Two-Unit Duplex with
For Sale
$209,900
Pending
1907 E Chandler Ave, Evansville, IN 47714
Both residences are leased, with tenants responsible for their own gas and electric service.
Property Size1,792 SF
Days on Market34
Property Features for 1907 E Chandler Ave
General Information
Standard status
Pending
Size
1,792 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,360
Amenities
basement
covered porch
deck
garage
Building Details
Buildings
1
Listing Agency:
F.C. TUCKER EMGE
(812) 453-5852
Listed By:
Mike Enlow
(812) 453-5852
Source:
Exprealty
Added: Jul 21
Changed: Aug 21
Last Checked: Aug 23 at 5:01AM
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 F.C. TUCKER EMGE
Investment Insights
Based on property information with market context.
This 1,792-square-foot duplex contains two two-bedroom residences, each measuring more than 850 square feet. The lower unit includes basement access and a covered porch, while the upper unit offers a deck. A block garage measuring 28' x 22' provides 2.5-car capacity and is currently used by the owner. The roof is 2 years old.
The property is located at 1907 E Chandler Ave in Evansville, Indiana, just blocks from the University of Evansville. Both units are rented under leases with security deposits in place. Tenants pay their own gas and electric costs, while the landlord pays water and sewer. The lower and upper units provide distinct outdoor features and access arrangements within the duplex configuration.
The property is located at 1907 E Chandler Ave in Evansville, Indiana, just blocks from the University of Evansville. Both units are rented under leases with security deposits in place. Tenants pay their own gas and electric costs, while the landlord pays water and sewer. The lower and upper units provide distinct outdoor features and access arrangements within the duplex configuration.
Key Highlights
- Two 2‑bedroom units, each measuring over 850 Sq Ft
- 1,792‑square‑foot duplex at 1907 E Chandler Ave, Evansville, IN
- Both units currently rented with leases and security deposits in place
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
$16,357
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
7.79%
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%
$327,140
$327.1K
Cap Rate 7%
$233,671
$233.7K
Cap Rate 9%
$181,744
$181.7K
Market Conditions
NOI Build-Up for 1,792 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
$24.7K $13.80/SF
− Vacancy
−$1.4K −$0.76/SF
EGI
$23.4K $13.04/SF
− OpEx
−$7.0K −$3.91/SF
NOI
$16.4K $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%
$327,140
Cap Rate 7%
$233,671
Cap Rate 9%
$181,744
Alternative Uses
Best Use
Multifamily LT 5
$233.7K
$204.5K – $272.6K
NOI $16,357 @ 7.0% cap · market cap 7.79%
Second Best
Apartment 5plus
$214.9K
$188.0K – $250.7K
NOI $15,041 @ 7.0% cap · market cap 7.17%
Theoretical Best
Office A
$444.9K
$389.3K – $519.0K
NOI $31,141 @ 7.0% cap · market cap 14.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
343
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 - Both residences are leased, with tenants responsible for their own gas and electric service.
Where is this duplex located?
The property is located at 1907 E Chandler Ave Evansville, IN.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Two 2‑bedroom units, each measuring over 850 Sq Ft; 1,792‑square‑foot duplex at 1907 E Chandler Ave, Evansville, IN; Both units currently rented with leases and security deposits in place
