Fully Occupied Multifamily
218 North 4th Avenue Evansville, IN 47710
For Sale
$409,900
10-unit multifamily property with five efficiency and one one-bedroom unit, generating $2,445 monthly rental income.
Property Size2,414 SF
Price / SF$169.80
Days on Market247
Property Features for 218 North 4th Avenue
General Information
- Standard status
- Active
- Size
- 2,414 SF
- Property subtype
- Multi Family / Apartment Building
Building Details
- Year Built
- 1869
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Kent Brenneman · License #RB14047420
(888) 611-3912
Source:
Compass
Added: Nov 18, 2025
Changed: Jul 22
Last Checked: Jul 23 at 7:08AM
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 listing is for a 10-unit multifamily property that is fully occupied and supported by many long-term tenants. The mix includes five efficiency units and one one-bedroom unit, and the property is currently producing $2,445 in monthly rental income. Per the current arrangement, the landlord pays utilities.
This offering represents two properties together, with the purchase price including 218 North 4th Avenue and 1217/1219 N Second Avenue (MLS # 202600245).
The units are positioned for steady occupancy at the time of sale, and the rent roll and utility responsibility are key components of the current operating picture.
This offering represents two properties together, with the purchase price including 218 North 4th Avenue and 1217/1219 N Second Avenue (MLS # 202600245).
The units are positioned for steady occupancy at the time of sale, and the rent roll and utility responsibility are key components of the current operating picture.
Key Highlights
- 10‑unit multifamily property: five efficiency units and one 1‑bedroom unit
- Fully occupied with long‑term tenants and $2,445/month rental income
- Two‑property package price includes 1217/1219 N SECOND AVENUE (MLS # 202600245)
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.1k | $16.20 |
| − Vacancy | −$2.3k | −$0.94 |
| EGI | $36.8k | $15.26 |
| − OpEx | −$16.6k | −$6.87 |
| NOI | $20.3k | $8.39 |
2,414 SF · lease $16.20/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$289.4K
$253.3K – $337.7K
NOI $20,261 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$599.3K
$524.4K – $699.2K
NOI $41,950 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - 10-unit multifamily property with five efficiency and one one-bedroom unit, generating $2,445 monthly rental income.
Where is this apartment building located?
The property is located at 218 North 4th Avenue Evansville, IN.
What is the asking price?
The asking price for this property is $409,900.
What are key features of this property?
This property features: 10‑unit multifamily property: five efficiency units and one 1‑bedroom unit; Fully occupied with long‑term tenants and $2,445/month rental income; Two‑property package price includes 1217/1219 N SECOND AVENUE (MLS # 202600245)
