Completely Renovated 9-Unit Apartment
For Sale
$499,000
612 W 4th St, Marion, IN 46952
A renovated 9-unit property with five one-bedroom units and four efficiencies, furnished with new kitchen appliances.
Property Size3,610 SF
Price / SF$138.23
Days on Market96
Property Features for 612 W 4th St
General Information
Standard status
Active
Size
3,610 SF
Property subtype
Residential Income
Units
Unit Mix
5 x 1BR/1BA, 4 x efficiency
Multifamily Units
9
Building Details
Buildings
1
Listing Agency:
Keller Williams Realty Services
(859) 240-0727
Listed By:
Joan E. Hittinger
2904749
Source:
Exprealty
Added: Jun 17
Changed: Sep 8
Last Checked: Sep 19 at 12:51PM
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 Keller Williams Realty Services
Investment Insights
Based on property information with market context.
Completely renovated 9-unit apartment building offering a mix of five one-bedroom/one-bath units and four efficiency units. The building includes numerous recent improvements, including new HVAC mini-split systems, new water heaters, new gutters, and separate utility infrastructure designed to support management efficiency. Each unit is furnished with all new kitchen appliances, supporting a move-in-ready tenant experience.
The property is located at 612 W 4th St, Marion, IN, just minutes from Indiana Wesleyan University. An additional lot adjacent to the property provides the opportunity to create off-street parking.
With a total property size of 3,610 SF, this recently overhauled multifamily asset is positioned for investors looking to expand an existing portfolio or begin building one.
The property is located at 612 W 4th St, Marion, IN, just minutes from Indiana Wesleyan University. An additional lot adjacent to the property provides the opportunity to create off-street parking.
With a total property size of 3,610 SF, this recently overhauled multifamily asset is positioned for investors looking to expand an existing portfolio or begin building one.
Key Highlights
- Completely renovated 9‑unit apartment building
- Unit mix: 5 one‑bedroom/one‑bath units and 4 efficiency units
- New HVAC mini‑split systems and new water heaters
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
$17,977
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
3.60%
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%
$359,540
$359.5K
Cap Rate 7%
$256,814
$256.8K
Cap Rate 9%
$199,744
$199.7K
Market Conditions
NOI Build-Up for 3,610 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
$38.1K $10.56/SF
− Vacancy
−$5.4K −$1.51/SF
EGI
$32.7K $9.05/SF
− OpEx
−$14.7K −$4.07/SF
NOI
$18.0K $4.98/SF
Area
Grant County, IN
Vacancy
14.26%
Lease Rate
$10.56 /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%
$359,540
Cap Rate 7%
$256,814
Cap Rate 9%
$199,744
Alternative Uses
Best Use
Apartment 5plus
$256.8K
$224.7K – $299.6K
NOI $17,977 @ 7.0% cap · market cap 3.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$701.1K
$613.4K – $817.9K
NOI $49,075 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,011
Businesses Nearby
Explore this area
Business Placement
Demographics for 46952, IN
18,996
Population
8,832
Households
2.2
Avg Household Size
46
Median Age
25%
College-Educated
89%
High-School Grad
105.5 sq mi
ZIP Area
180
Density / Sq Mi
$53,481
Median Household Income
$39,246
Median Earnings
$785
Median Rent
$129,000
Median Home Value
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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 - A renovated 9-unit property with five one-bedroom units and four efficiencies, furnished with new kitchen appliances.
Where is this apartment building located?
The property is located at 612 W 4th St Marion, IN.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Completely renovated 9‑unit apartment building; Unit mix: 5 one‑bedroom/one‑bath units and 4 efficiency units; New HVAC mini‑split systems and new water heaters
