Fully Occupied 7-Unit
1615 Main Street Anderson, IN 46016
1615 Main Street, Anderson, IN, 46016
$309,000
For Sale
$309,000
Seven units are fully occupied, generating over $5,000 in monthly gross income, with renovations completed in the last two years.
Property Size3,360 SF
Price / SF$91.96
Days on Market182
Property Features for 1615 Main Street
General Information
- Standard status
- Active
- Size
- 3,360 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1906
Listing agency
Keller Williams Indy Metro S
(317) 882-5900
Listed by
Stuart Houghton · License #RB17002210
Source
Xome
Added: Jan 20 Updated: Jul 20 at 4:40PM Checked: Jul 21 at 3:10AM
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 Keller Williams Indy Metro S
Investment Insights
Based on property information with market context.
This is a fully occupied 7-unit apartment building generating over $5,000 in monthly gross income. The property has undergone renovations throughout within the last two years, and all units are currently tenant-occupied.
The building is located at 1615 Main Street in Anderson, Indiana. It presents as a turn-key, income-producing multifamily asset based on its current occupancy and recent renovation work.
The offering is centered on the existing in-place rental performance, supported by the building’s fully occupied status and documented gross income level.
The building is located at 1615 Main Street in Anderson, Indiana. It presents as a turn-key, income-producing multifamily asset based on its current occupancy and recent renovation work.
The offering is centered on the existing in-place rental performance, supported by the building’s fully occupied status and documented gross income level.
Key Highlights
- 7‑unit apartment building with all units fully occupied
- Generates over $5,000 in monthly gross income
- Renovations completed throughout the last 2 years
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $49.6k | $14.76 |
| − Vacancy | −$2.7k | −$0.81 |
| EGI | $46.9k | $13.95 |
| − OpEx | −$21.1k | −$6.28 |
| NOI | $25.8k | $7.67 |
3,360 SF · lease $14.76/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$368.2K
$322.2K – $429.6K
NOI $25,776 @ 7.0% cap · market cap 8.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$774.4K
$677.6K – $903.5K
NOI $54,211 @ 7.0% cap · market cap 17.54%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Seven units are fully occupied, generating over $5,000 in monthly gross income, with renovations completed in the last two years.
Where is this apartment building located?
The property is located at 1615 Main Street Anderson, IN.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: 7‑unit apartment building with all units fully occupied; Generates over $5,000 in monthly gross income; Renovations completed throughout the last 2 years
