Five-Unit Apartment
For Sale
$340,000
2432 Main Street, Anderson, IN 46016
Tenant-occupied apartment property with updated electrical, plumbing, and windows, plus coin-operated laundry and attached storage.
Property Size3,984 SF
Price / SF$85.34
Days on Market13
Property Features for 2432 Main Street
General Information
Standard status
Active
Size
3,984 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA, 1 x studio
Multifamily Units
5
Additional Details
Public Transit
Yes
Amenities
coin operated laundry
Window Air Conditioning
Parking.
On Street.
Security Lighting.
Building Details
Year Built
1949
Stories
2
Tenancy
Multi
Listing Agency:
(573) 465-1108
Listed By:
Keller Williams Indy Metro Partners
(573) 465-1108
Source:
Xome
Added: Aug 16
Changed: Aug 28
Last Checked: Aug 28 at 12:39AM
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 Keller Williams Indy Metro Partners
Investment Insights
Based on property information with market context.
This 3,984-square-foot apartment property contains five units: four two-bedroom, one-bath apartments and one studio. All units are currently tenant occupied. Improvements completed within the past five years include a new electrical panel, updated wiring, PEX plumbing, and vinyl windows. Furnaces and water heaters are newer, while the roof is approximately 10 years old. The property does not have central air; tenants use window air-conditioning units. An attached garage includes storage space with existing water lines and plumbing for a bathroom, subject to applicable zoning, permits, and approvals.
A coin-operated laundry is available for residents. The property offers street parking and is within walking distance of Kroger, with public transportation, shopping, and everyday amenities nearby. The asset was built in 1949.
A coin-operated laundry is available for residents. The property offers street parking and is within walking distance of Kroger, with public transportation, shopping, and everyday amenities nearby. The asset was built in 1949.
Key Highlights
- Five units: four 2‑bedroom, 1‑bath apartments plus one studio
- 3,984 SF apartment property built in 1949
- All five units are currently tenant occupied
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
$30,563
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
8.99%
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%
$611,260
$611.3K
Cap Rate 7%
$436,614
$436.6K
Cap Rate 9%
$339,589
$339.6K
Market Conditions
NOI Build-Up for 3,984 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
$58.8K $14.76/SF
− Vacancy
−$3.2K −$0.81/SF
EGI
$55.6K $13.95/SF
− OpEx
−$25.0K −$6.28/SF
NOI
$30.6K $7.67/SF
Area
Madison County, IN
Vacancy
5.50%
Lease Rate
$14.76 /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%
$611,260
Cap Rate 7%
$436,614
Cap Rate 9%
$339,589
Alternative Uses
Best Use
Apartment 5plus
$436.6K
$382.0K – $509.4K
NOI $30,563 @ 7.0% cap · market cap 8.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$918.3K
$803.5K – $1.07M
NOI $64,278 @ 7.0% cap · market cap 18.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,117
Businesses Nearby
Explore this area
Business Placement
Demographics for 46016, IN
17,686
Population
9,225
Households
1.9
Avg Household Size
36
Median Age
10%
College-Educated
80%
High-School Grad
6.4 sq mi
ZIP Area
2,763
Density / Sq Mi
$35,543
Median Household Income
$28,753
Median Earnings
$864
Median Rent
$66,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Tenant-occupied apartment property with updated electrical, plumbing, and windows, plus coin-operated laundry and attached storage.
Where is this apartment building located?
The property is located at 2432 Main Street Anderson, IN.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Five units: four 2‑bedroom, 1‑bath apartments plus one studio; 3,984 SF apartment property built in 1949; All five units are currently tenant occupied
