Updated Duplex with Two Unit
For Sale
$195,000
909 E North F St, Gas City, IN 46933
Recently updated duplex with separate storage areas and a large rear yard.
Property Size1,860 SF
Price / SF$104.84
Days on Market18
Property Features for 909 E North F St
General Information
Standard status
Active
Size
1,860 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
$1,018
Amenities
storage shed
Listing Agency:
Point1 Realty
(765) 661-7934
Listed By:
Jason Wuertley
(765) 661-7934
Source:
Exprealty
Added: Aug 5
Changed: Aug 20
Last Checked: Aug 21 at 1:05PM
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 Point1 Realty
Investment Insights
Based on property information with market context.
This 1,860-square-foot duplex includes two separate residential units: one with three bedrooms and one bathroom, and the other with two bedrooms and one bathroom. Recent improvements include a new roof, while the rear shed is partitioned to provide dedicated storage for each unit.
The property also offers a large backyard with room for a garage or pole barn. The two residences may be combined into a single five-bedroom, two-bath home, providing additional configuration flexibility.
The property also offers a large backyard with room for a garage or pole barn. The two residences may be combined into a single five-bedroom, two-bath home, providing additional configuration flexibility.
Key Highlights
- 1,860‑square‑foot duplex with two separate residential units
- Unit mix includes a 3‑bedroom, 1‑bath unit and a 2‑bedroom, 1‑bath unit
- Recent updates include a new roof
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
$10,130
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
5.19%
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%
$202,600
$202.6K
Cap Rate 7%
$144,714
$144.7K
Cap Rate 9%
$112,556
$112.6K
Market Conditions
NOI Build-Up for 1,860 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
$16.7K $9.00/SF
− Vacancy
−$2.3K −$1.22/SF
EGI
$14.5K $7.78/SF
− OpEx
−$4.3K −$2.33/SF
NOI
$10.1K $5.45/SF
Area
Grant County, IN
Vacancy
13.55%
Lease Rate
$9.00 /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%
$202,600
Cap Rate 7%
$144,714
Cap Rate 9%
$112,556
Alternative Uses
Best Use
Multifamily LT 5
$144.7K
$126.6K – $168.8K
NOI $10,130 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$132.3K
$115.8K – $154.4K
NOI $9,262 @ 7.0% cap · market cap 4.75%
Theoretical Best
Specialty Retail
$361.2K
$316.1K – $421.4K
NOI $25,285 @ 7.0% cap · market cap 12.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
121
Businesses Nearby
Explore this area
Business Placement
Demographics for 46933, IN
6,617
Population
2,939
Households
2.3
Avg Household Size
41
Median Age
19%
College-Educated
91%
High-School Grad
11.0 sq mi
ZIP Area
602
Density / Sq Mi
$59,398
Median Household Income
$34,267
Median Earnings
$858
Median Rent
$123,400
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 - Recently updated duplex with separate storage areas and a large rear yard.
Where is this duplex located?
The property is located at 909 E North F St Gas City, IN.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: 1,860‑square‑foot duplex with two separate residential units; Unit mix includes a 3‑bedroom, 1‑bath unit and a 2‑bedroom, 1‑bath unit; Recent updates include a new roof
