection Realty, Inc.
(219) 962-7677
Listed By:
Larry Wilson
(219) 688-0521
Added: Jun 15
Changed: Aug 2
Last Checked: Aug 7 at 5:06PM
MLS# 840807
Copyright © 2026 Greater Northwest Indiana 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.
Investment Insights
Based on property information with market context.
This 2-unit limestone ranch duplex offers flexible living layouts with a full basement and attached 3-car garage. The main level includes a studio apartment and a 2-bedroom unit. The basement is finished and includes a 3/4 bath, providing additional space that can be configured to fit your needs.
The property totals about 2,176 square feet, sits on a 0.391-acre lot, and is heated with forced air systems using natural gas. Public water and public sewer services support the home.
The current setup provides separate unit-style living while also allowing room to adapt the basement configuration or revert the property to a single-family layout, depending on how you plan to use it.
The property totals about 2,176 square feet, sits on a 0.391-acre lot, and is heated with forced air systems using natural gas. Public water and public sewer services support the home.
The current setup provides separate unit-style living while also allowing room to adapt the basement configuration or revert the property to a single-family layout, depending on how you plan to use it.
Key Highlights
- About 2,176 sq ft limestone ranch 2‑unit duplex
- 0.391‑acre lot
- Studio apartment and a 2‑bedroom unit on the main level
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
$21,632
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
6.87%
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%
$432,640
$432.6K
Cap Rate 7%
$309,029
$309.0K
Cap Rate 9%
$240,356
$240.4K
Market Conditions
NOI Build-Up for 2,176 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
$32.6K $15.00/SF
− Vacancy
−$1.7K −$0.80/SF
EGI
$30.9K $14.20/SF
− OpEx
−$9.3K −$4.26/SF
NOI
$21.6K $9.94/SF
Area
Lake County, IN
Vacancy
5.32%
Lease Rate
$15.00 /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%
$432,640
Cap Rate 7%
$309,029
Cap Rate 9%
$240,356
Alternative Uses
Best Use
Multifamily LT 5
$309.0K
$270.4K – $360.5K
NOI $21,632 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$275.0K
$240.6K – $320.9K
NOI $19,251 @ 7.0% cap · market cap 6.11%
Theoretical Best
Specialty Retail
$607.5K
$531.5K – $708.7K
NOI $42,522 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Explore this area
Business Placement
Demographics for 46319, IN
18,108
Population
7,904
Households
2.3
Avg Household Size
38
Median Age
26%
College-Educated
96%
High-School Grad
9.6 sq mi
ZIP Area
1,886
Density / Sq Mi
$75,976
Median Household Income
$42,239
Median Earnings
$1,162
Median Rent
$194,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - 2-unit limestone ranch built in 1968 with a full basement and attached 3-car garage.
Where is this duplex located?
The property is located at 704 N Oakwood Drive Griffith, IN.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: About 2,176 sq ft limestone ranch 2‑unit duplex; 0.391‑acre lot; Studio apartment and a 2‑bedroom unit on the main level
