Fully Occupied
For Sale
$100,000
209 N 2nd Ave, Evansville, IN 47710
Two residential units participate in the Section 8 program, with water paid by ownership.
Property Size966 SF
Price / SF$103.52
Days on Market91
Property Features for 209 N 2nd Ave
General Information
Standard status
Active
Size
966 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1894
Listing Agency:
KELLER WILLIAMS CAPITAL REALTY
Listed By:
Stacey Carpenter · License #RB17001505
(812) 453-2096
Source:
Spencerchildersgroup
Added: Jul 15
Changed: Oct 7
Last Checked: Oct 7 at 3:09PM
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.
Located at 209 N 2Nd Avenue in Evansville, Indiana, this duplex contains two residential units and was built in 1894. Both units are currently occupied through the Section 8 program.
Ownership pays the water expense, while residents are responsible for all other utilities. The property offers an established two-unit configuration with occupancy and utility responsibilities already defined.
Ownership pays the water expense, while residents are responsible for all other utilities. The property offers an established two-unit configuration with occupancy and utility responsibilities already defined.
Key Highlights
- Two‑unit duplex configuration
- Both units currently occupied through Section 8
- Owner pays water expenses
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,817
Cap Rate
8.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$176,340
$176.3K
Cap Rate 7%
$125,957
$126.0K
Cap Rate 9%
$97,967
$98.0K
Market Conditions
NOI Build-Up for 966 SF
Gross rent
$13.3K $13.80/SF
− Vacancy
−$735 −$0.76/SF
EGI
$12.6K $13.04/SF
− OpEx
−$3.8K −$3.91/SF
NOI
$8.8K $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 Rate 5%
$176,340
Cap Rate 7%
$125,957
Cap Rate 9%
$97,967
Alternative Uses
Best Use
Multifamily LT 5
$126.0K
$110.2K – $147.0K
NOI $8,817 @ 7.0% cap · market cap 8.82%
Second Best
Apartment 5plus
$115.8K
$101.4K – $135.1K
NOI $8,108 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$239.8K
$209.8K – $279.8K
NOI $16,787 @ 7.0% cap · market cap 16.79%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,427
Businesses Nearby
Explore this area
Business Placement
Demographics for 47710, IN
18,470
Population
9,119
Households
2
Avg Household Size
39
Median Age
17%
College-Educated
88%
High-School Grad
8.6 sq mi
ZIP Area
2,148
Density / Sq Mi
$45,324
Median Household Income
$33,718
Median Earnings
$857
Median Rent
$131,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Two residential units participate in the Section 8 program, with water paid by ownership.
Where is this duplex located?
The property is located at 209 N 2nd Ave Evansville, IN.
What is the asking price?
The asking price for this property is $100,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; Both units currently occupied through Section 8; Owner pays water expenses
