Two-Unit Duplex with Fenced
For Sale
$299,900
902 N Wood St, Griffith, IN 46319
Income-producing duplex with separate mechanical systems and tenant-paid gas and electric service.
Property Size1,232 SF
Price / SF$243.43
Days on Market267
Property Features for 902 N Wood St
General Information
Standard status
Active
Size
1,232 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,239
Amenities
central air
fenced backyard
washer/dryer hookup
Listing Agency:
Realty Executives Premier
(219) 677-6540
Listed By:
Christine Hall
(219) 677-6540
Source:
Exprealty
Added: Dec 6, 2025
Changed: Aug 30
Last Checked: Aug 30 at 7:39AM
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 Realty Executives Premier
Investment Insights
Based on property information with market context.
This duplex contains two residential units with distinct layouts. The main-level unit offers three bedrooms, one bathroom, a large living room, an eat-in kitchen, and central air. The second unit includes two bedrooms, a large living room, a kitchen, and an updated bathroom. Both residences have individual furnaces and hot water heaters.
A fenced backyard serves the property, while the utility room includes washer and dryer hookups. Tenants are responsible for their own gas and electric costs. The property is located at 902 N Wood St in Griffith, Indiana.
A fenced backyard serves the property, while the utility room includes washer and dryer hookups. Tenants are responsible for their own gas and electric costs. The property is located at 902 N Wood St in Griffith, Indiana.
Key Highlights
- Two‑unit duplex at 902 N Wood St, Griffith, IN 46319
- Main‑level unit has 3 bedrooms, 1 bath, eat‑in kitchen, central air, and a large living room
- Second unit includes 2 bedrooms, a large living room, kitchen, and updated bathroom
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
$12,248
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
4.08%
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%
$244,960
$245.0K
Cap Rate 7%
$174,971
$175.0K
Cap Rate 9%
$136,089
$136.1K
Market Conditions
NOI Build-Up for 1,232 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
$18.5K $15.00/SF
− Vacancy
−$983 −$0.80/SF
EGI
$17.5K $14.20/SF
− OpEx
−$5.2K −$4.26/SF
NOI
$12.2K $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%
$244,960
Cap Rate 7%
$174,971
Cap Rate 9%
$136,089
Alternative Uses
Best Use
Multifamily LT 5
$175.0K
$153.1K – $204.1K
NOI $12,248 @ 7.0% cap · market cap 4.08%
Second Best
Apartment 5plus
$155.7K
$136.3K – $181.7K
NOI $10,900 @ 7.0% cap · market cap 3.63%
Theoretical Best
Specialty Retail
$343.9K
$300.9K – $401.3K
NOI $24,075 @ 7.0% cap · market cap 8.03%
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
244
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
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Frequently Asked Questions
What type of property is this?
Duplex - Income-producing duplex with separate mechanical systems and tenant-paid gas and electric service.
Where is this duplex located?
The property is located at 902 N Wood St Griffith, IN.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two‑unit duplex at 902 N Wood St, Griffith, IN 46319; Main‑level unit has 3 bedrooms, 1 bath, eat‑in kitchen, central air, and a large living room; Second unit includes 2 bedrooms, a large living room, kitchen, and updated bathroom
