Flats at Greentree
For Sale
$3,100,000
1632 Greentree Blvd, Clarksville, IN 47129
Stabilized multifamily property in Clarksville, Indiana with recent renovations.
Property Size10,962 SF
Days on Market179
Property Features for 1632 Greentree Blvd
General Information
Standard status
Active
Size
10,962 SF
Property subtype
Multi-Family
Building Details
Building Size
10,962 SF
Year Built
1979
Units
32
Listing Agency:
Hoagland Commercial Realtors
Listed By:
Christopher O'Rear
(502) 550-7658
Source:
Commercialcafe
Added: Mar 26
Changed: Sep 15
Last Checked: Sep 19 at 6:20AM
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 Hoagland Commercial Realtors
Investment Insights
Based on property information with market context.
The Flats at Greentree Apartment Homes, located in Clarksville, Indiana, are available for sale. This multifamily property features thirty-one 1-bedroom units and one 2-bedroom unit. The property has undergone significant operational and physical improvements. On-site amenities include a coin laundry facility with new machines installed in August 2023. All units and tenants have been updated within the past eighteen months. Three out of four hot water heaters were replaced in 2024, with the remaining one replaced in 2022. Exterior capital improvements over the past couple of years include new windows and exterior doors on all buildings, new parking lot paving and striping, new exterior paint, and new roofs installed in 2020.
Key Highlights
- Stabilized multifamily property in a desirable, growing submarket.
- Recently underwent drastic operational and physical overhaul.
- All units and tenants turned over within the past 18 months.
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
$115,545
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
3.73%
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%
$2,310,900
$2.3M
Cap Rate 7%
$1,650,643
$1.7M
Cap Rate 9%
$1,283,833
$1.3M
Market Conditions
NOI Build-Up for 10,962 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
$222.3K $20.28/SF
− Vacancy
−$12.2K −$1.12/SF
EGI
$210.1K $19.16/SF
− OpEx
−$94.5K −$8.62/SF
NOI
$115.5K $10.54/SF
Area
Clark County, IN
Vacancy
5.50%
Lease Rate
$20.28 /SF/Yr
Expense Ratio
45.00%
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%
$2,310,900
Cap Rate 7%
$1,650,643
Cap Rate 9%
$1,283,833
Alternative Uses
Best Use
Apartment 5plus
$1.65M
$1.44M – $1.93M
NOI $115,545 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.19M
$2.79M – $3.72M
NOI $223,099 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
718
Businesses Nearby
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Business Placement
Demographics for 47129, IN
19,739
Population
9,382
Households
2.1
Avg Household Size
39
Median Age
17%
College-Educated
83%
High-School Grad
9.6 sq mi
ZIP Area
2,056
Density / Sq Mi
$55,447
Median Household Income
$36,592
Median Earnings
$1,027
Median Rent
$162,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Stabilized multifamily property in Clarksville, Indiana with recent renovations.
Where is this apartment building located?
The property is located at 1632 Greentree Blvd Clarksville, IN.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Stabilized multifamily property in a desirable, growing submarket.; Recently underwent drastic operational and physical overhaul.; All units and tenants turned over within the past 18 months.
