Building Details

Year Built 1900

Listing Agency: Dan Rarey, Dan Rarey Real Estate Show Phone

Listed By: Carson and Lisa Lowry Real Estate Show Phone

Source: Carsonlowryrealestate

Added: Aug 17 Changed: Aug 29 Last Checked: Aug 26 at 12:33PM

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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 Dan Rarey, Dan Rarey Real Estate

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 = 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

$12,445

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

5.66%

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%

$248,900 $248.9K

Cap Rate 7%

$177,786 $177.8K

Cap Rate 9%

$138,278 $138.3K

Market Conditions

NOI Build-Up for 2,436 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

$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 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%

$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 5.66%

Second Best

Multifamily LT 5

$167.1K

$146.2K – $195.0K (±1% cap)

NOI $11,698 @ 7.0% cap · market cap 5.32%

Theoretical Best

Specialty Retail

$482.0K

$421.7K – $562.3K (±1% cap)

NOI $33,739 @ 7.0% cap · market cap 15.34%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

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

Questions? Ask Rey

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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 $219,900.

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