Two-Property Duplex
New
For Sale
$225,000
1406 Oakley St, Evansville, IN 47710
Two ranch-style duplex properties offered together, with two bedrooms, two bathrooms, and laundry hookups in each property.
Property Size875 SF
Price / SF$257.14
Days on Market5
Property Features for 1406 Oakley St
General Information
Standard status
Active
Size
875 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Amenities
washer/dryer connections
Building Details
Year Built
2024
Buildings
2
Construction
ranch-style
Listing Agency:
ERA FIRST ADVANTAGE REALTY, INC
Listed By:
Michael Melton · License #RB14041128
(812) 431-1180
Source:
Spencerchildersgroup
Added: Sep 15
Last Checked: Sep 19 at 2:09PM
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 ERA FIRST ADVANTAGE REALTY, INC
Investment Insights
Based on property information with market context.
This package includes the duplex properties at 1406 Oakley St and 1404 Oakley St in Evansville. The properties are offered together and are not available for separate purchase.
Each property features a ranch-style layout with two bedrooms, two bathrooms, a slab foundation, and washer and dryer connections. The source information identifies 875 square feet and a 2024 construction year for the property record.
Each property features a ranch-style layout with two bedrooms, two bathrooms, a slab foundation, and washer and dryer connections. The source information identifies 875 square feet and a 2024 construction year for the property record.
Key Highlights
- Package sale includes 1406 Oakley St and 1404 Oakley St
- Properties must be purchased together and are not offered separately
- Each property has 2 bedrooms and 2 bathrooms
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
$7,987
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
3.55%
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%
$159,740
$159.7K
Cap Rate 7%
$114,100
$114.1K
Cap Rate 9%
$88,744
$88.7K
Market Conditions
NOI Build-Up for 875 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
$12.1K $13.80/SF
− Vacancy
−$665 −$0.76/SF
EGI
$11.4K $13.04/SF
− OpEx
−$3.4K −$3.91/SF
NOI
$8.0K $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%
$159,740
Cap Rate 7%
$114,100
Cap Rate 9%
$88,744
Alternative Uses
Best Use
Multifamily LT 5
$114.1K
$99.8K – $133.1K
NOI $7,987 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$104.9K
$91.8K – $122.4K
NOI $7,344 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$217.2K
$190.1K – $253.4K
NOI $15,206 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,207
Businesses Nearby
Explore this area
Business Placement
Demographics for 47710, IN
18,470
Population
9,119
Households
2
Avg Household Size
39
Median Age
17%
College-Educated
88%
High-School Grad
8.6 sq mi
ZIP Area
2,148
Density / Sq Mi
$45,324
Median Household Income
$33,718
Median Earnings
$857
Median Rent
$131,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two ranch-style duplex properties offered together, with two bedrooms, two bathrooms, and laundry hookups in each property.
Where is this duplex located?
The property is located at 1406 Oakley St 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: Package sale includes 1406 Oakley St and 1404 Oakley St; Properties must be purchased together and are not offered separately; Each property has 2 bedrooms and 2 bathrooms
