Building Details

Year Built 1900

Listing Agency: Century 21 Scheetz - Bloomington Show Phone

Listed By: Carson and Lisa Lowry Real Estate Show Phone

Source: Carsonlowryrealestate

Added: Aug 17 Changed: Oct 16 Last Checked: Oct 16 at 8:25AM

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Investment Insights

Based on property information with market context.

This 2,436-square-foot quadplex, built in 1900, contains four residential units arranged as one two-bedroom, one-bath unit and three one-bedroom, one-bath units. The property also includes a basement, covered front porch, detached garage, and a fenced backyard.

Located on Main Street in Tennyson, the property offers off-street parking through a small gravel lot. The combination of multiple units, supplemental storage, and a defined outdoor area provides a straightforward multifamily configuration on a 0.50-acre parcel.

Key Highlights

• Four‑unit layout with one 2‑bedroom, 1‑bath unit and three 1‑bedroom, 1‑bath units
• 2,436 SF residential property built in 1900
• 0.50‑acre parcel on Main St in Tennyson

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$12,445

Cap Rate

5.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$248,900 $248.9K

Cap Rate 7%

$177,786 $177.8K

Cap Rate 9%

$138,278 $138.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,436 SF

Gross rent

$24.0K $9.84/SF

− Vacancy

−$1.3K −$0.55/SF

EGI

$22.6K $9.29/SF

− OpEx

−$10.2K −$4.18/SF

NOI

$12.4K $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%

$248,900

Cap Rate 7%

$177,786

Cap Rate 9%

$138,278

Alternative Uses

Best Use

Apartment 5plus

$177.8K

$155.6K – $207.4K (±1% cap)

NOI $12,445 @ 7.0% cap · market cap 5.93%

Second Best

Multifamily LT 5

$167.1K

$146.2K – $195.0K (±1% cap)

NOI $11,698 @ 7.0% cap · market cap 5.57%

Theoretical Best

Specialty Retail

$482.0K

$421.7K – $562.3K (±1% cap)

NOI $33,739 @ 7.0% cap · market cap 16.07%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Nail Salon Daycare Center Travel Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

26

Businesses Nearby

Explore this area Business Placement

Demographics for 47637, IN

1,396

Population

558

Households

2.5

Avg Household Size

42

Median Age

17%

College-Educated

89%

High-School Grad

61.5 sq mi

ZIP Area

23

Density / Sq Mi

$67,000

Median Household Income

$39,216

Median Earnings

$842

Median Rent

$165,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Quadplex - Residential income property with four units, a basement, covered porch, and enclosed rear yard.

Where is this quadplex located?

The property is located at 205 MAIN Street Tennyson, IN.

What is the asking price?

The asking price for this property is $209,900.

What are key features of this property?

This property features: Four‑unit layout with one 2‑bedroom, 1‑bath unit and three 1‑bedroom, 1‑bath units; 2,436 SF residential property built in 1900; 0.50‑acre parcel on Main St in Tennyson