9-Unit Apartment
For Sale
$360,000
21 E Chandler Ave, Evansville, IN 47713
Fully occupied multifamily property with apartment residences and garage storage units in downtown Evansville.
Property Size3,827 SF
Price / SF$94.07
Days on Market126
Property Features for 21 E Chandler Ave
General Information
Standard status
Active
Size
3,827 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Gross Income
$56,466
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$3,909
Building Details
Buildings
1
Listing Agency:
eXp Realty, LLC
(812) 266-0536
Listed By:
Mark Albini · License #RB19002026
(812) 266-0536
Source:
Exprealty
Added: Apr 29
Changed: Aug 30
Last Checked: Aug 31 at 7:38PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This 3,827-square-foot apartment building contains nine total units, including seven apartment units and two garage units used for storage. All units are currently rented, and select apartments have received light remodeling.
The property is located at 21 E Chandler Ave in downtown Evansville, near the edge of Haynie's Corner. Its existing configuration combines residential units with supplemental garage storage space within a single multifamily asset.
The property is located at 21 E Chandler Ave in downtown Evansville, near the edge of Haynie's Corner. Its existing configuration combines residential units with supplemental garage storage space within a single multifamily asset.
Key Highlights
- Nine‑unit configuration with 7 apartments and 2 garage storage units
- All units are currently rented
- 3,827‑square‑foot apartment building
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
$32,121
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
8.92%
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%
$642,420
$642.4K
Cap Rate 7%
$458,871
$458.9K
Cap Rate 9%
$356,900
$356.9K
Market Conditions
NOI Build-Up for 3,827 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
$62.0K $16.20/SF
− Vacancy
−$3.6K −$0.94/SF
EGI
$58.4K $15.26/SF
− OpEx
−$26.3K −$6.87/SF
NOI
$32.1K $8.39/SF
Area
Evansville, IN
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$642,420
Cap Rate 7%
$458,871
Cap Rate 9%
$356,900
Alternative Uses
Best Use
Apartment 5plus
$458.9K
$401.5K – $535.4K
NOI $32,121 @ 7.0% cap · market cap 8.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$950.1K
$831.3K – $1.11M
NOI $66,505 @ 7.0% cap · market cap 18.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,590
Businesses Nearby
Explore this area
Business Placement
Demographics for 47713, IN
9,916
Population
5,507
Households
1.8
Avg Household Size
35
Median Age
21%
College-Educated
88%
High-School Grad
5.0 sq mi
ZIP Area
1,983
Density / Sq Mi
$37,448
Median Household Income
$29,366
Median Earnings
$931
Median Rent
$85,200
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?
Apartment building - Fully occupied multifamily property with apartment residences and garage storage units in downtown Evansville.
Where is this apartment building located?
The property is located at 21 E Chandler Ave Evansville, IN.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Nine‑unit configuration with 7 apartments and 2 garage storage units; All units are currently rented; 3,827‑square‑foot apartment building
