Terre Haute Multifamily Investment
2333 North 14th Street Terre Haute, IN 47804
2333 North 14th Street, Terre Haute, IN, 47804
$285,500
For Sale
$285,500
Six-unit multifamily property with recent renovations and upside potential.
Property Size5,916 SF
Price / SF$48.26
Days on Market117
Property Features for 2333 North 14th Street
General Information
- Standard status
- Active
- Size
- 5,916 SF
- Property subtype
- Commercial Sale / Multi-Family 5+
Listing Agency
Beycome of California
(844) 239-2663
Listed by
Valeska Nemetz · License #01737574
(844) 239-2663
Source
Compass
Added: Mar 24 Checked: Jul 10 at 12:13 pm
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 Beycome of California
Investment Insights
Based on property information with market context.
This six-unit brick multifamily property is located in Terre Haute, Indiana. All major systems, including plumbing, electrical, roof, HVAC, and water heaters, were replaced in 2021. Three units were renovated in 2025. The property features separately metered electric, with tenants responsible for their own electric bills. Currently, five of the six units are occupied, generating $3,315 per month in rent. Unit 5 is vacant, presenting an immediate opportunity for lease-up. The current owner pays for water and sewer without recapture, offering a new owner the potential to increase net operating income by implementing flat fee billing with no capital expenditure. The unit mix is diverse, including one 3-bedroom, two 2-bedroom, and three 1-bedroom units. The property is situated in a market with four universities: Indiana State, Rose-Hulman, Saint Mary-of-the-Woods, and Ivy Tech. The cap rate is 8.9% on stabilized net operating income, with a pro-forma 9% with Unit 5 leased and utility recapture in place. The property size is 5916 square feet.
Key Highlights
- 8.9% Cap Rate on Stabilized NOI, Pro‑Forma 9% with Unit 5 Leased and Utility Recapture
- All Major Systems Replaced in 2021 (Plumbing, Electrical, Roof, HVAC, Water Heaters)
- Immediate Lease‑Up Upside with Vacant Unit 5
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $54.0k | $9.12 |
| − Vacancy | −$6.5k | −$1.09 |
| EGI | $47.5k | $8.03 |
| − OpEx | −$21.4k | −$3.61 |
| NOI | $26.1k | $4.41 |
5,916 SF · lease $9.12/SF/yr · vacancy 12.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$373.1K
$326.4K – $435.2K
NOI $26,114 @ 7.0% cap · market cap 9.15%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.27M
$3.74M – $4.98M
NOI $298,938 @ 7.0% cap · market cap 104.71%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Six-unit multifamily property with recent renovations and upside potential.
Where is this apartment building located?
The property is located at 2333 North 14th Street Terre Haute, IN.
What is the asking price?
The asking price for this property is $285,500.
What are key features of this property?
This property features: 8.9% Cap Rate on Stabilized NOI, Pro‑Forma 9% with Unit 5 Leased and Utility Recapture; All Major Systems Replaced in 2021 (Plumbing, Electrical, Roof, HVAC, Water Heaters); Immediate Lease‑Up Upside with Vacant Unit 5
