Occupied Ranch-Style
New
For Sale
$179,900
301-307 Negley Avenue, Evansville, IN 47711
INVESTMENT, One Story, Evansville, IN
Property Size1,925 SF
Lot Size0.12 Acres
Price / SF$93.45
Days on Market4
Property Features for 301-307 Negley Avenue
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 1, Bedroom 3, Bathroom 3, Bedroom 4, Bathroom 2, Bathroom 4, Bedroom 1
Parking
4
Fireplace
1
Subdivision
Park Land / Parkland
Lot features
City/ Town/ Suburb, Corner, 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
From W on Diamond to N on on Lafayette, Right on Negley
Standard status
Active
APN
82-06-17-031-057.001-029
Size
1,925 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Parkland LT 1 BL 9
Tax Annual Amount
2533
Legal Description
Parkland LT 1 BL 9
Utilities
Cooling system
Central Air
Building Details
Year built
1967
Floors in Building
1
Number of units
4
Flooring type
Carpet, Laminate, Vinyl
Roof type
Shingle
Architectural style
Ranch
Listing Agency:
Berkshire Hathaway HomeServices Indiana Realty
(812) 474-7000
Listed By:
Jenna Hancock-Wargel
(812) 568-4774
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 19 at 7:06PM
MLS# 202638215
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 301-307 Negley Avenue in Evansville, this fully occupied quadplex offers a ranch-style layout within a 1,925-square-foot brick building. The property contains four residential units, central air, a covered porch, replacement windows, and a shingle roof installed in 2012. A 2025 furnace adds a recent mechanical improvement, while flooring includes carpet, vinyl, and laminate. Three units have updated vanities and toilets, and units 303 and 305 feature LVP flooring. Each unit has its own CenterPoint electric and gas meter, with water, trash, and sewer served through one shared account. The 0.12-acre corner lot provides on-site parking, and the property also includes a fireplace.
Key Highlights
- Four‑unit property at 301‑307 Negley Avenue, Evansville, IN 47711
- Fully occupied quadplex in a 1,925‑square‑foot brick building
- 0.12‑acre corner lot with on‑site parking and covered porch
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Quadplex - Brick fourplex with central air, covered porch, replacement windows, and separate electric and gas metering for each unit.
Where is this quadplex located?
The property is located at 301-307 Negley Avenue 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 property at 301‑307 Negley Avenue, Evansville, IN 47711; Fully occupied quadplex in a 1,925‑square‑foot brick building; 0.12‑acre corner lot with on‑site parking and covered porch
