Two-Unit Duplex
For Sale
$150,000
1500 S Harlan Avenue, Evansville, IN 47714
INVESTMENT, One Story, Evansville, IN
Property Size1,400 SF
Lot Size0.15 Acres
Price / SF$107.14
Days on Market75
Property Features for 1500 S Harlan Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4
Lot features
Level
Elementary school
Harper
Middle school
Washington
High school
Bosse
Elementary school district
Evansville-Vanderburgh School Corp.
Middle school district
Evansville-Vanderburgh School Corp.
High school district
Evansville-Vanderburgh School Corp.
Directions
US 41 South to East on Washington to South on Harlan
Subdivision
Vanderburgh County
Standard status
Active
APN
82-06-33-014-034.012-027
Size
1,400 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
OXFORD PLACE L 1 BL 2
Legal Description
OXFORD PLACE L 1 BL 2
Utilities
Cooling system
Central Air
Building Details
Year built
1935
Floors in Building
1
Number of units
2
Flooring type
Laminate
Architectural style
Other
Listing Agency:
KELLER WILLIAMS CAPITAL REALTY · Keller Williams Realty
(812) 422-4096
Listed By:
Erica Berendsen · License #RB21002306
(812) 774-2596
Added: Jun 15
Changed: Aug 26
Last Checked: Aug 28 at 5:06AM
MLS# 202623493
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.
Investment Insights
Based on property information with market context.
This single-story duplex contains two separate residential units, each arranged with 2 bedrooms and 1 bathroom. The property offers 1,400 square feet on a 0.15-acre lot, with laminate flooring and central air. Built in 1935, the building includes four bedrooms and two bathrooms overall.
The property is located at 1500 S Harlan Avenue in Evansville, Indiana, within Vanderburgh County. Its two-unit configuration provides flexibility for an owner-occupant or an investor seeking separate residential spaces, subject to the applicable arrangements for the property.
The property is located at 1500 S Harlan Avenue in Evansville, Indiana, within Vanderburgh County. Its two-unit configuration provides flexibility for an owner-occupant or an investor seeking separate residential spaces, subject to the applicable arrangements for the property.
Key Highlights
- Two separate 2‑bedroom, 1‑bathroom units
- 1,400 square feet on a 0.15‑acre lot
- Single‑story duplex built in 1935
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Single-story residential income property with central air and laminate flooring throughout.
Where is this duplex located?
The property is located at 1500 S Harlan Avenue 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: Two separate 2‑bedroom, 1‑bathroom units; 1,400 square feet on a 0.15‑acre lot; Single‑story duplex built in 1935
