All-Brick Duplex
For Sale
$195,000
721 S 8th St, Boonville, IN 47601
Two-unit apartment property with current occupancy across from Oakdale Elementary School.
Property Size1,836 SF
Price / SF$106.21
Days on Market44
Property Features for 721 S 8th St
General Information
Standard status
Active
Size
1,836 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1983
Buildings
1
Construction
brick
Listing Agency:
SELL4FREE-WELSH REALTY CORPORATION
(812) 582-0776
Listed By:
Opal Sermersheim · License #RB14035424
Source:
Kmsrealestategroup
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 25 at 4:58AM
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 SELL4FREE-WELSH REALTY CORPORATION
Investment Insights
Based on property information with market context.
Located at 721 S 8th St in Boonville, Indiana, this 1,836-square-foot duplex apartment building is constructed of brick and contains two units. Each unit has two bedrooms and one bathroom, providing the same basic layout throughout the property. Both units are currently rented.
The building is directly across from Oakdale Elementary School, giving the property an established nearby institutional reference point. Its existing two-unit configuration and current occupancy are the primary property characteristics.
The building is directly across from Oakdale Elementary School, giving the property an established nearby institutional reference point. Its existing two-unit configuration and current occupancy are the primary property characteristics.
Key Highlights
- 1,836‑square‑foot all‑brick duplex apartment building
- Two bedrooms and one bathroom in each unit
- Both units are currently rented
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
$9,380
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
4.81%
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%
$187,600
$187.6K
Cap Rate 7%
$134,000
$134.0K
Cap Rate 9%
$104,222
$104.2K
Market Conditions
NOI Build-Up for 1,836 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
$18.1K $9.84/SF
− Vacancy
−$1.0K −$0.55/SF
EGI
$17.1K $9.29/SF
− OpEx
−$7.7K −$4.18/SF
NOI
$9.4K $5.11/SF
Area
Warrick County, IN
Vacancy
5.60%
Lease Rate
$9.84 /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%
$187,600
Cap Rate 7%
$134,000
Cap Rate 9%
$104,222
Alternative Uses
Best Use
Apartment 5plus
$134.0K
$117.3K – $156.3K
NOI $9,380 @ 7.0% cap · market cap 4.81%
Second Best
Multifamily LT 5
$126.0K
$110.2K – $147.0K
NOI $8,817 @ 7.0% cap · market cap 4.52%
Theoretical Best
Specialty Retail
$363.3K
$317.9K – $423.8K
NOI $25,429 @ 7.0% cap · market cap 13.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
Explore this area
Business Placement
Demographics for 47601, IN
14,088
Population
5,803
Households
2.4
Avg Household Size
43
Median Age
24%
College-Educated
94%
High-School Grad
127.3 sq mi
ZIP Area
111
Density / Sq Mi
$77,411
Median Household Income
$46,517
Median Earnings
$843
Median Rent
$184,900
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?
Duplex - Two-unit apartment property with current occupancy across from Oakdale Elementary School.
Where is this duplex located?
The property is located at 721 S 8th St Boonville, IN.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: 1,836‑square‑foot all‑brick duplex apartment building; Two bedrooms and one bathroom in each unit; Both units are currently rented
