Two-Unit Brick Apartment
For Sale
$188,000
721 S 8th Street, Boonville, IN 47601
INVESTMENT, One Story, Boonville, IN
Property Size1,836 SF
Lot Size0.15 Acres
Price / SF$102.40
Days on Market260
Property Features for 721 S 8th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 4, Bedroom 3
Lot features
Level
Elementary school
Oakdale
Middle school
Boonville
High school
Boonville
Elementary school district
Warrick County School Corp.
Middle school district
Warrick County School Corp.
High school district
Warrick County School Corp.
Directions
Main St. to 8th St. Directly across from Oakdale School.
Subdivision
Warrick County
Standard status
Active
APN
87-09-35-209-041.000-003
Size
1,836 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 46 HUDSPETH ADD
Legal Description
LOT 46 HUDSPETH ADD
Utilities
Cooling system
Central Air
Building Details
Year built
1983
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Architectural style
Other
Listing Agency:
SELL4FREE-WELSH REALTY CORPORATION
(812) 634-6969
Listed By:
Opal Sermersheim · License #RB14035424
(812) 582-0776
Added: Jan 9
Changed: Sep 14
Last Checked: Sep 26 at 9:06PM
MLS# 202601071
Copyright © 2026 Southwest Indiana Association 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 1,836-square-foot, single-story duplex was built in 1983 with all-brick construction. The property contains two apartments, each offering two bedrooms and one bathroom, with vinyl flooring and central air. Both units are currently rented.
The 0.15-acre property is located at 721 S 8th Street in Boonville, Indiana, directly across from Oakdale Elementary School. Its two-unit configuration provides a straightforward multifamily layout with existing occupants.
The 0.15-acre property is located at 721 S 8th Street in Boonville, Indiana, directly across from Oakdale Elementary School. Its two-unit configuration provides a straightforward multifamily layout with existing occupants.
Key Highlights
- Two‑unit duplex with 1,836 square feet of building area
- Each apartment includes 2 bedrooms and 1 bathroom
- All‑brick, single‑story construction completed in 1983
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
4.99%
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 4.99%
Second Best
Multifamily LT 5
$126.0K
$110.2K – $147.0K
NOI $8,817 @ 7.0% cap · market cap 4.69%
Theoretical Best
Specialty Retail
$363.3K
$317.9K – $423.8K
NOI $25,429 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Single-story duplex with two-bedroom units, central air, and current occupancy across from Oakdale Elementary School.
Where is this duplex located?
The property is located at 721 S 8th Street Boonville, IN.
What is the asking price?
The asking price for this property is $188,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,836 square feet of building area; Each apartment includes 2 bedrooms and 1 bathroom; All‑brick, single‑story construction completed in 1983
