Historic Evansville Building with
For Sale
$1,057,000
810 SE 1st St, Evansville, IN 47713
Historic 5,241 SF Evansville building with four luxury units.
Property Size5,241 SF
Price / SF$201.68
Days on Market177
Property Features for 810 SE 1st St
General Information
Standard status
Active
Size
5,241 SF
Property subtype
Multifamily
Building Details
Building Size
5,241 SF
Year Built
1869
Listing Agency:
NAI Commercial Services
(812) 430-4989
Listed By:
Scott Hyatt, CCIM · License #KY #201456
(812) 430-4989
Source:
Naiglobal
Added: Feb 26
Changed: Aug 12
Last Checked: Aug 22 at 3:55AM
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 NAI Commercial Services
Investment Insights
Based on property information with market context.
This historic property, constructed in 1869, is located in Evansville, IN. The property includes a 5,241 SF building and carriage house, featuring four units. The building has been renovated with modern amenities while retaining its architectural character. The units are fully furnished by an interior designer. This property is positioned to capitalize on the area's economic growth and commercial development, making it suitable for office building investors.
Key Highlights
- Prime location in thriving Evansville area
- 5,241 SF building and carriage house with 4 units**
- Historic property built in 1869
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
$47,838
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
4.53%
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%
$956,760
$956.8K
Cap Rate 7%
$683,400
$683.4K
Cap Rate 9%
$531,533
$531.5K
Market Conditions
NOI Build-Up for 5,241 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
$72.3K $13.80/SF
− Vacancy
−$4.0K −$0.76/SF
EGI
$68.3K $13.04/SF
− OpEx
−$20.5K −$3.91/SF
NOI
$47.8K $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%
$956,760
Cap Rate 7%
$683,400
Cap Rate 9%
$531,533
Alternative Uses
Best Use
Multifamily LT 5
$683.4K
$598.0K – $797.3K
NOI $47,838 @ 7.0% cap · market cap 4.53%
Second Best
Apartment 5plus
$628.4K
$549.9K – $733.2K
NOI $43,989 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,078 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Historic 5,241 SF Evansville building with four luxury units.
Where is this quadplex located?
The property is located at 810 SE 1st St Evansville, IN.
What is the asking price?
The asking price for this property is $1,057,000.
What are key features of this property?
This property features: Prime location in thriving Evansville area; 5,241 SF building and carriage house with 4 units**; Historic property built in 1869
