Three-Unit Residential
New
For Sale
$174,900
501 N Sonntag Avenue, Evansville, IN 47712
Three one-bedroom residences provide a compact multifamily configuration on Evansville’s West Side.
Property Size1,879 SF
Price / SF$93.08
Days on Market6
Property Features for 501 N Sonntag Avenue
General Information
Standard status
Active
Size
1,879 SF
Property subtype
Multi Family Home
Site & Location
Neighborhood
Westside Improvement
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Building Details
Building Size
1,879 SF
Year Built
1900
Stories
2
Units
3
Listing Agency:
F.C. TUCKER EMGE
Listed By:
Mindy Word · License #RB14046843
(812) 426-9020
Source:
Castleonerealty
Added: Oct 19
Changed: Oct 23
Last Checked: Oct 23 at 6:03PM
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 F.C. TUCKER EMGE
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Investment Insights
Based on property information with market context.
This three-unit residential property contains 1,879 square feet, with each residence arranged as one bedroom and one bathroom. The units have been cleaned and fitted with new carpet. The building dates to 1900.
Set on Evansville’s West Side, the property is near shopping, dining, and everyday amenities.
Set on Evansville’s West Side, the property is near shopping, dining, and everyday amenities.
Key Highlights
- Three units, each with 1 bedroom and 1 bathroom
- 1,879 square feet in total
- New carpet in all units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,771
Cap Rate
9.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$315,420
$315.4K
Cap Rate 7%
$225,300
$225.3K
Cap Rate 9%
$175,233
$175.2K
Market Conditions
NOI Build-Up for 1,879 SF
Gross rent
$30.4K $16.20/SF
− Vacancy
−$1.8K −$0.94/SF
EGI
$28.7K $15.26/SF
− OpEx
−$12.9K −$6.87/SF
NOI
$15.8K $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 Rate 5%
$315,420
Cap Rate 7%
$225,300
Cap Rate 9%
$175,233
Alternative Uses
Best Use
Multifamily LT 5
$245.0K
$214.4K – $285.9K
NOI $17,151 @ 7.0% cap · market cap 9.81%
Second Best
Apartment 5plus
$225.3K
$197.1K – $262.9K
NOI $15,771 @ 7.0% cap · market cap 9.02%
Theoretical Best
Office A
$466.5K
$408.2K – $544.2K
NOI $32,653 @ 7.0% cap · market cap 18.67%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
460
Businesses Nearby
Explore this area
Business Placement
Demographics for 47712, IN
24,895
Population
10,795
Households
2.3
Avg Household Size
35
Median Age
29%
College-Educated
93%
High-School Grad
62.7 sq mi
ZIP Area
397
Density / Sq Mi
$64,285
Median Household Income
$36,018
Median Earnings
$933
Median Rent
$173,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Triplex - Three one-bedroom residences provide a compact multifamily configuration on Evansville’s West Side.
Where is this triplex located?
The property is located at 501 N Sonntag Avenue Evansville, IN.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Three units, each with 1 bedroom and 1 bathroom; 1,879 square feet in total; New carpet in all units
