Updated Fourplex With Private
For Sale
$259,900
818 SE Riverside Drive, Evansville, IN 47713
INVESTMENT, Two Story, Evansville, IN
Property Size2,063 SF
Lot Size0.12 Acres
Price / SF$125.98
Days on Market77
Property Features for 818 SE Riverside Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 3, Bathroom 4, Bathroom 3, Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bathroom 2
Parking
4
Subdivision
Union Place
Lot features
0-2.9999
Elementary school
Tekoppel
Middle school
Perry Heights
High school
Francis Joseph Reitz
Elementary school district
Evansville-Vanderburgh School Corp.
Middle school district
Evansville-Vanderburgh School Corp.
High school district
Evansville-Vanderburgh School Corp.
Directions
Traveling NW on Veterans Memorial Parkway turn right on Shawnee Ave, then left on SE Riverside Drive, home is 4th house on the right
Standard status
Active
APN
82-06-31-020-082.006-029
Size
2,063 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
UNION PLACE PT LOT 6 & PT LOT 7
Tax Annual Amount
3000
Legal Description
UNION PLACE PT LOT 6 & PT LOT 7
Utilities
Cooling system
Central Air
Building Details
Year built
1919
Floors in Building
2
Number of units
4
Flooring type
Vinyl
Architectural style
Other
Listing Agency:
KELLER WILLIAMS CAPITAL REALTY · Keller Williams Realty
(812) 422-4096
Listed By:
Shea Fleck · License #RB23000462
(812) 639-3950
Added: Jun 14
Changed: Aug 26
Last Checked: Aug 29 at 7:06PM
MLS# 202623350
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.
Investment Insights
Based on property information with market context.
This fourplex contains 2,063 square feet across four residential units, each with its own entrance, tall windows, and included appliances. Central heating and air conditioning serve every unit, while separate newer water heaters support individual operations. Vinyl flooring and updated interior finishes contribute to the current configuration, with fresh paint, newer appliances, and additional improvements completed within the past two years.
Gas and electric service are separately metered by unit. Ownership is responsible for water, sewer, and trash service. The property occupies 0.12 acres and was built in 1919. It is situated in Evansville’s Historic District, with Haynie’s Corner identified nearby.
Gas and electric service are separately metered by unit. Ownership is responsible for water, sewer, and trash service. The property occupies 0.12 acres and was built in 1919. It is situated in Evansville’s Historic District, with Haynie’s Corner identified nearby.
Key Highlights
- Four‑unit residential property totaling 2,063 square feet
- Each unit has a private entrance, tall windows, and included appliances
- Central heating and air conditioning serve all four units
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
$18,831
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
7.25%
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%
$376,620
$376.6K
Cap Rate 7%
$269,014
$269.0K
Cap Rate 9%
$209,233
$209.2K
Market Conditions
NOI Build-Up for 2,063 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
$28.5K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$26.9K $13.04/SF
− OpEx
−$8.1K −$3.91/SF
NOI
$18.8K $9.13/SF
Area
Evansville, IN
Vacancy
5.51%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$376,620
Cap Rate 7%
$269,014
Cap Rate 9%
$209,233
Alternative Uses
Best Use
Multifamily LT 5
$269.0K
$235.4K – $313.9K
NOI $18,831 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$247.4K
$216.4K – $288.6K
NOI $17,315 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$512.2K
$448.1K – $597.5K
NOI $35,851 @ 7.0% cap · market cap 13.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,068
Businesses Nearby
Explore this area
Business Placement
Demographics for 47713, IN
9,916
Population
5,507
Households
1.8
Avg Household Size
35
Median Age
21%
College-Educated
88%
High-School Grad
5.0 sq mi
ZIP Area
1,983
Density / Sq Mi
$37,448
Median Household Income
$29,366
Median Earnings
$931
Median Rent
$85,200
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 - Four residential units include appliances, central heating and air conditioning, and separate gas and electric meters.
Where is this quadplex located?
The property is located at 818 SE Riverside Drive Evansville, IN.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Four‑unit residential property totaling 2,063 square feet; Each unit has a private entrance, tall windows, and included appliances; Central heating and air conditioning serve all four units
