Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    515 Washington Ave Evansville, IN 47713

    View on Map
    Sponsored
    For Sale
    Pending
    $150,000

    Triplex - Evansville, IN

    Type:Triplex
    Property size:
    1,460 SF
    Lot size:
    0.17 Acres
    Days on Market:
    8
    Last Refresh:
    Mar 5 at 10:06 am

    Property Features for 515 Washington Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Triplex
    Standard status
    Pending
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    5
    Bathrooms
    2
    APN
    82-06-32-022-008.014-029
    Exterior features
    Other-see Remarks, None
    Basement Y/N
    1
    Appliances
    Range
    Size
    1,460 SF
    Lot size
    0.17 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Other (Cooling)

    Building Details

    Floors in Building
    2
    Number of units
    3
    Flooring type
    Vinyl
    Building materials
    Other
    Architectural style
    Other
    Additional Structures
    See Remarks

    We can help!

    Listing Contact
    Jessica Gries

    Key Associates Signature Realty (812) 937-4486

    Listing agent Jessica Gries (812) 937-4486 License #RB23000440

    Listing date Feb 26, 2026

    MLS# 202601689 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Evansville Triplex: Investor Opportunity

    This triplex in Evansville, Indiana, presents an investor opportunity. The property features three separate apartments, each equipped with its own private entrance and separate meters. Ample parking is available, including a large concrete driveway in the rear and additional designated spaces. The building has 1460 square feet of space and sits on a lot of approximately 0.17 acres. Stairs to the attic are located across from Apartment B on the upper level. The property is located in Vanderburgh County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.557272
    Latitude
    37.962708

    Nearby Similar for Sale

    • New
      $236,000
      4,126 SF

      Mixed-Use Investment Opportunity

      Mixed-use property with business space, rental units, and ample parking.
      1319/1321 N 1St Ave, Evansville, IN 47710
      View Details
    • $525,000
      8,000 SF

      Versatile Commercial Building in Central Evansville

      Historic 8,000+ sq ft building in Evansville's business district.
      112 Clark St, Evansville, IN 47708
      View Details
    • $375,000
      0.19 Acres

      Updated Office Building in Evansville

      Updated office building with parking and convenient location in Evansville.
      1010 S Weinbach Ave, Evansville, IN 47714
      View Details
    • $750,000
      0.06 Acres

      Renovated Meeting Hall with Rooftop Deck

      Versatile commercial property in downtown Evansville with high visibility.
      212 Main St, Evansville, IN 47708
      View Details
    • $540,000
      Pending

      Renovated Mixed-Use Space on Main

      Renovated mixed-use space with exposed brick and versatile layout.
      327 Main St, Evansville, IN 47708
      View Details
    • $225,000
      0.34 Acres

      Evansville Commercial Opportunity

      Multi-use property with two buildings, ideal for various businesses.
      1119 N Fulton Ave, Evansville, IN 47710
      View Details
    • $315,000
      Pending

      Neoclassical Fourplex in Haynie's Corner

      Charming four-unit property in a walkable, desirable Evansville neighborhood.
      205-207 Blackford Ave, Evansville, IN 47713
      View Details
    • $265,000
      4,590 SF

      Evansville Fourplex with Income Potential

      Fourplex in Evansville, IN with income potential near downtown.
      803 SE Riverside Dr, Evansville, IN 47713
      View Details
    • New
      $415,000
      10,204 SF

      Mixed-Use Property with Retail Space

      Mixed-use property featuring retail, warehouse, and residential spaces.
      201 E Virginia St, Evansville, IN 47711
      View Details
    • New
      $236,000
      0.40 Acres

      Mixed-Use Property with Ample Parking

      Mixed-use property featuring multiple buildings and ample parking.
      1319/1321 N 1St Ave, Evansville, IN 47710
      View Details
    • $585,000
      6,794 SF

      Updated Victorian Multifamily Investment Property

      Updated Victorian property with income potential in Evansville's Arts District.
      702-704 SE 2Nd St, Evansville, IN 47713
      View Details
    • $120,000
      3,361 SF

      Versatile Home with Income Potential

      3-bedroom, 2-bath home with rental flexibility and large lot.
      4913 Stringtown Rd, Evansville, IN 47711
      View Details

    FAQs

    What type of property is this?
    Triplex - Triplex with three apartments, separate entrances, and ample parking.
    Where is this triplex located?
    The property is located at 515 Washington Ave Evansville, IN.
    What is the asking price?
    The asking price for this property is $150,000.
    What are key features of this property?
    This property features: - Triplex with three separate apartments; - Each apartment has a private entrance; - Separate meters for each unit
    (812) 937-4486
    Request Owner's contact information
    515 Washington Ave Evansville, IN 47713
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    515 Washington Ave
    Evansville, IN 47713
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    515 Washington Ave Evansville, IN 47713
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jessica Gries
    Real Estate License ID: RB23000440
    (812) 937-4486
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!