Three-Unit Property with Detached
For Sale
$270,000
211 S State Street, Clarksville, IN 47129
All three residences are leased and feature individual entrances.
Property Size2,072 SF
Price / SF$130.31
Days on Market228
Property Features for 211 S State Street
General Information
Standard status
Active
Size
2,072 SF
Property subtype
Triplex
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,737
Amenities
Unfinished Basement
Other, Oven, Range, Refrigerator
3
2 Garage Spaces. Detached Garage.
0.15
Paved Road.
Building Details
Year Built
1941
Listing Agency:
Schuler Bauer Real Estate Services ERA Powered (N
(812) 948-2888
Listed By:
Jordan Rajchel · License #RB18001832
(812) 948-2888
Source:
Xome
Added: Jan 14
Changed: Aug 29
Last Checked: Aug 29 at 6:57PM
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 Schuler Bauer Real Estate Services ERA Powered (N
Investment Insights
Based on property information with market context.
This 2,072-square-foot triplex contains three separate residential units, each with its own entrance. The property was built in 1941 and includes an unfinished basement, a detached garage with two spaces, and a paved road approach. Interior amenities include an oven, range, and refrigerator. Recent improvements include a new roof, replacement windows, and a newer water heater.
The units are currently leased, with utilities included in tenant rents. The property is located at 211 S State Street in Clarksville, Indiana, with access to interstate routes and downtown areas. Its three-unit configuration provides separate living spaces within one multifamily asset.
The units are currently leased, with utilities included in tenant rents. The property is located at 211 S State Street in Clarksville, Indiana, with access to interstate routes and downtown areas. Its three-unit configuration provides separate living spaces within one multifamily asset.
Key Highlights
- Three separate units, all currently leased
- 2,072 square feet across the triplex
- Individual entrances serve each unit
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
$23,425
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
8.68%
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%
$468,500
$468.5K
Cap Rate 7%
$334,643
$334.6K
Cap Rate 9%
$260,278
$260.3K
Market Conditions
NOI Build-Up for 2,072 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
$35.3K $17.04/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$33.5K $16.15/SF
− OpEx
−$10.0K −$4.85/SF
NOI
$23.4K $11.31/SF
Area
Clark County, IN
Vacancy
5.22%
Lease Rate
$17.04 /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%
$468,500
Cap Rate 7%
$334,643
Cap Rate 9%
$260,278
Alternative Uses
Best Use
Multifamily LT 5
$334.6K
$292.8K – $390.4K
NOI $23,425 @ 7.0% cap · market cap 8.68%
Second Best
Apartment 5plus
$312.0K
$273.0K – $364.0K
NOI $21,840 @ 7.0% cap · market cap 8.09%
Theoretical Best
Office A
$602.4K
$527.1K – $702.8K
NOI $42,169 @ 7.0% cap · market cap 15.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
858
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - All three residences are leased and feature individual entrances.
Where is this triplex located?
The property is located at 211 S State Street Clarksville, IN.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Three separate units, all currently leased; 2,072 square feet across the triplex; Individual entrances serve each unit
