Four-Unit Apartment
New
For Sale
$173,333
324 E Moore Street, Boonville, IN 47601
Tenant-occupied apartments with professional management and landlord-paid utilities.
Property Size2,610 SF
Price / SF$66.41
Days on Market3
Property Features for 324 E Moore Street
General Information
Standard status
Active
Size
2,610 SF
Property subtype
Multi-Family
Additional Details
Asking Price
$520,000
Multifamily Units
11
Building Details
Year Built
1979
Listing Agency:
F.C. Tucker Realty Center
(765) 661-0379
Listed By:
Carson and Lisa Lowry Real Estate
(812) 305-4663
Source:
Carsonlowryrealestate
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 11 at 7:59AM
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 F.C. Tucker Realty Center
Investment Insights
Based on property information with market context.
Located at 324 E Moore Street in Boonville, Indiana, this 1979 apartment property contains four residential units. All units are occupied by tenants and professionally managed, providing an established operating structure for the property.
The landlord covers water, sewer, trash, electric, and gas service. This building is included in a broader multi-property apartment package with additional properties in Evansville, Indiana.
The landlord covers water, sewer, trash, electric, and gas service. This building is included in a broader multi-property apartment package with additional properties in Evansville, Indiana.
Key Highlights
- Four‑unit apartment building
- Built in 1979
- All units are 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
$13,334
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
7.69%
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%
$266,680
$266.7K
Cap Rate 7%
$190,486
$190.5K
Cap Rate 9%
$148,156
$148.2K
Market Conditions
NOI Build-Up for 2,610 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
$25.7K $9.84/SF
− Vacancy
−$1.4K −$0.55/SF
EGI
$24.2K $9.29/SF
− OpEx
−$10.9K −$4.18/SF
NOI
$13.3K $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%
$266,680
Cap Rate 7%
$190,486
Cap Rate 9%
$148,156
Alternative Uses
Best Use
Apartment 5plus
$190.5K
$166.7K – $222.2K
NOI $13,334 @ 7.0% cap · market cap 7.69%
Second Best
Multifamily LT 5
$179.1K
$156.7K – $208.9K
NOI $12,534 @ 7.0% cap · market cap 7.23%
Theoretical Best
Specialty Retail
$516.4K
$451.9K – $602.5K
NOI $36,149 @ 7.0% cap · market cap 20.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
383
Businesses Nearby
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Business Placement
Demographics for 47601, IN
14,088
Population
5,803
Households
2.4
Avg Household Size
43
Median Age
24%
College-Educated
94%
High-School Grad
127.3 sq mi
ZIP Area
111
Density / Sq Mi
$77,411
Median Household Income
$46,517
Median Earnings
$843
Median Rent
$184,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Tenant-occupied apartments with professional management and landlord-paid utilities.
Where is this quadplex located?
The property is located at 324 E Moore Street Boonville, IN.
What is the asking price?
The asking price for this property is $173,333.
What are key features of this property?
This property features: Four‑unit apartment building; Built in 1979; All units are tenant occupied
