11-Unit Apartment
For Sale
$895,000
509 Se 1st St, Evansville, IN 47713
Three apartment properties are offered together in Evansville’s Historic District with professional management already in place.
Property Size8,327 SF
Price / SF$107.48
Days on Market18
Property Features for 509 Se 1st St
General Information
Standard status
Active
Size
8,327 SF
Property subtype
Residential Income
Occupancy
90%
Additional Details
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$12,432
Listing Agency:
Rental Property Realty
(812) 598-0238
Listed By:
Ashley Riordan-Elpers
(812) 598-0238
Source:
Exprealty
Added: Aug 3
Changed: Aug 20
Last Checked: Aug 20 at 1:07PM
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 Rental Property Realty
Investment Insights
Based on property information with market context.
This multifamily offering combines three apartment properties on one parcel at 509, 509.5, and 511 SE First Street. Together, the buildings contain 11 doors and have a reported 90% occupancy rate. The property size is 8,327, as provided in the listing data.
Physical improvements include a newer roof at 509.5, along with a replaced roof and soffits at 511. The portfolio is professionally managed and positioned within Evansville’s Historic District, with access to Downtown Evansville, the riverfront, and nearby amenities.
Physical improvements include a newer roof at 509.5, along with a replaced roof and soffits at 511. The portfolio is professionally managed and positioned within Evansville’s Historic District, with access to Downtown Evansville, the riverfront, and nearby amenities.
Key Highlights
- Three apartment properties offered together on one parcel
- 11 total doors across the portfolio
- 90% occupancy rate
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
$69,890
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
7.81%
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%
$1,397,800
$1.4M
Cap Rate 7%
$998,429
$998.4K
Cap Rate 9%
$776,556
$776.6K
Market Conditions
NOI Build-Up for 8,327 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
$134.9K $16.20/SF
− Vacancy
−$7.8K −$0.94/SF
EGI
$127.1K $15.26/SF
− OpEx
−$57.2K −$6.87/SF
NOI
$69.9K $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%
$1,397,800
Cap Rate 7%
$998,429
Cap Rate 9%
$776,556
Alternative Uses
Best Use
Apartment 5plus
$998.4K
$873.6K – $1.16M
NOI $69,890 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.07M
$1.81M – $2.41M
NOI $144,706 @ 7.0% cap · market cap 16.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
90%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,520
Businesses Nearby
Explore this area
Business Placement
Demographics for 47713, IN
9,916
Population
5,507
Households
1.8
Avg Household Size
35
Median Age
21%
College-Educated
88%
High-School Grad
5.0 sq mi
ZIP Area
1,983
Density / Sq Mi
$37,448
Median Household Income
$29,366
Median Earnings
$931
Median Rent
$85,200
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?
Apartment building - Three apartment properties are offered together in Evansville’s Historic District with professional management already in place.
Where is this apartment building located?
The property is located at 509 Se 1st St Evansville, IN.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Three apartment properties offered together on one parcel; 11 total doors across the portfolio; 90% occupancy rate
