Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Evansville Fourplex with Income Potential Title is generated by Realmo AI

    803 SE Riverside Drive, Evansville, IN 47713

    View on Map
    Claim this Listing
    For Sale
    $249,900

    Fourplex - Evansville, IN

    Property size:
    4,590 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $54/SF
    Added:
    Sep 8, 2025
    Days on Market:
    272
    Last Refresh:
    Jun 6 at 6:06 am

    Property Features for 803 SE Riverside Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Exterior features
    Off Street Parking, Near Walking Trail, None
    Appliances
    Range
    Standard status
    Active
    APN
    82-06-31-020-093.008-029
    Size
    4,590 SF
    Lot size
    0.20 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Floors in Building
    2
    Number of units
    4
    Flooring type
    Tile, Wood
    Architectural style
    Other

    We can help!

    Listing Contact
    Jonathan Weaver
    Jonathan Weaver

    Listing agent Jonathan Weaver License #RB14029128

    Listing office F.C. TUCKER EMGE 130 Main Street, Evansville, IN

    Listing date Sep 8, 2025

    MLS# 202536128 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.

    HighLights

    • High income potential with 3 of 4 units currently occupied.
    • Prime location near downtown, Greenway, and Haynies Corner.
    • Proximity to IU Medical School.
    • Off‑street parking available.
    • Central air conditioning.
    • Mix of tile and wood flooring.

    Overview

    This fourplex is located in Evansville, Indiana, and offers income potential near downtown. The property is situated close to the Greenway, Haynies Corner, the IU Medical School, and downtown Evansville. Currently, three of the four units are occupied. The property contains 4,590 square feet and is located on a lot of 0.2 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm 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
    -87.570024
    Latitude
    37.962283

    Nearby Similar for Sale

    • $699,900

      Prime Office Space, Evansville, IN

      Well-maintained commercial office space with high visibility and growth opportunity.
      2610 S Green River Road, Evansville, IN 47715
      View Details
    • $380,000

      Prime Location Mixed-Use Opportunity

      Almost 5,000 sqft in a prime location.
      4115 E Morgan Avenue, Evansville, IN 47715
      View Details
    • $225,000

      Versatile Commercial Building Near Downtown

      C4 Zoned building suitable for various business uses.
      15 E Riverside Drive, Evansville, IN 47713
      View Details
    • $199,000
      2,844 SF

      Mixed-Use Investment Portfolio

      Five-unit portfolio with mixed-use and residential income potential.
      512 E Riverside Drive, Evansville, IN 47713
      View Details
    • $179,900
      2,982 SF

      Remodeled Duplex Residence

      Fully remodeled two-unit duplex with separate utilities and in-unit laundry hookups for one unit.
      1411 W Maryland Street, Evansville, IN 47710-1829
      View Details
    • $568,000
      6,794 SF

      Updated Italianate Multifamily Building

      Converted mid-1800s property offers four apartments plus a carriage house over a two-car garage.
      702-704 SE Second Street, Evansville, IN 47713
      View Details
    • $134,900
      2,192 SF

      Evansville Duplex: Income-Producing Investment

      Well-maintained duplex in Evansville with steady cash flow.
      610 Taylor Avenue, Evansville, IN 47713
      View Details
    • $585,000
      9,760 SF

      Leased Strip Center with Development

      Fully leased strip center with development opportunity near Highway 41.
      2018 Maxwell Avenue, Evansville, IN 47711
      View Details
    • $499,000

      Versatile Commercial Building in Evansville

      Historic building with versatile space in Evansville's Central Business District.
      112 Clark Street, Evansville, IN 47708
      View Details
    • $234,900
      2,011 SF

      Evansville Duplex: Investment Opportunity

      Well-maintained duplex in Evansville with strong cash flow.
      4100 Claremont Avenue, Evansville, IN 47712
      View Details
    • $585,000
      9,760 SF

      Fully Leased Strip Center

      9,760 SF strip center with development opportunity.
      2018 Maxwell Avenue, Evansville, IN 47711
      View Details
    • $138,900
      1,714 SF

      Well-Maintained Duplex in Evansville

      Evansville duplex: investment or owner-occupant, remodeled unit, rental income.
      900 902 Mary Street, Evansville, IN 47710
      View Details

    FAQs

    What type of property is this?
    Quadplex - Fourplex in Evansville, IN, near downtown with income potential.
    Where is this quadplex located?
    The property is located at 803 SE Riverside Drive Evansville, IN.
    What is the asking price?
    The asking price for this property is $249,900.
    What are key features of this property?
    This property features: High income potential with 3 of 4 units currently occupied.; Prime location near downtown, Greenway, and Haynies Corner.; Proximity to IU Medical School.
    (812) 568-0562
    We can help!
    Listing Contact
    Jonathan Weaver
    Jonathan Weaver
    Real Estate License ID: RB14029128
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    803 SE Riverside Drive, Evansville, IN 47713-1184
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!