6-Unit Victorian Apartment
New
For Sale
$450,000
397 S 10th St, Noblesville, IN 46060
The property combines a three-unit Victorian residence with a separate three-unit carriage house.
Property Size4,265 SF
Price / SF$105.51
Days on Market1
Property Features for 397 S 10th St
General Information
Standard status
Active
Size
4,265 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
some kitchen and bathroom updating and also exterior paint touch-ups
Additional Details
Cap Rate
8.5%
Multifamily Units
6
Building Details
Year Built
1900
Buildings
2
Construction
Victorian
Listing Agency:
F.C. Tucker Company
Listed By:
The James Embry Team
(317) 903-0262
Source:
Jamesembry
Added: Oct 16
Last Checked: Oct 16 at 7:07AM
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 Company
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Investment Insights
Based on property information with market context.
This six-unit apartment property pairs a Victorian-era main house with a separate carriage house. Three apartments occupy the nearly 3,000 SF main home, and three are in the nearly 1,300 SF carriage house. Five units are rented. The 1900-built residence features two covered porches, carved staircase details, original built-ins, and some original hardwood flooring. All units have updated flooring, fresh paint, and newer PEX plumbing; the roof and boiler are approximately five years old, and the carriage house has new windows.
The property sits on a corner lot across from Seminary Park. Downtown Noblesville destinations—including shopping, dining, the historic courthouse, walking trails, and parks—are within walking distance. The source also notes that some kitchen and bathroom updating and exterior paint touch-ups could be considered. Continued apartment use is one option; other configurations would be subject to required approvals and existing leases.
The property sits on a corner lot across from Seminary Park. Downtown Noblesville destinations—including shopping, dining, the historic courthouse, walking trails, and parks—are within walking distance. The source also notes that some kitchen and bathroom updating and exterior paint touch-ups could be considered. Continued apartment use is one option; other configurations would be subject to required approvals and existing leases.
Key Highlights
- Six units: three in the main house and three in a separate carriage house
- Nearly 3,000 SF in the main home and nearly 1,300 SF in the carriage house
- Five units currently rented; reported cap rate is approximately 8.5%
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,251
Cap Rate
7.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$665,020
$665.0K
Cap Rate 7%
$475,014
$475.0K
Cap Rate 9%
$369,456
$369.5K
Market Conditions
NOI Build-Up for 4,265 SF
Gross rent
$64.0K $15.00/SF
− Vacancy
−$3.5K −$0.83/SF
EGI
$60.5K $14.17/SF
− OpEx
−$27.2K −$6.38/SF
NOI
$33.3K $7.80/SF
Area
Hamilton County, IN
Vacancy
5.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$665,020
Cap Rate 7%
$475,014
Cap Rate 9%
$369,456
Alternative Uses
Best Use
Apartment 5plus
$475.0K
$415.6K – $554.2K
NOI $33,251 @ 7.0% cap · market cap 7.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$983.0K
$860.2K – $1.15M
NOI $68,812 @ 7.0% cap · market cap 15.29%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,102
Businesses Nearby
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Business Placement
Demographics for 46060, IN
45,073
Population
18,887
Households
2.4
Avg Household Size
35
Median Age
46%
College-Educated
95%
High-School Grad
80.6 sq mi
ZIP Area
559
Density / Sq Mi
$91,141
Median Household Income
$50,557
Median Earnings
$1,215
Median Rent
$292,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - The property combines a three-unit Victorian residence with a separate three-unit carriage house.
Where is this apartment building located?
The property is located at 397 S 10th St Noblesville, IN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Six units: three in the main house and three in a separate carriage house; Nearly 3,000 SF in the main home and nearly 1,300 SF in the carriage house; Five units currently rented; reported cap rate is approximately 8.5%
