Renovated Apartment
For Sale
$499,000
612 W 4th Street, Marion, IN 46952
Multi Family, Marion, IN
Property Size3,610 SF
Lot Size0.26 Acres
Price / SF$138.23
Days on Market96
Property Features for 612 W 4th Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
5
Rooms
Basement, Bedroom 1, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 5
Parking features
On Street
Window features
Vinyl Frames
Fireplace
1
Appliances
Oven/Range, Refrigerator
View
City
Elementary school
Kendall Elementary
High school
Marion High School
Elementary school district
Marion Community
Middle school district
Marion Community
High school district
Marion Community
Subdivision
Center
Standard status
Active
APN
27-07-06-301-076.000-002
Size
3,610 SF
Lot size
0.26 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1900
Number of units
9
Building materials
Vinyl Siding
Roof type
Membrane, Shingle
Architectural style
Other
Listing Agency:
Keller Williams Realty Services
(859) 240-0727
Listed By:
Joan Hittinger
2904749
Added: Jun 17
Changed: Sep 16
Last Checked: Sep 20 at 12:06AM
MLS# 207710
Copyright © 2026 Southeastern Indiana Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This apartment property contains 9 units, including 5 one-bedroom, one-bath apartments and 4 efficiency units, within 3,610 square feet. Recent renovations include electric HVAC mini-split systems, water heaters, gutters, and separate utility infrastructure. Each unit is furnished with an oven/range and refrigerator, and the building includes vinyl siding, a basement, and a fireplace. The property was built in 1900 and is served by public water and public sewer.
Located at 612 W 4th Street in Marion, Indiana, the property is approximately 45 minutes from Kokomo and sits minutes from Indiana Wesleyan University. Parking is available on the street, while an adjacent additional lot offers the potential for off-street parking. The parcel measures 0.26 acres.
Located at 612 W 4th Street in Marion, Indiana, the property is approximately 45 minutes from Kokomo and sits minutes from Indiana Wesleyan University. Parking is available on the street, while an adjacent additional lot offers the potential for off-street parking. The parcel measures 0.26 acres.
Key Highlights
- 9‑unit apartment building with 5 one‑bedroom/one‑bath units and 4 efficiency units
- 3,610 square feet on a 0.26‑acre parcel
- Renovated with HVAC mini‑split systems, water heaters, gutters, and separate utility infrastructure
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Furnished apartment property with updated systems, appliances, and separate utility infrastructure.
Where is this apartment building located?
The property is located at 612 W 4th Street 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: 9‑unit apartment building with 5 one‑bedroom/one‑bath units and 4 efficiency units; 3,610 square feet on a 0.26‑acre parcel; Renovated with HVAC mini‑split systems, water heaters, gutters, and separate utility infrastructure
