Ranch Duplex with Attached
For Sale
$379,900
Pending
823 825 Woodmere Drive, Lafayette, IN 47905
INVESTMENT, One Story, Lafayette, IN
Property Size2,680 SF
Lot Size0.30 Acres
Days on Market21
Property Features for 823 825 Woodmere Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 2, Bathroom 3, Bedroom 1, Bathroom 1, Bathroom 4, Bedroom 2
Parking
2
Parking features
Garage, Off Street
Subdivision
Potters Hollow
Lot features
City/ Town/ Suburb, 0-2.9999
Elementary school
Glen Acres
Middle school
Sunnyside/Tecumseh
High school
Jefferson
Elementary school district
Lafayette
Middle school district
Lafayette
High school district
Lafayette
Directions
From Union St, turn Left on Woodmere Dr
Standard status
Pending
APN
79-07-23-253-031.000-004
Size
2,680 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
POTTER HOLLOW S SD PT 2 LOT 49 ANNEXED FROM 102-00520-0253
Tax Annual Amount
2252
Legal Description
POTTER HOLLOW S SD PT 2 LOT 49 ANNEXED FROM 102-00520-0253
Utilities
Cooling system
Central Air
Amenities
fireplace
screened porch
storage barn
sunroom
washer and dryer
Building Details
Year built
1971
Floors in Building
1
Number of units
2
Flooring type
Carpet, Laminate
Architectural style
Ranch
Listing Agency:
Keller Williams Lafayette · Keller Williams Realty
(765) 807-7177
Listed By:
Carole King · License #RB14023874
(765) 427-0641
Added: Aug 8
Changed: Aug 24
Last Checked: Aug 28 at 9:06PM
MLS# 202634603
Copyright © 2026 Lafayette Regional 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 1971 ranch-style duplex at 823–825 Woodmere Drive contains two brick residential units totaling 2,680 square feet on a 0.3-acre lot. Both sides include central air, carpet and laminate flooring, an attached garage, and washer-and-dryer equipment. Unit 823 offers two bedrooms, 1.5 bathrooms, a fireplace, a screened porch, two separate attached garages, and a storage barn. Unit 825 has two bedrooms, two bathrooms, a large living room, an attached garage, and a sunroom.
The property is located in Lafayette, Tippecanoe County, Indiana. Off-street parking supplements the garage parking, while the ranch configuration provides single-story layouts across both units.
The property is located in Lafayette, Tippecanoe County, Indiana. Off-street parking supplements the garage parking, while the ranch configuration provides single-story layouts across both units.
Key Highlights
- Two‑unit ranch duplex built in 1971
- 2,680 square feet on a 0.3‑acre lot
- Unit 823: 2 bedrooms, 1.5 bathrooms, fireplace, screened porch, storage barn, and 2 separate attached garages
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
$25,601
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
6.74%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
471
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 - Two brick units include attached garages, individual outdoor living areas, and washer-and-dryer setups.
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 ranch duplex built in 1971; 2,680 square feet on a 0.3‑acre lot; Unit 823: 2 bedrooms, 1.5 bathrooms, fireplace, screened porch, storage barn, and 2 separate attached garages
