9-Unit Multifamily Investment
For Sale
$1,350,000
Pending
9201 Kennedy Ave, Highland, IN
Well-maintained 9-unit multifamily property with updated units and in-place rental income.
Property Size8,202 SF
Days on Market112
Property Features for 9201 Kennedy Ave
General Information
Standard status
Pending
Size
8,202 SF
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$11,962
Building Details
Tenancy
Multi
Listing Agency:
Ellsbury Group
(630) 418-3093
Listed By:
Andrew Page · License #RB20000815
(630) 418-3093
Source:
Exprealty
Added: May 5
Changed: Aug 23
Last Checked: Jul 28 at 12:33PM
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 Ellsbury Group
Investment Insights
Based on property information with market context.
This well-maintained 9-unit multifamily property is offered for sale as a turnkey investment. The unit mix is designed to appeal to a broad tenant base, and many of the units have been updated with modern finishes. The property is positioned to provide in-place rental income.
Located in Highland, Indiana, the property is described as convenient to shopping, dining, parks, schools, and major highways, offering accessibility within Northwest Indiana and to the greater Chicago metropolitan area.
The offering includes the full multifamily asset with existing tenants and updated interiors in multiple units, supporting a practical strategy of maintaining and renewing income through continued unit improvements.
Located in Highland, Indiana, the property is described as convenient to shopping, dining, parks, schools, and major highways, offering accessibility within Northwest Indiana and to the greater Chicago metropolitan area.
The offering includes the full multifamily asset with existing tenants and updated interiors in multiple units, supporting a practical strategy of maintaining and renewing income through continued unit improvements.
Key Highlights
- 9‑unit multifamily property built in 1969 in Highland, Northwest Indiana
- Well‑maintained with in‑place rental income and immediate cash flow potential
- Unit mix designed to appeal to a broad tenant base
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
$50,885
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
3.77%
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%
$1,017,700
$1.0M
Cap Rate 7%
$726,929
$726.9K
Cap Rate 9%
$565,389
$565.4K
Market Conditions
NOI Build-Up for 8,202 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
$98.4K $12.00/SF
− Vacancy
−$5.9K −$0.72/SF
EGI
$92.5K $11.28/SF
− OpEx
−$41.6K −$5.08/SF
NOI
$50.9K $6.20/SF
Area
Vermillion County, IN
Vacancy
6.00%
Lease Rate
$12.00 /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%
$1,017,700
Cap Rate 7%
$726,929
Cap Rate 9%
$565,389
Alternative Uses
Best Use
Apartment 5plus
$726.9K
$636.1K – $848.1K
NOI $50,885 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,574 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,049
Businesses Nearby
Explore this area
Business Placement
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 - Well-maintained 9-unit multifamily property with updated units and in-place rental income.
Where is this apartment building located?
The property is located at 9201 Kennedy Ave Highland, IN.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 9‑unit multifamily property built in 1969 in Highland, Northwest Indiana; Well‑maintained with in‑place rental income and immediate cash flow potential; Unit mix designed to appeal to a broad tenant base
