Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1615 Main Street Rd Anderson, IN 46016

    Sponsored
    For Sale
    $319,000

    Multi-Family 5+ - Anderson, IN

    Property size:
    3,360 SF
    Lot size:
    0.11 Acres
    Days on Market:
    3
    Last Refresh:
    Mar 3 at 6:06 pm

    Property Features for 1615 Main Street Rd

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Apartments General
    Rooms
    Basement
    APN
    481113103030000003
    Basement Y/N
    1
    Size
    3,360 SF
    Lot size
    0.11 Acres

    Building Details

    Year built
    1906
    Number of units
    7
    Architectural style
    Other

    We can help!

    Listing Contact
    Stuart Houghton

    Keller Williams Indy South (317) 882-5900

    Listing agent Stuart Houghton (317) 882-5900 License #RB17002210

    Listing date Mar 1, 2026

    MLS# 22069905 Listing URL

    Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Fully Occupied Apartment Building

    This is a seven-unit apartment building, fully occupied and generating over $5,000 in monthly gross income. The property is located in Anderson, Indiana. The building contains 3,360 square feet and sits on a 0.11-acre lot. Renovations have been completed throughout the last 2 years. The zoning is Apartments General.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Anderson
    County
    Madison
    State
    Indiana
    Longitude
    -85.678413
    Latitude
    40.099604

    Nearby Similar for Sale

    • $119,900
      775 SF

      Versatile Office Space Near University

      Commercial building near Scatterfield Rd & Anderson University.
      2207 Fowler St, Anderson, IN 46012
      View Details
    • $409,000
      1,756 SF

      Commercial Property on High-Traffic Corner

      Commercial property on 1.07 acres at a busy intersection.
      1601 E 53Rd St, Anderson, IN 46013
      View Details
    • $950,000
      16,552 SF

      Retail Strip Center Near University

      Retail strip center near Anderson University with strong visibility.
      1915 University Blvd, Anderson, IN 46012
      View Details
    • $450,000
      2,433 SF

      Commercial Corner Building For Sale

      Commercial office building on corner lot, suitable for retail.
      905 S Scatterfield Rd, Anderson, IN 46012
      View Details
    • $300,000
      2,604 SF

      Former Bank Building For Sale

      Stand-alone building with drive-thru on corner lot, Anderson, IN
      525 E Hartman Rd, Anderson, IN 46012
      View Details
    • $375,000
      0.64 Acres

      Anderson Neighborhood Shopping Center For Sale

      North Anderson shopping center with laundry mat and rental income.
      2401-2409 Broadway St, Anderson, IN 46012
      View Details
    • $1,850,000
      2.60 Acres

      Retail Building in Active Corridor

      Versatile retail building on 2.53 acres in Anderson, Indiana.
      3632 S Scatterfield Rd, Anderson, IN 46013
      View Details
    • $145,000
      1,120 SF

      Versatile Commercial Building in Anderson

      Well-maintained commercial building suitable for various business and residential uses.
      2237 Crystal St, Anderson, IN 46012
      View Details
    • $499,999
      2,775 SF

      Established Auto Shop For Sale

      Operating auto shop with equipment and real estate for sale.
      312 E 14Th St, Anderson, IN 46016
      View Details
    • New
      $1,750,000
      2,301 SF

      Equestrian Estate on 75 Acres

      Equestrian property with barns, boarding facilities, and ranch-style home.
      432 W 500 N, Anderson, IN 46012
      View Details
    • $295,000
      2,800 SF

      Well-Maintained Office Building For Sale

      Attractive office building with parking and convenient access.
      4985 N Sr 9, Anderson, IN 46001
      View Details
    • New
      $260,000
      6,129 SF

      Multi-Family Investment Opportunity

      Seven-unit residential property in Anderson, Indiana.
      1422 Central Ave, Anderson, IN 46016
      View Details

    FAQs

    What type of property is this?
    Apartment building - Seven-unit apartment building generating over $5,000 monthly gross income.
    Where is this apartment building located?
    The property is located at 1615 Main Street Rd Anderson, IN.
    What is the asking price?
    The asking price for this property is $319,000.
    What are key features of this property?
    This property features: - Fully occupied 7-unit apartment building.; - Generating over $5,000 in monthly gross income.; - Renovations accomplished throughout the last 2 years.
    (317) 882-5900
    Request Owner's contact information
    1615 Main Street Rd Anderson, IN 46016
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1615 Main Street Rd
    Anderson, IN 46016
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1615 Main Street Rd Anderson, IN 46016
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Stuart Houghton
    Real Estate License ID: RB17002210
    (317) 882-5900
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!