Duplex with Two 2BR
For Sale
$140,000
2504 2506 Negley Pl, Evansville, IN 47711
Duplex offers two two-bedroom, one-bath units, with one unit currently rented on an in-place lease.
Property Size1,250 SF
Price / SF$112
Days on Market53
Property Features for 2504 2506 Negley Pl
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1949
Listing Agency:
KELLER WILLIAMS CAPITAL REALTY
Listed By:
Erica Berendsen · License #RB21002306
(812) 774-2596
Source:
Daubyrealestate
Added: Jul 21
Changed: Aug 16
Last Checked: Sep 9 at 8:43PM
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 duplex includes two separate two-bedroom, one-bath units. Unit B is currently rented and has a lease in place through 03/31/2027. Unit A is vacant and advertised at $809/month.
The property is located at 2504 2506 Negley Pl in Evansville, Indiana. It presents a straightforward two-unit income setup for an owner or investor looking for an in-place tenant plus an additional unit ready for occupancy.
With both units configured as 2-bedroom, 1-bath homes, the property supports a consistent layout across the duplex while offering an opportunity to manage tenant occupancy between the two units.
The property is located at 2504 2506 Negley Pl in Evansville, Indiana. It presents a straightforward two-unit income setup for an owner or investor looking for an in-place tenant plus an additional unit ready for occupancy.
With both units configured as 2-bedroom, 1-bath homes, the property supports a consistent layout across the duplex while offering an opportunity to manage tenant occupancy between the two units.
Key Highlights
- Duplex built in 1949 with two 2‑bedroom, 1‑bath units
- Unit B is currently rented for $809/month with a lease in place through 03/31/2027
- Unit A is vacant and advertised at $809/month
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
$11,410
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
8.15%
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%
$228,200
$228.2K
Cap Rate 7%
$163,000
$163.0K
Cap Rate 9%
$126,778
$126.8K
Market Conditions
NOI Build-Up for 1,250 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
$17.3K $13.80/SF
− Vacancy
−$950 −$0.76/SF
EGI
$16.3K $13.04/SF
− OpEx
−$4.9K −$3.91/SF
NOI
$11.4K $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%
$228,200
Cap Rate 7%
$163,000
Cap Rate 9%
$126,778
Alternative Uses
Best Use
Multifamily LT 5
$163.0K
$142.6K – $190.2K
NOI $11,410 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$149.9K
$131.2K – $174.9K
NOI $10,492 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$310.3K
$271.5K – $362.0K
NOI $21,722 @ 7.0% cap · market cap 15.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
Explore this area
Business Placement
Demographics for 47711, IN
31,266
Population
14,487
Households
2.2
Avg Household Size
41
Median Age
24%
College-Educated
91%
High-School Grad
16.5 sq mi
ZIP Area
1,895
Density / Sq Mi
$65,398
Median Household Income
$39,114
Median Earnings
$982
Median Rent
$156,200
Median Home Value
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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 - Duplex offers two two-bedroom, one-bath units, with one unit currently rented on an in-place lease.
Where is this duplex located?
The property is located at 2504 2506 Negley Pl Evansville, IN.
What is the asking price?
The asking price for this property is $140,000.
What are key features of this property?
This property features: Duplex built in 1949 with two 2‑bedroom, 1‑bath units; Unit B is currently rented for $809/month with a lease in place through 03/31/2027; Unit A is vacant and advertised at $809/month
