19-Unit Apartment
New
For Sale
Contact for pricing
600 College Dr, Anderson, IN 46012
The property combines predominantly two-bedroom apartments with a single one-bedroom residence.
Property Size15,388 SF
Lot Size0.14 Acres
Price / SF$194.96
Days on Market5
Property Features for 600 College Dr
General Information
Standard status
Active
Size
15,388 SF
Lot size
0.14 Acres
Property subtype
Multifamily
Units
Unit Mix
18 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
19
Additional Details
Cap Rate
8%
Building Details
Year Built
1974
Listing Agency:
RWA Properties
Listed By:
Stephen Barton · License #RB14052302
Source:
Crexi
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 2:35PM
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 RWA Properties
Investment Insights
Based on property information with market context.
Built in 1974, this apartment property contains 19 residences across 15,388 square feet on a 6,011-square-foot lot. The unit mix includes 18 two-bedroom, one-bathroom apartments measuring 816 square feet each, plus one 700-square-foot, one-bedroom, one-bathroom apartment.
The property is at 600 College Dr in Anderson, Indiana. The stated investment metrics are an 8% cap rate and a 9.7% cash-on-cash return.
The property is at 600 College Dr in Anderson, Indiana. The stated investment metrics are an 8% cap rate and a 9.7% cash-on-cash return.
Key Highlights
- 19 apartments in total
- 18 two‑bedroom, one‑bath units at 816 square feet each
- One‑bedroom, one‑bath unit measuring 700 square feet
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
$118,049
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
3.93%
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%
$2,360,980
$2.4M
Cap Rate 7%
$1,686,414
$1.7M
Cap Rate 9%
$1,311,656
$1.3M
Market Conditions
NOI Build-Up for 15,388 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
$227.1K $14.76/SF
− Vacancy
−$12.5K −$0.81/SF
EGI
$214.6K $13.95/SF
− OpEx
−$96.6K −$6.28/SF
NOI
$118.0K $7.67/SF
Area
Madison County, IN
Vacancy
5.50%
Lease Rate
$14.76 /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%
$2,360,980
Cap Rate 7%
$1,686,414
Cap Rate 9%
$1,311,656
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,049 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.55M
$3.10M – $4.14M
NOI $248,272 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
19
Residential units
Location Intelligence
Trade Area within ½ mile
413
Businesses Nearby
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Business Placement
Demographics for 46012, IN
19,108
Population
9,659
Households
2
Avg Household Size
44
Median Age
22%
College-Educated
91%
High-School Grad
32.0 sq mi
ZIP Area
597
Density / Sq Mi
$58,538
Median Household Income
$36,017
Median Earnings
$982
Median Rent
$149,400
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
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Frequently Asked Questions
What type of property is this?
Apartment building - The property combines predominantly two-bedroom apartments with a single one-bedroom residence.
Where is this apartment building located?
The property is located at 600 College Dr Anderson, IN.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 19 apartments in total; 18 two‑bedroom, one‑bath units at 816 square feet each; One‑bedroom, one‑bath unit measuring 700 square feet
