NOVA Apartment
For Sale
Contact for pricing
200 South 4th Street, Lafayette, IN 47901
Apartment property built in 2021 at a Lafayette, Indiana address.
Property Size71,562 SF
Price / SF$195.63
Days on Market13
Property Features for 200 South 4th Street
General Information
Standard status
Active
Size
71,562 SF
Class
A
Property subtype
Multifamily
Occupancy
95%
Investment Type
Value Add
Net Operating Income
$852,421
Building Details
Year Built
2021
Buildings
1
Stories
4
Units
81
Listing Agency:
Triad Real Estate Partners
Listed By:
Sean Lyons · License #IL 475145639
Source:
Crexi
Added: Jul 28
Changed: Aug 9
Last Checked: Aug 9 at 9:13AM
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 Triad Real Estate Partners
Investment Insights
Based on property information with market context.
NOVA Apartments is an apartment building completed in 2021. The property contains 71,562 square feet and is located at 200 South 4th Street in Lafayette, Indiana. Its recent construction date and substantial building area provide the principal physical details available for evaluating the asset.
Key Highlights
- 71,562‑square‑foot apartment building
- Constructed in 2021
- Located at 200 South 4th Street, Lafayette, IN 47901
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
$630,157
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
4.50%
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%
$12,603,140
$12.6M
Cap Rate 7%
$9,002,243
$9.0M
Cap Rate 9%
$7,001,744
$7.0M
Market Conditions
NOI Build-Up for 71,562 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
$1.16M $16.20/SF
− Vacancy
−$13.6K −$0.19/SF
EGI
$1.15M $16.01/SF
− OpEx
−$515.6K −$7.20/SF
NOI
$630.2K $8.81/SF
Area
Tippecanoe County, IN
Vacancy
1.17%
Lease Rate
$16.20 /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%
$12,603,140
Cap Rate 7%
$9,002,243
Cap Rate 9%
$7,001,744
Alternative Uses
Best Use
Apartment 5plus
$9.00M
$7.88M – $10.50M
NOI $630,157 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.52M
$14.46M – $19.28M
NOI $1,156,522 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,687
Businesses Nearby
Explore this area
Business Placement
Demographics for 47901, IN
3,750
Population
2,875
Households
1.3
Avg Household Size
32
Median Age
57%
College-Educated
95%
High-School Grad
0.6 sq mi
ZIP Area
6,250
Density / Sq Mi
$46,425
Median Household Income
$39,368
Median Earnings
$954
Median Rent
$257,400
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?
Apartment building - Apartment property built in 2021 at a Lafayette, Indiana address.
Where is this apartment building located?
The property is located at 200 South 4th Street Lafayette, IN.
What is the asking price?
The asking price for this property is $14,000,000.
What are key features of this property?
This property features: 71,562‑square‑foot apartment building; Constructed in 2021; Located at 200 South 4th Street, Lafayette, IN 47901
