1942 Duplex with Month-to-Month
For Sale
$125,000
Pending
1031 & 1033 MacArthur Circle, Evansville, IN 47714
INVESTMENT, Two Story, Evansville, IN
Property Size1,116 SF
Lot Size0.09 Acres
Days on Market265
Property Features for 1031 & 1033 MacArthur Circle
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 4, Bedroom 2
Parking
2
Parking features
Off Street
Basement
Block
Subdivision
East Wood / Eastwood
Lot features
Level
Elementary school
Dexter
Middle school
Washington
High school
Bosse
Elementary school district
Evansville-Vanderburgh School Corp.
Middle school district
Evansville-Vanderburgh School Corp.
High school district
Evansville-Vanderburgh School Corp.
Directions
From Lloyd Expressway, south on Boeke, west on Washington, south on Saint James, west on MacArthur.
Standard status
Pending
APN
82-06-34-011-200.702-027
Size
1,116 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Eastwood sub sec b l 19 bl b
Tax Annual Amount
2000
Legal Description
Eastwood sub sec b l 19 bl b
Building Details
Year built
1942
Floors in Building
2
Number of units
2
Flooring type
Vinyl, Carpet
Architectural style
Other
Listing Agency:
F.C. TUCKER EMGE
(812) 479-0801
Listed By:
Pam Rickenbaugh · License #RB14041104
(812) 453-5423
Added: Dec 1, 2025
Changed: Aug 19
Last Checked: Aug 23 at 5:06PM
MLS# 202547819
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 duplex at 1031 & 1033 MacArthur Circle offers two residential units. Each unit has two bedrooms and one bathroom. The listing notes that one side is currently rented on a month-to-month lease, and the property is sold as is. Flooring includes carpet and vinyl, and parking is available off street.
Built in 1942, the property sits on a 0.091-acre lot with a total building size of 1,116 square feet. Showings require an appointment, with 24-hour notice for showings and 24-hour response time for offers.
The property features include bedrooms, bathrooms, and basement space.
Built in 1942, the property sits on a 0.091-acre lot with a total building size of 1,116 square feet. Showings require an appointment, with 24-hour notice for showings and 24-hour response time for offers.
The property features include bedrooms, bathrooms, and basement space.
Key Highlights
- Two residential units with two bedrooms and one bathroom each
- One side currently rented on a month‑to‑month lease
- Built in 1942
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
$10,187
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
8.15%
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%
$203,740
$203.7K
Cap Rate 7%
$145,529
$145.5K
Cap Rate 9%
$113,189
$113.2K
Market Conditions
NOI Build-Up for 1,116 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
$15.4K $13.80/SF
− Vacancy
−$849 −$0.76/SF
EGI
$14.6K $13.04/SF
− OpEx
−$4.4K −$3.91/SF
NOI
$10.2K $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%
$203,740
Cap Rate 7%
$145,529
Cap Rate 9%
$113,189
Alternative Uses
Best Use
Multifamily LT 5
$145.5K
$127.3K – $169.8K
NOI $10,187 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$133.8K
$117.1K – $156.1K
NOI $9,367 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$277.1K
$242.4K – $323.2K
NOI $19,394 @ 7.0% cap · market cap 15.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
481
Businesses Nearby
Explore this area
Business Placement
Demographics for 47714, IN
32,827
Population
16,040
Households
2
Avg Household Size
36
Median Age
22%
College-Educated
87%
High-School Grad
8.0 sq mi
ZIP Area
4,103
Density / Sq Mi
$54,614
Median Household Income
$33,246
Median Earnings
$951
Median Rent
$124,800
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?
Duplex - Duplex built in 1942 with two-bedroom, one-bath units, off-street parking, and carpet and vinyl flooring.
Where is this duplex located?
The property is located at 1031 & 1033 MacArthur Circle Evansville, IN.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Two residential units with two bedrooms and one bathroom each; One side currently rented on a month‑to‑month lease; Built in 1942
