Two-Unit
For Sale
$225,000
903 N Lake Street, Syracuse, IN 46567
INVESTMENT, One and Half Story, Syracuse, IN
Property Size1,652 SF
Lot Size0.20 Acres
Price / SF$136.20
Days on Market47
Property Features for 903 N Lake Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Basement, Bedroom 3, Bathroom 1, Bathroom 2
Parking
4
Elementary school
Syracuse
Middle school
Wawasee
High school
Wawasee
Elementary school district
Wawasee
Middle school district
Wawasee
High school district
Wawasee
Directions
Off of N Huntington St, turn right onto E Washington St. Turn left onto N Lake St, and its the second house on the left.
Subdivision
Kosciusko County
Standard status
Active
APN
43-04-06-100-164.000-026
Size
1,652 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
008-021-012 Tract E 1/2 Ne 6-34-7 .20a
Legal Description
008-021-012 Tract E 1/2 Ne 6-34-7 .20a
Utilities
Cooling system
Central Air
Building Details
Year built
1910
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Carpet
Architectural style
Other
Listing Agency:
Listing Leaders, NCI-Culver
(574) 842-4663
Listed By:
Mckenzie Click
(574) 780-8412
Added: Jul 21
Changed: Sep 2
Last Checked: Sep 5 at 2:06PM
MLS# 202629202
Copyright © 2026 North Central 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 1652-square-foot duplex contains two separate residential units within a one-and-a-half-story structure. The property includes three listed bedrooms, two bathrooms, a basement, central air, and a mix of vinyl and carpet flooring. Constructed in 1910, the building sits on a 0.2-acre lot and currently has rental income in place.
Located at 903 N Lake Street in Syracuse, Indiana, the property is near Syracuse Beach, local restaurants, and parks. Its existing two-unit configuration and residential improvements provide a clearly defined income-property format for continued rental use.
Located at 903 N Lake Street in Syracuse, Indiana, the property is near Syracuse Beach, local restaurants, and parks. Its existing two-unit configuration and residential improvements provide a clearly defined income-property format for continued rental use.
Key Highlights
- Two separate residential units with rental income in place
- 1652 square feet in a one‑and‑a‑half‑story duplex
- 0.2‑acre lot in Syracuse, Indiana
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
$13,989
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
6.22%
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%
$279,780
$279.8K
Cap Rate 7%
$199,843
$199.8K
Cap Rate 9%
$155,433
$155.4K
Market Conditions
NOI Build-Up for 1,652 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
$20.8K $12.60/SF
− Vacancy
−$831 −$0.50/SF
EGI
$20.0K $12.10/SF
− OpEx
−$6.0K −$3.63/SF
NOI
$14.0K $8.47/SF
Area
Kosciusko County, IN
Vacancy
3.99%
Lease Rate
$12.60 /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%
$279,780
Cap Rate 7%
$199,843
Cap Rate 9%
$155,433
Alternative Uses
Best Use
Multifamily LT 5
$199.8K
$174.9K – $233.2K
NOI $13,989 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$179.1K
$156.7K – $208.9K
NOI $12,534 @ 7.0% cap · market cap 5.57%
Theoretical Best
Office A
$287.8K
$251.8K – $335.8K
NOI $20,146 @ 7.0% cap · market cap 8.95%
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
204
Businesses Nearby
Explore this area
Business Placement
Demographics for 46567, IN
9,773
Population
5,849
Households
1.7
Avg Household Size
44
Median Age
25%
College-Educated
90%
High-School Grad
57.3 sq mi
ZIP Area
171
Density / Sq Mi
$73,277
Median Household Income
$46,327
Median Earnings
$964
Median Rent
$228,200
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 - Central air, vinyl and carpet flooring, and two bathrooms support the existing residential layout.
Where is this duplex located?
The property is located at 903 N Lake Street Syracuse, IN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two separate residential units with rental income in place; 1652 square feet in a one‑and‑a‑half‑story duplex; 0.2‑acre lot in Syracuse, Indiana
