Brick Ranch-Style
New
For Sale
$179,900
301-307 Negley Ave, Evansville, IN 47711
Fully occupied four-unit property with separate electric and gas meters, replacement windows, and on-site parking.
Property Size1,925 SF
Price / SF$93.45
Days on Market7
Property Features for 301-307 Negley Ave
General Information
Standard status
Active
Size
1,925 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Asking Price
$179,900
Gross Income
$23,880
Additional Details
Utilities to Site
Yes
Multifamily Units
4
Amenities
covered porch
Building Details
Year Built
1967
Buildings
1
Construction
brick
Listing Agency:
Berkshire Hathaway HomeServices Indiana Realty
Listed By:
Jenna Hancock-Wargel
(812) 568-4774
Source:
Kmsrealestategroup
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 11:12AM
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 Berkshire Hathaway HomeServices Indiana Realty
Investment Insights
Based on property information with market context.
This 1,925-square-foot ranch-style fourplex contains four occupied units within a brick building constructed in 1967. The property includes a covered porch, corner-lot parking, replacement windows, and a roof replaced in 2012. Interior updates include LVP flooring in units 303 and 305, newer carpeting, and updated vanities and toilets in three units. A 2025 furnace serves the property.
Located at 301-307 Negley Ave in Evansville’s Northside, the building has four separate CenterPoint electric and gas meters. Tenants pay their own electric and gas, while water, trash, and sewer are shared across the property. The asset is currently fully occupied, with a reported cap rate ranging from 8.02% to 9.35% depending on management structure.
Located at 301-307 Negley Ave in Evansville’s Northside, the building has four separate CenterPoint electric and gas meters. Tenants pay their own electric and gas, while water, trash, and sewer are shared across the property. The asset is currently fully occupied, with a reported cap rate ranging from 8.02% to 9.35% depending on management structure.
Key Highlights
- Four‑unit brick property at 1,925 SF
- Fully occupied with all four units rented
- Four separate CenterPoint electric and gas meters
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
$16,157
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
8.98%
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%
$323,140
$323.1K
Cap Rate 7%
$230,814
$230.8K
Cap Rate 9%
$179,522
$179.5K
Market Conditions
NOI Build-Up for 1,925 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
$31.2K $16.20/SF
− Vacancy
−$1.8K −$0.94/SF
EGI
$29.4K $15.26/SF
− OpEx
−$13.2K −$6.87/SF
NOI
$16.2K $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%
$323,140
Cap Rate 7%
$230,814
Cap Rate 9%
$179,522
Alternative Uses
Best Use
Multifamily LT 5
$251.0K
$219.6K – $292.9K
NOI $17,571 @ 7.0% cap · market cap 9.77%
Second Best
Apartment 5plus
$230.8K
$202.0K – $269.3K
NOI $16,157 @ 7.0% cap · market cap 8.98%
Theoretical Best
Office A
$477.9K
$418.2K – $557.5K
NOI $33,452 @ 7.0% cap · market cap 18.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
322
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied four-unit property with separate electric and gas meters, replacement windows, and on-site parking.
Where is this quadplex located?
The property is located at 301-307 Negley Ave Evansville, IN.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Four‑unit brick property at 1,925 SF; Fully occupied with all four units rented; Four separate CenterPoint electric and gas meters
