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 Market16
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: Aug 29
Last Checked: Aug 31 at 8:55PM
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
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 = 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
$53,717
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
3.36%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
