2333 N 14th Street, Terre Haute, IN 47804 2333 N 14th St 6 Unit Apartment Building $285,500 ($47,583/Unit) 8.30% Cap Rate Terre Haute, IN 47804

2333 N 14th Street is a stabilized six-unit multifamily property in Terre Haute, Indiana offering immediate cash flow and meaningful value-add upside. The property consists of a diverse unit mix — one 3BR/1BA, two 2BR/1BA, and three 1BR/1BA — housed in a solid two-story brick building originally constructed in 1924, comprehensively updated in 2021, and further renovated in 2025.
In 2021, all major building systems were replaced including plumbing, electrical, roof, HVAC, and water heaters — giving the next owner the character of a classic brick building with the reliability of modern infrastructure. Three additional units were renovated in 2025, reducing near-term capital expenditure needs further.
Six of six units are currently occupied with in-place rents of $3,965/month.
Electric is separately metered and tenant-paid. Owner pays common area Electric. Water and sewer are owner-paid with only partial cost recapture currently in place — a straightforward opportunity for a new owner to implement RUBS or increase the flat utility fee to market standard, adding meaningful NOI with zero capital investment.
The property is located in the 12 Points neighborhood and sits in one of Terre Haute’ fastest growing rental markets, supported by four universities: Indiana State University, Rose-Hulman Institute of Technology, Saint Mary-of-the-Woods College, and Ivy Tech Community College — providing a consistent base of student and workforce housing demand.