Updated Duplex with Two
For Sale
$250,000
809 S 9th St, Lafayette, IN 47905
Recent interior, mechanical, and electrical improvements support continued use as a two-unit rental property.
Property Size2,152 SF
Price / SF$116.17
Days on Market172
Property Features for 809 S 9th St
General Information
Standard status
Active
Size
2,152 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,382
Listing Agency:
Bradford Real Estate
Listed By:
Chris Bradford
(765) 714-2550
Source:
Exprealty
Added: Mar 16
Changed: Aug 30
Last Checked: Aug 31 at 7:36PM
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 Bradford Real Estate
Investment Insights
Based on property information with market context.
This 2,152-square-foot duplex contains two residential units with updates to both interiors and major building systems. Improvements include chimney relining in August 2021, a new boiler, and upgraded electrical panels completed in late 2021. The lower unit received new kitchen flooring, countertop, and tile in 2023, followed by a new tile shower, carpet, and paint in 2025. The upper unit also received a new tile shower in 2023.
The property is located at 809 S 9th St in Lafayette, near the historic Highland Park neighborhood and local shopping, dining, and amenities. Tenants are responsible for their own electric and gas service. The lower unit has not been occupied since its 2025 interior work was completed.
The property is located at 809 S 9th St in Lafayette, near the historic Highland Park neighborhood and local shopping, dining, and amenities. Tenants are responsible for their own electric and gas service. The lower unit has not been occupied since its 2025 interior work was completed.
Key Highlights
- 2,152‑square‑foot duplex with two residential units
- Chimney relining completed in Aug 2021
- New boiler and updated electric panels installed in late 2021
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
$20,558
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
8.22%
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%
$411,160
$411.2K
Cap Rate 7%
$293,686
$293.7K
Cap Rate 9%
$228,422
$228.4K
Market Conditions
NOI Build-Up for 2,152 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
$29.7K $13.80/SF
− Vacancy
−$330 −$0.15/SF
EGI
$29.4K $13.65/SF
− OpEx
−$8.8K −$4.09/SF
NOI
$20.6K $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 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%
$411,160
Cap Rate 7%
$293,686
Cap Rate 9%
$228,422
Alternative Uses
Best Use
Multifamily LT 5
$293.7K
$257.0K – $342.6K
NOI $20,558 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$270.7K
$236.9K – $315.8K
NOI $18,950 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$496.8K
$434.7K – $579.7K
NOI $34,779 @ 7.0% cap · market cap 13.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
479
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
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 - Recent interior, mechanical, and electrical improvements support continued use as a two-unit rental property.
Where is this duplex located?
The property is located at 809 S 9th St Lafayette, IN.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2,152‑square‑foot duplex with two residential units; Chimney relining completed in Aug 2021; New boiler and updated electric panels installed in late 2021
