Two-Unit Duplex Income
For Sale
$150,000
1500 S Harlan Ave, Evansville, IN 47714
Duplex with two 2-bedroom, 1-bath units, suited for owner-occupants or investors seeking rental income.
Property Size1,400 SF
Price / SF$107.14
Days on Market54
Property Features for 1500 S Harlan Ave
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1935
Listing Agency:
KELLER WILLIAMS CAPITAL REALTY
Listed By:
Erica Berendsen · License #RB21002306
(812) 774-2596
Source:
Daubyrealestate
Added: Jul 24
Changed: Sep 7
Last Checked: Sep 14 at 4:52PM
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.
This duplex offers two separate residential units, each with two bedrooms and one bathroom. The property is positioned as a straightforward income option for either an investor seeking rental revenue or an owner-occupant looking to live in one unit while renting the other.
The offering is for sale and is described as ready for its next owner. The property is located at 1500 S Harlan Ave in Evansville, Indiana (47714).
With a total size of 1,400 square feet, the duplex configuration provides two distinct living spaces within one income property.
The offering is for sale and is described as ready for its next owner. The property is located at 1500 S Harlan Ave in Evansville, Indiana (47714).
With a total size of 1,400 square feet, the duplex configuration provides two distinct living spaces within one income property.
Key Highlights
- Duplex built in 1935 with two separate 2‑bedroom, 1‑bath units
- Two 2‑bedroom, 1‑bath units offer flexibility for an owner‑occupant or rental investment
- Suitable for leasing one or both units to generate rental income
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
$12,779
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
8.52%
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%
$255,580
$255.6K
Cap Rate 7%
$182,557
$182.6K
Cap Rate 9%
$141,989
$142.0K
Market Conditions
NOI Build-Up for 1,400 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
$19.3K $13.80/SF
− Vacancy
−$1.1K −$0.76/SF
EGI
$18.3K $13.04/SF
− OpEx
−$5.5K −$3.91/SF
NOI
$12.8K $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%
$255,580
Cap Rate 7%
$182,557
Cap Rate 9%
$141,989
Alternative Uses
Best Use
Multifamily LT 5
$182.6K
$159.7K – $213.0K
NOI $12,779 @ 7.0% cap · market cap 8.52%
Second Best
Apartment 5plus
$167.9K
$146.9K – $195.9K
NOI $11,751 @ 7.0% cap · market cap 7.83%
Theoretical Best
Office A
$347.6K
$304.1K – $405.5K
NOI $24,329 @ 7.0% cap · market cap 16.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
Explore this area
Business Placement
Demographics for 47714, IN
32,827
Population
16,040
Households
2
Avg Household Size
36
Median Age
22%
College-Educated
87%
High-School Grad
8.0 sq mi
ZIP Area
4,103
Density / Sq Mi
$54,614
Median Household Income
$33,246
Median Earnings
$951
Median Rent
$124,800
Median Home Value
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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 - Duplex with two 2-bedroom, 1-bath units, suited for owner-occupants or investors seeking rental income.
Where is this duplex located?
The property is located at 1500 S Harlan Ave Evansville, IN.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Duplex built in 1935 with two separate 2‑bedroom, 1‑bath units; Two 2‑bedroom, 1‑bath units offer flexibility for an owner‑occupant or rental investment; Suitable for leasing one or both units to generate rental income
