Two-Unit Brick
401-403 South Lincoln Park Drive Evansville, IN 47714
401-403 South Lincoln Park Drive, Evansville, IN, 47714
$329,000
For Sale
$329,000
Two-story brick duplex with two matching 2-bed, 1-bath units, each with in-unit laundry and updated systems.
Property Size2,764 SF
Price / SF$119.03
Days on Market111
Property Features for 401-403 South Lincoln Park Drive
General Information
- Standard status
- Active
- Size
- 2,764 SF
- Property subtype
- Multi Family / Duplex
Building Details
- Year Built
- 1937
Listing Agency
Dauby Real Estate
(812) 777-4611
Listed by
Trae Dauby · License #RB14050340
(812) 777-4611
Source
Compass
Added: Apr 2 Updated: Jul 20 at 5:20 pm Checked: Jul 20 at 5:20 pm
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 Dauby Real Estate
Investment Insights
Based on property information with market context.
This two-story brick duplex offers two matching units, each laid out with the same functional flow across the main and upper levels. Inside, each unit includes a spacious living room with archway detailing that continues into a formal dining room and then into the kitchen. The main level unit features a wood-burning fireplace, and both units offer 9-foot-plus ceilings that support an open feel. Each unit has two bedrooms and a full bath with original penny tile flooring, along with in-unit laundry. Both units share an unfinished basement that provides additional storage space.
The main level unit includes a covered front porch and access to an attached 3-car garage, while the upper unit includes a private balcony and street parking. The property includes a range of 2025 updates, including new HVAC systems, doors, windows, drains, plumbing fixtures, and gutters, plus electrical updates and kitchen improvements. Two bathroom remodels, fresh paint, and additional work are also noted.
With two 2-bed, 1-bath apartments in a cohesive, clean duplex configuration, the property is positioned near the University of Evansville and local shops and dining.
The main level unit includes a covered front porch and access to an attached 3-car garage, while the upper unit includes a private balcony and street parking. The property includes a range of 2025 updates, including new HVAC systems, doors, windows, drains, plumbing fixtures, and gutters, plus electrical updates and kitchen improvements. Two bathroom remodels, fresh paint, and additional work are also noted.
With two 2-bed, 1-bath apartments in a cohesive, clean duplex configuration, the property is positioned near the University of Evansville and local shops and dining.
Key Highlights
- Two‑story brick duplex with 2 identical units: each unit has 2 bedrooms and 1 full bath
- Each unit includes in‑unit laundry with W/D hookups (1 washer, 1 dryer) plus finished interior flooring
- 2025 updates include new HVAC systems, doors, windows, drains, plumbing fixtures, gutters, updated electrical, and kitchen improvements
Local Financial Insights For Multifamily LT 5
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 | $38.1k | $13.80 |
| − Vacancy | −$2.1k | −$0.76 |
| EGI | $36.0k | $13.04 |
| − OpEx | −$10.8k | −$3.91 |
| NOI | $25.2k | $9.13 |
2,764 SF · lease $13.80/SF/yr · vacancy 5.51% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$360.4K
$315.4K – $420.5K
NOI $25,229 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$331.4K
$290.0K – $386.7K
NOI $23,199 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$686.2K
$600.4K – $800.6K
NOI $48,033 @ 7.0% cap · market cap 14.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two-story brick duplex with two matching 2-bed, 1-bath units, each with in-unit laundry and updated systems.
Where is this duplex located?
The property is located at 401-403 South Lincoln Park Drive Evansville, IN.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Two‑story brick duplex with 2 identical units: each unit has 2 bedrooms and 1 full bath; Each unit includes in‑unit laundry with W/D hookups (1 washer, 1 dryer) plus finished interior flooring; 2025 updates include new HVAC systems, doors, windows, drains, plumbing fixtures, gutters, updated electrical, and kitchen improvements
