Updated Four-Unit
For Sale
$259,900
818 SE Riverside Dr, Evansville, IN 47713
Historic District property with separately metered utilities, private entrances, and refreshed interiors across all four units.
Property Size2,063 SF
Price / SF$125.98
Days on Market29
Property Features for 818 SE Riverside Dr
General Information
Standard status
Active
Size
2,063 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Amenities
private entrances
included appliances
central heating and air conditioning
separate newer water heaters
Building Details
Year Built
1919
Buildings
1
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS CAPITAL REALTY
(812) 430-4851
Listed By:
Shea Fleck · License #RB23000462
Source:
Daubyrealestate
Added: Aug 1
Changed: Aug 13
Last Checked: Aug 29 at 11:54AM
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 KELLER WILLIAMS CAPITAL REALTY
Investment Insights
Based on property information with market context.
Built in 1919, this four-unit property offers private entrances, tall windows, abundant natural light, and appliances in each residence. Every unit includes central heating and air conditioning, plus a separate newer water heater. Recent improvements completed within the past two years include new paint, updated flooring, newer appliances, and contemporary finishes throughout.
Gas and electric service are individually metered, while the owner provides water, sewer, and trash service. The property is located in the Historic District near Haynie’s Corner, placing all four units within an established residential setting.
Gas and electric service are individually metered, while the owner provides water, sewer, and trash service. The property is located in the Historic District near Haynie’s Corner, placing all four units within an established residential setting.
Key Highlights
- Four‑unit property built in 1919
- Private entrances and tall windows in every unit
- Central heating and air conditioning throughout
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
Multi-tenant
Tenancy
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 - Historic District property with separately metered utilities, private entrances, and refreshed interiors across all four units.
Where is this quadplex located?
The property is located at 818 SE Riverside Dr 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 property built in 1919; Private entrances and tall windows in every unit; Central heating and air conditioning throughout
