Co-Living Duplex Income
For Sale
Contact for pricing
2010 W Indiana St, Evansville, IN 47712
Built in 2017 and fully leased to eight long-term tenants across two 4-bedroom, en-suite units.
Property Size3,016 SF
Price / SF$148.87
Days on Market143
Property Features for 2010 W Indiana St
General Information
Standard status
Active
Size
3,016 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$9,497
Building Details
Year Built
2017
Buildings
1
Stories
2
Units
8
Listing Agency:
Star Property Management
Listed By:
Bernard Salameh · License #383546
Source:
Crexi
Added: Apr 3
Changed: Aug 8
Last Checked: Jul 22 at 7:31AM
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 Star Property Management
Investment Insights
Based on property information with market context.
This built-in-2017 co-living duplex is fully occupied and leased to 8 long-term tenants. The property totals 3,016 square feet and is arranged as two units, an upstairs unit and a downstairs unit. Each unit is configured with 4 bedrooms and 4 private en-suite bathrooms, creating a layout designed for rent-by-the-room style occupancy.
2010 W Indiana St is currently operating with an in-place NOI of approximately $9,000, with the remarks attributing underperformance to below-market rents and a non-optimized leasing strategy.
The asset is positioned for income improvement through rent adjustments or repositioning within a co-living or mid-term rental approach, as described in the offering materials. An adjacent parcel at 2014 W Indiana St is also available for purchase, which may support future expansion or replication of the existing co-living model.
2010 W Indiana St is currently operating with an in-place NOI of approximately $9,000, with the remarks attributing underperformance to below-market rents and a non-optimized leasing strategy.
The asset is positioned for income improvement through rent adjustments or repositioning within a co-living or mid-term rental approach, as described in the offering materials. An adjacent parcel at 2014 W Indiana St is also available for purchase, which may support future expansion or replication of the existing co-living model.
Key Highlights
- Built in 2017 with 3,016 SF total and fully leased to 8 long‑term tenants
- Two units (upstairs and downstairs), each with 4 bedrooms and 4 private en‑suite bathrooms
- Rent‑by‑the‑room style layout designed for co‑living or mid‑term rental models
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
$27,529
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
6.13%
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%
$550,580
$550.6K
Cap Rate 7%
$393,271
$393.3K
Cap Rate 9%
$305,878
$305.9K
Market Conditions
NOI Build-Up for 3,016 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
$41.6K $13.80/SF
− Vacancy
−$2.3K −$0.76/SF
EGI
$39.3K $13.04/SF
− OpEx
−$11.8K −$3.91/SF
NOI
$27.5K $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%
$550,580
Cap Rate 7%
$393,271
Cap Rate 9%
$305,878
Alternative Uses
Best Use
Multifamily LT 5
$393.3K
$344.1K – $458.8K
NOI $27,529 @ 7.0% cap · market cap 6.13%
Second Best
Apartment 5plus
$361.6K
$316.4K – $421.9K
NOI $25,314 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$748.7K
$655.2K – $873.5K
NOI $52,412 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
565
Businesses Nearby
Explore this area
Business Placement
Demographics for 47712, IN
24,895
Population
10,795
Households
2.3
Avg Household Size
35
Median Age
29%
College-Educated
93%
High-School Grad
62.7 sq mi
ZIP Area
397
Density / Sq Mi
$64,285
Median Household Income
$36,018
Median Earnings
$933
Median Rent
$173,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Built in 2017 and fully leased to eight long-term tenants across two 4-bedroom, en-suite units.
Where is this duplex located?
The property is located at 2010 W Indiana St Evansville, IN.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Built in 2017 with 3,016 SF total and fully leased to 8 long‑term tenants; Two units (upstairs and downstairs), each with 4 bedrooms and 4 private en‑suite bathrooms; Rent‑by‑the‑room style layout designed for co‑living or mid‑term rental models
