8-Unit Studio Apartment
New
For Sale
$595,000
Pending
119 S Second Street, Boonville, IN 47601
Eight occupied residences include full kitchens, private baths, and access to shared coin-operated laundry.
Property Size5,130 SF
Days on Market5
Property Features for 119 S Second Street
General Information
Standard status
Pending
Size
5,130 SF
Property subtype
Multifamily
Occupancy
100%
Units
Unit Mix
8 x studio
Multifamily Units
8
Additional Details
Tenant in Place
Yes
Amenities
coin-operated laundry center
off-street parking
Building Details
Year Built
1901
Listing Agency:
@properties
Listed By:
Will Smith
(812) 881-0368
Source:
Jmrealtyonline
Added: Oct 26
Changed: Oct 28
Last Checked: Oct 28 at 2:49PM
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 @properties
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Investment Insights
Based on property information with market context.
This 5,130-square-foot apartment building contains eight studio-style units and was built in 1901. Each apartment has a full kitchen with appliances, LVT flooring, a living area, a bedroom nook sized for a king bed, and a full bath with a tub and shower. A coin-operated laundry center serves the property, and limited off-street parking is available on a first-come, first-served basis.
The building is at 119 S Second Street on the Boonville Square in Boonville, Indiana. All eight apartments are occupied.
The building is at 119 S Second Street on the Boonville Square in Boonville, Indiana. All eight apartments are occupied.
Key Highlights
- Eight studio‑style apartments; all are occupied
- 5,130‑square‑foot building constructed in 1901
- Full kitchens with appliances in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,209
Cap Rate
4.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$524,180
$524.2K
Cap Rate 7%
$374,414
$374.4K
Cap Rate 9%
$291,211
$291.2K
Market Conditions
NOI Build-Up for 5,130 SF
Gross rent
$50.5K $9.84/SF
− Vacancy
−$2.8K −$0.55/SF
EGI
$47.7K $9.29/SF
− OpEx
−$21.4K −$4.18/SF
NOI
$26.2K $5.11/SF
Area
Warrick County, IN
Vacancy
5.60%
Lease Rate
$9.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$524,180
Cap Rate 7%
$374,414
Cap Rate 9%
$291,211
Alternative Uses
Best Use
Apartment 5plus
$374.4K
$327.6K – $436.8K
NOI $26,209 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.02M
$888.2K – $1.18M
NOI $71,052 @ 7.0% cap · market cap 11.94%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
373
Businesses Nearby
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Business Placement
Demographics for 47601, IN
14,088
Population
5,803
Households
2.4
Avg Household Size
43
Median Age
24%
College-Educated
94%
High-School Grad
127.3 sq mi
ZIP Area
111
Density / Sq Mi
$77,411
Median Household Income
$46,517
Median Earnings
$843
Median Rent
$184,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Eight occupied residences include full kitchens, private baths, and access to shared coin-operated laundry.
Where is this apartment building located?
The property is located at 119 S Second Street Boonville, IN.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Eight studio‑style apartments; all are occupied; 5,130‑square‑foot building constructed in 1901; Full kitchens with appliances in each unit
