Three-Unit
New
For Sale
$174,900
501 N Sonntag Avenue, Evansville, IN 47712
INVESTMENT, Two Story, Evansville, IN
Property Size1,879 SF
Lot Size0.07 Acres
Price / SF$93.08
Days on Market2
Property Features for 501 N Sonntag Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 1, Basement, Bathroom 2, Bathroom 3
Parking
1
Lot features
Corner
Elementary school
Tekoppel
Middle school
Helfrich
High school
Francis Joseph Reitz
Elementary school district
Evansville-Vanderburgh School Corp.
Middle school district
Evansville-Vanderburgh School Corp.
High school district
Evansville-Vanderburgh School Corp.
Directions
Lloyd Expressway N on St Joe Ave, West on W Virginia, House will be on the corner of N Sonntag and W Virginia.
Subdivision
Vanderburgh County
Standard status
Active
APN
82-05-23-018-032.004-025
Size
1,879 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Hartmetz ADD L & BL 1 PT VAC ALLEY
Tax Annual Amount
1101
Legal Description
Hartmetz ADD L & BL 1 PT VAC ALLEY
Utilities
Cooling system
Central Air
Building Details
Year built
1900
Floors in Building
2
Number of units
3
Flooring type
Carpet, Laminate
Roof type
Composition, Rubber
Architectural style
Other
Listing Agency:
F.C. TUCKER EMGE
(812) 426-9020
Listed By:
Mindy Word · License #RB14046843
(812) 455-2976
Added: Oct 16
Last Checked: Oct 17 at 12:06AM
MLS# 202643051
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.
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Investment Insights
Based on property information with market context.
This Evansville triplex contains 1,879 square feet across three separate units, each configured with one bedroom and one bathroom. The units have been cleaned and fitted with new carpet; the property also lists laminate flooring and central air conditioning. Built in 1900, the building sits on a 0.07-acre lot.
Key Highlights
- Three units, each with 1 bedroom and 1 bathroom
- 1,879 square feet on a 0.07‑acre lot
- Central air conditioning
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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Current Use
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 units offer separate living arrangements, with central air conditioning throughout.
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 on a 0.07‑acre lot; Central air conditioning
