11-Unit Apartment
For Sale
$895,000
509 SE First St, Evansville, IN 47713
Three apartment properties are offered together in Evansville’s Historic District with professional management already in place.
Property Size8,327 SF
Price / SF$107.48
Days on Market51
Property Features for 509 SE First St
General Information
Standard status
Active
Size
8,327 SF
Property subtype
Multi-Family
Occupancy
90%
Additional Details
Multifamily Units
11
Building Details
Year Built
1919
Listing Agency:
Rental Property Realty
Listed By:
Ashley Riordan-Elpers
(812) 598-0238
Source:
Spencerchildersgroup
Added: Aug 16
Changed: Oct 4
Last Checked: Oct 4 at 3:40PM
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 Rental Property Realty
Investment Insights
Based on property information with market context.
This multifamily offering combines three apartment properties on one parcel at 509, 509.5, and 511 SE First Street. Together, the buildings contain 11 doors and have a reported 90% occupancy rate. The property size is 8,327, as provided in the listing data.
Physical improvements include a newer roof at 509.5, along with a replaced roof and soffits at 511. The portfolio is professionally managed and positioned within Evansville’s Historic District, with access to Downtown Evansville, the riverfront, and nearby amenities.
Physical improvements include a newer roof at 509.5, along with a replaced roof and soffits at 511. The portfolio is professionally managed and positioned within Evansville’s Historic District, with access to Downtown Evansville, the riverfront, and nearby amenities.
Key Highlights
- Three apartment properties offered together on one parcel
- 11 total doors across the portfolio
- 90% occupancy rate
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$69,890
Cap Rate
7.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,397,800
$1.4M
Cap Rate 7%
$998,429
$998.4K
Cap Rate 9%
$776,556
$776.6K
Market Conditions
NOI Build-Up for 8,327 SF
Gross rent
$134.9K $16.20/SF
− Vacancy
−$7.8K −$0.94/SF
EGI
$127.1K $15.26/SF
− OpEx
−$57.2K −$6.87/SF
NOI
$69.9K $8.39/SF
Area
Evansville, IN
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,397,800
Cap Rate 7%
$998,429
Cap Rate 9%
$776,556
Alternative Uses
Best Use
Apartment 5plus
$998.4K
$873.6K – $1.16M
NOI $69,890 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.07M
$1.81M – $2.41M
NOI $144,706 @ 7.0% cap · market cap 16.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
11
Residential units
90%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,520
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three apartment properties are offered together in Evansville’s Historic District with professional management already in place.
Where is this apartment building located?
The property is located at 509 SE First St Evansville, IN.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Three apartment properties offered together on one parcel; 11 total doors across the portfolio; 90% occupancy rate
