22-Unit Apartment
For Sale
Contact for pricing
522 S CHERRY ST, Columbus, IN 47201
Two-level property with updated apartments, studio units, and full kitchen facilities on each floor.
Property Size8,640 SF
Price / SF$185.19
Days on Market62
Property Features for 522 S CHERRY ST
General Information
Standard status
Active
Size
8,640 SF
Property subtype
Multifamily
Occupancy
75%
Net Operating Income
$106,971
Additional Details
Multifamily Units
22
Building Details
Year Built
1970
Stories
2
Units
25
Listing Agency:
Multi Family Innovations
Listed By:
Jonathan King · License #360848
Source:
Crexi
Added: Aug 18
Changed: Oct 12
Last Checked: Oct 16 at 9:01AM
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 Multi Family Innovations
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Investment Insights
Based on property information with market context.
This 22-unit apartment property contains 8640 square feet across two floors and includes three studio apartments. Each level is equipped with a full kitchen and multiple full bathrooms, providing a defined arrangement for the building’s residential units. Most apartments have been recently updated, while many units are occupied by long-term tenants.
Built in 1970, the property is located at 522 S Cherry St in Columbus, Indiana. Its unit count, studio component, two-floor configuration, and existing tenant base provide a straightforward multifamily asset profile.
Built in 1970, the property is located at 522 S Cherry St in Columbus, Indiana. Its unit count, studio component, two-floor configuration, and existing tenant base provide a straightforward multifamily asset profile.
Key Highlights
- 22‑unit apartment property
- Three studio units included
- 8640 square feet across two floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,717
Cap Rate
3.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,074,340
$1.1M
Cap Rate 7%
$767,386
$767.4K
Cap Rate 9%
$596,856
$596.9K
Market Conditions
NOI Build-Up for 8,640 SF
Gross rent
$103.7K $12.00/SF
− Vacancy
−$6.0K −$0.70/SF
EGI
$97.7K $11.30/SF
− OpEx
−$43.9K −$5.09/SF
NOI
$53.7K $6.22/SF
Area
Bartholomew County, IN
Vacancy
5.80%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,074,340
Cap Rate 7%
$767,386
Cap Rate 9%
$596,856
Alternative Uses
Best Use
Apartment 5plus
$767.4K
$671.5K – $895.3K
NOI $53,717 @ 7.0% cap · market cap 3.36%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.67M
$1.46M – $1.95M
NOI $116,920 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Explore this area
Business Placement
Demographics for 47201, IN
45,969
Population
20,924
Households
2.2
Avg Household Size
36
Median Age
36%
College-Educated
92%
High-School Grad
201.2 sq mi
ZIP Area
228
Density / Sq Mi
$82,667
Median Household Income
$46,243
Median Earnings
$1,159
Median Rent
$217,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Two-level property with updated apartments, studio units, and full kitchen facilities on each floor.
Where is this apartment building located?
The property is located at 522 S CHERRY ST Columbus, IN.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 22‑unit apartment property; Three studio units included; 8640 square feet across two floors
