Building Details

Year Built 1991

Buildings 1

Stories 2

Units 10

Tenancy Multi

Listing Agency: KW Commercial Lafayette, IN

Listed By: Nathaniel Gustus · License #IN RB14036887 Show Phone

Source: Crexi

Added: Jul 14 Changed: Oct 2 Last Checked: Oct 14 at 9:21PM

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Investment Insights

Based on property information with market context.

Benchmark III is a 14,224-square-foot apartment building completed in 1991 at 421 South Chauncey Avenue in West Lafayette. The property contains 10 apartments, including nine four-bedroom, 2.5-bath units and one two-bedroom, 1.5-bath unit, totaling 38 bedrooms. The asset is zoned R3W and offers multiple residential floor plans within a student-oriented multifamily setting.

The property is positioned on the southeast side of Purdue University's West Lafayette campus, near the College of Veterinary Medicine. Purdue Memorial Union, the Mitch Daniels School of Business, and Rawls Hall are approximately four blocks away. Chauncey Hill, with restaurants, Target, and other shopping locations, is within a short walk.

A master lease with Purdue University extends through the 2027-28 school year and includes 5% annual increases each August.

Key Highlights

• 10 apartments totaling 38 bedrooms
• Unit mix includes 9 4BR/2.5BA apartments and 1 2BR/1.5BA apartment
• 14,224‑square‑foot apartment building completed in 1991

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$125,253

Cap Rate

3.14%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,505,060 $2.5M

Cap Rate 7%

$1,789,329 $1.8M

Cap Rate 9%

$1,391,700 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,224 SF

Gross rent

$230.4K $16.20/SF

− Vacancy

−$2.7K −$0.19/SF

EGI

$227.7K $16.01/SF

− OpEx

−$102.5K −$7.20/SF

NOI

$125.3K $8.81/SF

Area

Tippecanoe County, IN

Vacancy

1.17%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,505,060

Cap Rate 7%

$1,789,329

Cap Rate 9%

$1,391,700

Alternative Uses

Best Use

Apartment 5plus

$1.79M

$1.57M – $2.09M (±1% cap)

NOI $125,253 @ 7.0% cap · market cap 3.14%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.28M

$2.87M – $3.83M (±1% cap)

NOI $229,876 @ 7.0% cap · market cap 5.75%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Plumbing Service Furniture & Home Goods Electrical Service Pharmacy Storage Facility (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,356

Businesses Nearby

Explore this area Business Placement

Demographics for 47906, IN

73,579

Population

28,658

Households

2.6

Avg Household Size

26

Median Age

62%

College-Educated

96%

High-School Grad

133.6 sq mi

ZIP Area

551

Density / Sq Mi

$51,736

Median Household Income

$18,528

Median Earnings

$1,157

Median Rent

$280,900

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Apartment layouts include four-bedroom and two-bedroom configurations near Purdue University's West Lafayette campus.

Where is this apartment building located?

The property is located at 421 South Chauncey Avenue West Lafayette, IN.

What is the asking price?

The asking price for this property is $3,995,000.

What are key features of this property?

This property features: 10 apartments totaling 38 bedrooms; Unit mix includes 9 4BR/2.5BA apartments and 1 2BR/1.5BA apartment; 14,224‑square‑foot apartment building completed in 1991