2-Unit Brick
For Sale
$379,900
Pending
823 825 Woodmere Drive, Lafayette, IN 47905
Both residences include washer and dryer sets, with separate garage access.
Property Size2,680 SF
Days on Market9
Property Features for 823 825 Woodmere Drive
General Information
Standard status
Pending
Size
2,680 SF
Total Parking Spaces
3
Property subtype
Multifamily
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 2BR/2BA
Multifamily Units
2
Amenities
fireplace
screened porch
storage barn
sunroom
washer and dryer
Building Details
Year Built
1971
Construction
ranch
Listing Agency:
Keller Williams Lafayette
Listed By:
Carole King · License #RB14023874
(765) 427-0641
Source:
Jmrealtyonline
Added: Oct 26
Changed: Nov 3
Last Checked: Nov 3 at 7:58AM
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 Keller Williams Lafayette
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Investment Insights
Based on property information with market context.
This 2,680-square-foot brick duplex was built in 1971 and has a ranch-style design. The two residences offer different layouts. One includes two bedrooms, one and a half bathrooms, a fireplace, and a screened porch; the other has two bedrooms, two bathrooms, a large living room, and a sunroom.
Garage and storage features include two separate attached garages serving one residence, an attached garage for the other, and a storage barn. Washer and dryer sets are present in both units.
Garage and storage features include two separate attached garages serving one residence, an attached garage for the other, and a storage barn. Washer and dryer sets are present in both units.
Key Highlights
- Two‑unit brick duplex with 2,680 square feet
- Built in 1971 with ranch‑style construction
- One unit has 2 bedrooms, 1.5 bathrooms, a fireplace, screened porch, and two separate attached garages
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,601
Cap Rate
6.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$512,020
$512.0K
Cap Rate 7%
$365,729
$365.7K
Cap Rate 9%
$284,456
$284.5K
Market Conditions
NOI Build-Up for 2,680 SF
Gross rent
$37.0K $13.80/SF
− Vacancy
−$411 −$0.15/SF
EGI
$36.6K $13.65/SF
− OpEx
−$11.0K −$4.09/SF
NOI
$25.6K $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 Rate 5%
$512,020
Cap Rate 7%
$365,729
Cap Rate 9%
$284,456
Alternative Uses
Best Use
Multifamily LT 5
$365.7K
$320.0K – $426.7K
NOI $25,601 @ 7.0% cap · market cap 6.74%
Second Best
Apartment 5plus
$337.1K
$295.0K – $393.3K
NOI $23,599 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$618.7K
$541.4K – $721.9K
NOI $43,312 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
471
Businesses Nearby
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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?
Duplex - Both residences include washer and dryer sets, with separate garage access.
Where is this duplex located?
The property is located at 823 825 Woodmere Drive Lafayette, IN.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: Two‑unit brick duplex with 2,680 square feet; Built in 1971 with ranch‑style construction; One unit has 2 bedrooms, 1.5 bathrooms, a fireplace, screened porch, and two separate attached garages
