4-Unit
New
For Sale
$750,000
209 Lark Drive, Carmel, IN 46032
Walkable central setting near restaurants, shopping, services, and the Carmel Arts & Design District.
Property Size3,826 SF
Price / SF$196.03
Days on Market2
Property Features for 209 Lark Drive
General Information
Standard status
Active
Size
3,826 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Building Size
3,826 SF
Buildings
1
Units
4
Listing Agency:
Coombes Real Estate
Listed By:
Robert Coombes · License #RB17000978
Source:
Commercialcafe
Added: Sep 5
Last Checked: Sep 5 at 2:48PM
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 Coombes Real Estate
Investment Insights
Based on property information with market context.
The property at 209 Lark Drive is a quadplex with four units and 3,826 SF of total building area. Its residential income configuration is located in Downtown Carmel, offering a defined multifamily asset within a central setting.
The building sits just west of Range Line Road and near Main Street. The surrounding area includes the Carmel Arts & Design District, restaurants, shopping, and services, with walkable access to these destinations and connectivity throughout the greater Carmel area.
The building sits just west of Range Line Road and near Main Street. The surrounding area includes the Carmel Arts & Design District, restaurants, shopping, and services, with walkable access to these destinations and connectivity throughout the greater Carmel area.
Key Highlights
- Four‑unit quadplex configuration
- 3,826 SF building
- Located at 209 Lark Drive, Carmel, IN 46032
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
$38,730
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
5.16%
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%
$774,600
$774.6K
Cap Rate 7%
$553,286
$553.3K
Cap Rate 9%
$430,333
$430.3K
Market Conditions
NOI Build-Up for 3,826 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
$59.7K $15.60/SF
− Vacancy
−$4.4K −$1.14/SF
EGI
$55.3K $14.46/SF
− OpEx
−$16.6K −$4.34/SF
NOI
$38.7K $10.12/SF
Area
Carmel, IN
Vacancy
7.30%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$774,600
Cap Rate 7%
$553,286
Cap Rate 9%
$430,333
Alternative Uses
Best Use
Multifamily LT 5
$553.3K
$484.1K – $645.5K
NOI $38,730 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$486.5K
$425.7K – $567.5K
NOI $34,052 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$1.00M
$878.1K – $1.17M
NOI $70,245 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,454
Businesses Nearby
Explore this area
Business Placement
Demographics for 46032, IN
50,477
Population
22,118
Households
2.3
Avg Household Size
40
Median Age
75%
College-Educated
98%
High-School Grad
25.3 sq mi
ZIP Area
1,995
Density / Sq Mi
$123,438
Median Household Income
$70,558
Median Earnings
$1,522
Median Rent
$464,200
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?
Quadplex - Walkable central setting near restaurants, shopping, services, and the Carmel Arts & Design District.
Where is this quadplex located?
The property is located at 209 Lark Drive Carmel, IN.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Four‑unit quadplex configuration; 3,826 SF building; Located at 209 Lark Drive, Carmel, IN 46032
