Section 8 Duplex
For Sale
$105,000
209 North 2nd Avenue, Evansville, IN 47710
Fully occupied duplex with both units currently under Section 8 and the owner paying water.
Property Size966 SF
Price / SF$108.70
Days on Market54
Property Features for 209 North 2nd Avenue
General Information
Standard status
Active
Size
966 SF
Property subtype
Multi Family / Duplex
Occupancy
100%
Lease Term
1 Year
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,485
Amenities
Central Air, Window
2
Yes
Carpet, Vinyl
Gas
Brick
Partial Basement
1
3
No
Brick, Vinyl
Basement
Building Details
Year Built
1894
Units
2
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS CAPITAL REALTY
(812) 422-4096
Listed By:
Stacey Carpenter · License #RB17001505
(812) 422-4096
Source:
Compass
Added: Jun 19
Changed: Aug 10
Last Checked: Aug 10 at 9:44AM
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.
This fully occupied duplex offers an investor-focused residential income setup, with both units currently participating in Section 8. The owner pays for water, while tenants are responsible for all other utilities.
The property is located at 209 North 2nd Avenue in Evansville, Indiana, and is presented as a For Sale investment opportunity.
Because the duplex is already occupied, it may offer immediate income continuity for an investor seeking a staffed residential rental profile with clearly stated utility responsibilities.
The property is located at 209 North 2nd Avenue in Evansville, Indiana, and is presented as a For Sale investment opportunity.
Because the duplex is already occupied, it may offer immediate income continuity for an investor seeking a staffed residential rental profile with clearly stated utility responsibilities.
Key Highlights
- Fully occupied 2‑unit duplex with both units currently on Section 8
- Owner‑paid water; tenants pay all other utilities
- 2‑story duplex built in 1894
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
8.40%
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 8.40%
Second Best
Apartment 5plus
$115.8K
$101.4K – $135.1K
NOI $8,108 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$239.8K
$209.8K – $279.8K
NOI $16,787 @ 7.0% cap · market cap 15.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
286
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 duplex with both units currently under Section 8 and the owner paying water.
Where is this duplex located?
The property is located at 209 North 2nd Avenue Evansville, IN.
What is the asking price?
The asking price for this property is $105,000.
What are key features of this property?
This property features: Fully occupied 2‑unit duplex with both units currently on Section 8; Owner‑paid water; tenants pay all other utilities; 2‑story duplex built in 1894
