24-Unit Apartment
New
For Sale
Contact for pricing
715 Chestnut St, Anderson, IN 46012
The residential mix includes both one-bedroom and two-bedroom apartments.
Property Size23,220 SF
Price / SF$172.27
Days on Market5
Property Features for 715 Chestnut St
General Information
Standard status
Active
Size
23,220 SF
Property subtype
Multifamily
Financials
Asking Price
$4,000,000
Cap Rate
7.3%
Units
Unit Mix
20 x 2BR, 4 x 1BR
Multifamily Units
24
Listing Agency:
RWA Properties
Listed By:
Stephen Barton · License #RB14052302
Source:
Crexi
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 26 at 6:31AM
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.
This 24-unit apartment property contains 23,220 square feet. The unit mix comprises 20 two-bedroom apartments and 4 one-bedroom apartments.
Located at 715 Chestnut St in Anderson, Indiana, the property has a 7.3% cap rate and a 7.1% cash-on-cash return.
Located at 715 Chestnut St in Anderson, Indiana, the property has a 7.3% cap rate and a 7.1% cash-on-cash return.
Key Highlights
- 24 apartments totaling 23,220 square feet
- Unit mix includes 20 two‑bedroom apartments and 4 one‑bedroom apartments
- 7.3% cap rate
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
$178,132
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
4.45%
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%
$3,562,640
$3.6M
Cap Rate 7%
$2,544,743
$2.5M
Cap Rate 9%
$1,979,244
$2.0M
Market Conditions
NOI Build-Up for 23,220 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
$342.7K $14.76/SF
− Vacancy
−$18.8K −$0.81/SF
EGI
$323.9K $13.95/SF
− OpEx
−$145.7K −$6.28/SF
NOI
$178.1K $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%
$3,562,640
Cap Rate 7%
$2,544,743
Cap Rate 9%
$1,979,244
Alternative Uses
Best Use
Apartment 5plus
$2.54M
$2.23M – $2.97M
NOI $178,132 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.35M
$4.68M – $6.24M
NOI $374,635 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
375
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - The residential mix includes both one-bedroom and two-bedroom apartments.
Where is this apartment building located?
The property is located at 715 Chestnut St Anderson, IN.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 24 apartments totaling 23,220 square feet; Unit mix includes 20 two‑bedroom apartments and 4 one‑bedroom apartments; 7.3% cap rate
