Brick Duplex with Attached
For Sale
$345,900
Pending
10500 Browning Road, Evansville, IN 47725
Occupied two-unit property with mirrored layouts, private laundry, decks, and one-car garage access for each residence.
Property Size2,497 SF
Days on Market177
Property Features for 10500 Browning Road
General Information
Standard status
Pending
Size
2,497 SF
Property subtype
Multi Family / Duplex
Lease Term
Month to Month, 1 Year
Taxes and HOA fees
Annual Taxes
$7,257
Amenities
Central Air
1
Yes
Vinyl Tile, Tile
2
Gas, Forced Air
Outside Entrance Only, Unfinished
4
No
Asphalt
Brick
Basement, Fireplace, Off Street Parking, Built-In Bookcase, Countertops-Solid Surf, Crown Molding, Deck Open, Eat-In Kitchen, Foyer Entry, Garage Door Opener, Open Floor Plan, Utility Sink
Building Details
Year Built
1974
Units
2
Listing Agency:
Harris Howerton Real Estate
(812) 204-3992
Listed By:
Connie Howerton · License #RB14040752
(812) 204-3992
Source:
Compass
Added: Mar 6
Changed: Aug 30
Last Checked: Aug 30 at 9:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Harris Howerton Real Estate
Investment Insights
Based on property information with market context.
This brick duplex offers 2,497 square feet with a mirrored two-unit layout totaling 4 bedrooms and 2 bathrooms. Each residence includes an open living area with a gas fireplace, built-in bookcases, crown molding, LVT flooring, and an eat-in kitchen with cherry cabinetry, Corian countertops, and stainless appliances. Both units also have spacious bedrooms, a full bath, private laundry, storage, and a rear deck overlooking a wooded area. Each side has access to an attached one-car garage, while the unfinished basement utility room adds storage capacity.
The property occupies an acre along Browning Road in Evansville, with a tree-lined setting and off-street parking. Central air, forced-air gas heating, and the roof were updated in 2020, according to the source information. Both units are occupied, with one arrangement at will and the other under a one-year lease.
The property occupies an acre along Browning Road in Evansville, with a tree-lined setting and off-street parking. Central air, forced-air gas heating, and the roof were updated in 2020, according to the source information. Both units are occupied, with one arrangement at will and the other under a one-year lease.
Key Highlights
- 2,497 SF brick duplex on an acre
- 4 bedrooms and 2 bathrooms across two mirrored units
- Each unit includes a one‑car attached garage, deck, and private laundry
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
$22,792
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
6.59%
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%
$455,840
$455.8K
Cap Rate 7%
$325,600
$325.6K
Cap Rate 9%
$253,244
$253.2K
Market Conditions
NOI Build-Up for 2,497 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
$34.5K $13.80/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$32.6K $13.04/SF
− OpEx
−$9.8K −$3.91/SF
NOI
$22.8K $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%
$455,840
Cap Rate 7%
$325,600
Cap Rate 9%
$253,244
Alternative Uses
Best Use
Multifamily LT 5
$325.6K
$284.9K – $379.9K
NOI $22,792 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$299.4K
$262.0K – $349.3K
NOI $20,958 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$619.9K
$542.4K – $723.2K
NOI $43,393 @ 7.0% cap · market cap 12.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 47725, IN
19,220
Population
7,861
Households
2.4
Avg Household Size
40
Median Age
44%
College-Educated
98%
High-School Grad
55.1 sq mi
ZIP Area
349
Density / Sq Mi
$105,528
Median Household Income
$53,430
Median Earnings
$1,632
Median Rent
$270,700
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 - Occupied two-unit property with mirrored layouts, private laundry, decks, and one-car garage access for each residence.
Where is this duplex located?
The property is located at 10500 Browning Road Evansville, IN.
What is the asking price?
The asking price for this property is $345,900.
What are key features of this property?
This property features: 2,497 SF brick duplex on an acre; 4 bedrooms and 2 bathrooms across two mirrored units; Each unit includes a one‑car attached garage, deck, and private laundry
