Two-Unit Duplex With Central
For Sale
$140,000
2504 2506 Negley Place, Evansville, IN 47711
INVESTMENT, One Story, Evansville, IN
Property Size1,250 SF
Lot Size0.13 Acres
Price / SF$112
Days on Market70
Property Features for 2504 2506 Negley Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 2
Parking
4
Subdivision
Diamond Villa
Lot features
Level
Elementary school
Evans
Middle school
North
High school
North
Elementary school district
Evansville-Vanderburgh School Corp.
Middle school district
Evansville-Vanderburgh School Corp.
High school district
Evansville-Vanderburgh School Corp.
Directions
West on Diamond Ave, North on Kentucky Ave then East on Joan.
Standard status
Active
APN
82-06-16-011-106.012-027
Size
1,250 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
DIAMOND VILLA LOT 39
Legal Description
DIAMOND VILLA LOT 39
Utilities
Cooling system
Central Air
Building Details
Year built
1949
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Architectural style
Other
Listing Agency:
KELLER WILLIAMS CAPITAL REALTY · Keller Williams Realty
(812) 422-4096
Listed By:
Erica Berendsen · License #RB21002306
(812) 774-2596
Added: Jun 15
Changed: Aug 19
Last Checked: Aug 23 at 1:06PM
MLS# 202623488
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.
Located at 2504–2506 Negley Place in Evansville, this two-unit duplex was built in 1949 and sits on a 0.13-acre lot. The property includes two separate units, each with two bedrooms and one bathroom. Central air cooling serves the building, and vinyl flooring is listed throughout.
Unit B is currently rented and has a lease in place through 03/31/2027. Unit A is vacant, marketed as available for occupancy.
The configuration makes the property well suited for an owner-occupant or an investor looking for a duplex setup with one unit under lease and the other unit available.
Unit B is currently rented and has a lease in place through 03/31/2027. Unit A is vacant, marketed as available for occupancy.
The configuration makes the property well suited for an owner-occupant or an investor looking for a duplex setup with one unit under lease and the other unit available.
Key Highlights
- Two‑unit duplex with two 2‑bedroom, 1‑bath units
- Lease in place for Unit B through 03/31/2027
- Unit A currently vacant
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
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?
Duplex - Duplex with two 2-bedroom, 1-bath units, central air cooling, and vinyl flooring on a small lot.
Where is this duplex located?
The property is located at 2504 2506 Negley Place 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: Two‑unit duplex with two 2‑bedroom, 1‑bath units; Lease in place for Unit B through 03/31/2027; Unit A currently vacant
