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    Evansville Duplex with Rental Income Title is generated by Realmo AI

    1416 1418 W Eichel Avenue, Evansville, IN 47710

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    Claim this Listing
    For Sale
    $89,900

    Traditional, Duplex - Evansville, IN

    Type:Duplex
    Property size:
    2,056 SF
    Lot size:
    0.11 Acres
    Price / SF:
    $43/SF
    Added:
    Nov 22, 2025
    Days on Market:
    188
    Last Refresh:
    May 29 at 6:06 pm

    Property Features for 1416 1418 W Eichel Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Duplex
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Laundry
    Patio and Porch features
    Porch
    EntryLevel
    Combined
    Exterior features
    Storage, Porch Covered, Water Heater Gas, Washer Hook-up, Shed
    Standard status
    Active
    APN
    82-05-24-028-029.016-029
    Size
    2,056 SF
    Lot size
    0.11 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Floors in Building
    2
    Number of units
    2
    Flooring type
    Vinyl, Wood
    Roof type
    Asphalt
    Architectural style
    New Traditional
    Additional Structures
    Packing Shed, Shed(s), Storage

    We can help!

    Listing Contact
    Charles Butler

    Listing agent Charles Butler License #RB14034751

    Listing office KELLER WILLIAMS CAPITAL REALTY 4424 Vogel Rd Suite 300, IN

    Listing date Nov 22, 2025

    MLS# 202547043 Listing URL

    Copyright © 2026 Southwest Indiana Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • In demand rentable duplex with separate meters for utilities.
    • Potential to convert extra room upstairs into a 3rd bedroom.
    • Storage shed available for both units.
    • Easy access to Lloyd Expy.
    • Unit 1416 currently rented for $550/month.
    • Both units have same basic layout.

    Overview

    This duplex property, located in Evansville, Indiana, offers potential as a residential income property. Each unit features a similar layout. An extra room upstairs has the potential to be converted into a third bedroom. Tenants are responsible for utilities, which are separately metered. A storage shed is available for both units. Unit 1416 is currently rented for $550 per month, while Unit 1418 was previously rented for $660 per month. The property provides easy access to Lloyd Expressway. The property is being sold in "AS IS" condition. The building has a size of 2056 square feet and is situated on a lot of approximately 0.11 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Fast Payday Loans Loan Service

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.584839
    Latitude
    37.991397

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    FAQs

    What type of property is this?
    Duplex - Duplex in Evansville, Indiana, with potential rental income.
    Where is this duplex located?
    The property is located at 1416 1418 W Eichel Avenue Evansville, IN.
    What is the asking price?
    The asking price for this property is $89,900.
    What are key features of this property?
    This property features: In demand rentable duplex with separate meters for utilities.; Potential to convert extra room upstairs into a 3rd bedroom.; Storage shed available for both units.
    (812) 430-1708
    We can help!
    Listing Contact
    Charles Butler
    Real Estate License ID: RB14034751
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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