Section 8 Duplex with Central
For Sale
$100,000
209 N 2Nd Avenue, Evansville, IN 47710
INVESTMENT, One and Half Story, Evansville, IN
Property Size966 SF
Lot Size0.06 Acres
Price / SF$103.52
Days on Market51
Property Features for 209 N 2Nd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement, Bedroom 2, Bedroom 1, Bedroom 3
Subdivision
Lamasco
Lot features
Irregular
Elementary school
Lincoln
Middle school
Lincoln
High school
Central
Elementary school district
Evansville-Vanderburgh School Corp.
Middle school district
Evansville-Vanderburgh School Corp.
High school district
Evansville-Vanderburgh School Corp.
Directions
West on LLoyd Expressway from Hwy 41, to North on First Ave, to West on Illinois to North on 2nd Ave. to duplex on right.
Standard status
Active
APN
82-06-19-029-060.015-029
Size
966 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
JACOB LUNKENHEIMERS SUB PT LOTS 17 & 18 BLK 80 LAMASCO
Tax Annual Amount
585
Legal Description
JACOB LUNKENHEIMERS SUB PT LOTS 17 & 18 BLK 80 LAMASCO
Utilities
Cooling system
Central Air
Building Details
Year built
1894
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Carpet
Architectural style
Other
Listing Agency:
KELLER WILLIAMS CAPITAL REALTY · Keller Williams Realty
(812) 422-4096
Listed By:
Stacey Carpenter · License #RB17001505
(812) 453-2096
Added: Jul 13
Changed: Aug 24
Last Checked: Sep 1 at 3:06PM
MLS# 202627974
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 one-and-a-half-story duplex contains 966 square feet on a 0.06-acre lot. Room details include 3 bedrooms, 2 bathrooms, and a basement, with vinyl and carpet flooring throughout the reported areas. Central air serves the property, which was built in 1894.
Both units are currently occupied through Section 8. The owner pays water, while residents are responsible for all other utilities. The property is located at 209 N 2nd Avenue in Evansville, Indiana, within Vanderburgh County.
Both units are currently occupied through Section 8. The owner pays water, while residents are responsible for all other utilities. The property is located at 209 N 2nd Avenue in Evansville, Indiana, within Vanderburgh County.
Key Highlights
- Two‑unit duplex with both units currently occupied through Section 8
- 966 square feet on a 0.06‑acre lot
- 3 bedrooms and 2 bathrooms, plus a basement
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
$8,817
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
8.82%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - Fully occupied two-unit property with central air, vinyl and carpet flooring, and a basement.
Where is this duplex located?
The property is located at 209 N 2Nd Avenue 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 with both units currently occupied through Section 8; 966 square feet on a 0.06‑acre lot; 3 bedrooms and 2 bathrooms, plus a basement
