Four-Unit Quadplex with
For Sale
$349,000
Pending
904 Parkview Dr, Boonville, IN 47601
Well-maintained residential income property with one available unit, three occupied units, and dedicated off-street parking.
Property Size3,712 SF
Days on Market180
Property Features for 904 Parkview Dr
General Information
Standard status
Pending
Size
3,712 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,474
Amenities
range
refrigerator
washer
dryer
off-street parking
Listing Agency:
ERA FIRST ADVANTAGE REALTY, INC
(812) 858-2400
Listed By:
Sherry Hancock
(812) 858-2400
Source:
Exprealty
Added: Mar 3
Changed: Aug 30
Last Checked: Aug 30 at 12:51AM
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 ERA FIRST ADVANTAGE REALTY, INC
Investment Insights
Based on property information with market context.
This quadplex contains four residential units, each offering two bedrooms, one bathroom, a kitchen equipped with a range and refrigerator, a washer and dryer, and a spacious living room. The building and units are described as being in good condition, with ongoing owner maintenance.
One unit is currently vacant, while the remaining three units are rented. The property sits on a corner lot and includes off-street parking. Located at 904 Parkview Dr in Boonville, Indiana, the 3,712-square-foot property provides a four-unit configuration with a mix of occupied and available space.
One unit is currently vacant, while the remaining three units are rented. The property sits on a corner lot and includes off-street parking. Located at 904 Parkview Dr in Boonville, Indiana, the 3,712-square-foot property provides a four-unit configuration with a mix of occupied and available space.
Key Highlights
- Four residential units, each with 2 bedrooms and 1 bathroom
- Each unit includes a range, refrigerator, washer, dryer, kitchen, and spacious living room
- 3,712 square feet of property size
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
$18,964
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
5.43%
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%
$379,280
$379.3K
Cap Rate 7%
$270,914
$270.9K
Cap Rate 9%
$210,711
$210.7K
Market Conditions
NOI Build-Up for 3,712 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
$36.5K $9.84/SF
− Vacancy
−$2.0K −$0.55/SF
EGI
$34.5K $9.29/SF
− OpEx
−$15.5K −$4.18/SF
NOI
$19.0K $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%
$379,280
Cap Rate 7%
$270,914
Cap Rate 9%
$210,711
Alternative Uses
Best Use
Apartment 5plus
$270.9K
$237.1K – $316.1K
NOI $18,964 @ 7.0% cap · market cap 5.43%
Second Best
Multifamily LT 5
$254.6K
$222.8K – $297.1K
NOI $17,825 @ 7.0% cap · market cap 5.11%
Theoretical Best
Specialty Retail
$734.5K
$642.7K – $856.9K
NOI $51,412 @ 7.0% cap · market cap 14.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
203
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?
Quadplex - Well-maintained residential income property with one available unit, three occupied units, and dedicated off-street parking.
Where is this quadplex located?
The property is located at 904 Parkview Dr Boonville, IN.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Four residential units, each with 2 bedrooms and 1 bathroom; Each unit includes a range, refrigerator, washer, dryer, kitchen, and spacious living room; 3,712 square feet of property size
