Four-Unit Residential Income
1222 North 2nd Avenue Evansville, IN 47710
1222 North 2nd Avenue, Evansville, IN, 47710
$225,000
For Sale
$225,000
Turnkey, fully occupied four-unit building with two 1-bedroom and two efficiency apartments, off-street parking, and new water lines.
Property Size2,110 SF
Price / SF$106.64
Days on Market219
Property Features for 1222 North 2nd Avenue
General Information
- Standard status
- Active
- Size
- 2,110 SF
- Property subtype
- Multi Family / Fourplex
Building Details
- Year Built
- 1904
Listing agency
Catanese Real Estate
(812) 550-0415
Listed by
Jeremy Outlaw · License #RB24000314
(812) 550-0415
Source
Compass
Added: Dec 15, 2025 Updated: Jul 21 at 7:36PM Checked: Jul 21 at 7:36PM
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 Catanese Real Estate
Investment Insights
Based on property information with market context.
This four-unit residential income property is fully occupied and designed for straightforward management. The building includes two 1-bedroom/1-bath units and two efficiency units, each with a full bathroom. Several units have been partially updated, and all units have brand-new water lines.
The property also offers off-street parking for residents. Two of the units feature private balconies.
With improvements already completed and all units connected to new water lines, the building is positioned as a turn-key option for an investor seeking a stabilized multi-unit asset.
The property also offers off-street parking for residents. Two of the units feature private balconies.
With improvements already completed and all units connected to new water lines, the building is positioned as a turn-key option for an investor seeking a stabilized multi-unit asset.
Key Highlights
- Fully occupied 4‑unit building with 2 one‑bedroom/one‑bath units and 2 efficiency units, each with a full bathroom
- Brand‑new water lines throughout the building
- Two units include private balconies
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.1k | $13.80 |
| − Vacancy | −$1.6k | −$0.76 |
| EGI | $27.5k | $13.04 |
| − OpEx | −$8.3k | −$3.91 |
| NOI | $19.3k | $9.13 |
2,110 SF · lease $13.80/SF/yr · vacancy 5.51% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$275.1K
$240.8K – $321.0K
NOI $19,260 @ 7.0% cap · market cap 8.56%
Second Best
Apartment 5plus
$253.0K
$221.4K – $295.2K
NOI $17,710 @ 7.0% cap · market cap 7.87%
Theoretical Best
Office A
$523.8K
$458.3K – $611.1K
NOI $36,667 @ 7.0% cap · market cap 16.30%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Turnkey, fully occupied four-unit building with two 1-bedroom and two efficiency apartments, off-street parking, and new water lines.
Where is this quadplex located?
The property is located at 1222 North 2nd Avenue Evansville, IN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Fully occupied 4‑unit building with 2 one‑bedroom/one‑bath units and 2 efficiency units, each with a full bathroom; Brand‑new water lines throughout the building; Two units include private balconies
