Multifamily Residential
For Sale
$4,500,000
4751 Pleasant Valley Drive, West Lafayette, IN 47906
33-unit home/duplex community with 17 buildings and a mix of two- and three-bedroom units on 16+ acres.
Property Size31,397 SF
Price / SF$143.33
Days on Market224
Property Features for 4751 Pleasant Valley Drive
General Information
Standard status
Active
Size
31,397 SF
Property subtype
Multi Family / Apartment Complex
Lease Term
1 Year
Taxes and HOA fees
Annual Taxes
$26,550
Amenities
Central Air
1
No
Mixed
41
Forced Air
24
9
Slab
33
75
8
Yes
Brick
Off Street Parking
Building Details
Year Built
1938
Units
33
Listing Agency:
Sue O'Brien - Titan RE
Listed By:
Cole Kesling · License #RB18000330
(765) 414-4208
Source:
Compass
Added: Jan 26
Changed: Aug 25
Last Checked: Jul 23 at 2:01PM
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 Sue O'Brien - Titan RE
Investment Insights
Based on property information with market context.
Pleasant Valley Estates is a 33-unit home/duplex multifamily community consisting of 17 total buildings. The mix of unit types includes both three-bedroom and two-bedroom homes.
The property is located in West Lafayette, Indiana. It is currently zoned for Agriculture, and the seller is working to have the lot rezoned to R3. With that rezoning, a buyer would have the option to use the 16+ acres to build additional multifamily homes within the community.
The property is located in West Lafayette, Indiana. It is currently zoned for Agriculture, and the seller is working to have the lot rezoned to R3. With that rezoning, a buyer would have the option to use the 16+ acres to build additional multifamily homes within the community.
Key Highlights
- 33‑unit home/duplex community in West Lafayette, IN
- 17 total buildings with a mix of two‑bedroom and three‑bedroom units
- Set on 16+ acres of land within the community
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
$276,474
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
6.14%
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%
$5,529,480
$5.5M
Cap Rate 7%
$3,949,629
$3.9M
Cap Rate 9%
$3,071,933
$3.1M
Market Conditions
NOI Build-Up for 31,397 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
$508.6K $16.20/SF
− Vacancy
−$6.0K −$0.19/SF
EGI
$502.7K $16.01/SF
− OpEx
−$226.2K −$7.20/SF
NOI
$276.5K $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 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%
$5,529,480
Cap Rate 7%
$3,949,629
Cap Rate 9%
$3,071,933
Alternative Uses
Best Use
Apartment 5plus
$3.95M
$3.46M – $4.61M
NOI $276,474 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.25M
$6.34M – $8.46M
NOI $507,411 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
9
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 33-unit home/duplex community with 17 buildings and a mix of two- and three-bedroom units on 16+ acres.
Where is this apartment building located?
The property is located at 4751 Pleasant Valley Drive West Lafayette, IN.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 33‑unit home/duplex community in West Lafayette, IN; 17 total buildings with a mix of two‑bedroom and three‑bedroom units; Set on 16+ acres of land within the community
