Triplex with Separate
For Sale
$150,000
515 Washington Avenue, Evansville, IN 47713
Three individually metered apartments are complemented by rear parking and additional designated spaces.
Property Size1,460 SF
Price / SF$102.74
Days on Market242
Property Features for 515 Washington Avenue
General Information
Standard status
Active
Size
1,460 SF
Property subtype
Multi Family / Triplex
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,200
Amenities
Other
2
Yes
Vinyl
Forced Air
3
5
No
Other-See Remarks
Building Details
Year Built
1889
Units
3
Listing Agency:
Key Associates Signature Realty
(812) 774-2688
Listed By:
Jessica Gries · License #RB23000440
(812) 774-2688
Source:
Compass
Added: Jan 1
Changed: Aug 29
Last Checked: Aug 31 at 1:58AM
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 Key Associates Signature Realty
Investment Insights
Based on property information with market context.
This triplex contains three separate apartments, each accessed through its own private entrance and served by an individual meter. The property also includes stairs leading to the attic across from Apartment B on the upper level. Built in 1889, the building offers a three-unit configuration at 515 Washington Avenue in Evansville, Indiana.
Parking is provided by a large concrete driveway at the rear, along with additional designated spaces. The separate entrances, individual meters, and on-site parking distinguish the layout for multifamily ownership.
Parking is provided by a large concrete driveway at the rear, along with additional designated spaces. The separate entrances, individual meters, and on-site parking distinguish the layout for multifamily ownership.
Key Highlights
- Three separate apartments in a triplex configuration
- Private entrance for each apartment
- Separate meters serving the individual apartments
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
$13,326
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
8.88%
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%
$266,520
$266.5K
Cap Rate 7%
$190,371
$190.4K
Cap Rate 9%
$148,067
$148.1K
Market Conditions
NOI Build-Up for 1,460 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
$20.1K $13.80/SF
− Vacancy
−$1.1K −$0.76/SF
EGI
$19.0K $13.04/SF
− OpEx
−$5.7K −$3.91/SF
NOI
$13.3K $9.13/SF
Area
Evansville, IN
Vacancy
5.51%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$266,520
Cap Rate 7%
$190,371
Cap Rate 9%
$148,067
Alternative Uses
Best Use
Multifamily LT 5
$190.4K
$166.6K – $222.1K
NOI $13,326 @ 7.0% cap · market cap 8.88%
Second Best
Apartment 5plus
$175.1K
$153.2K – $204.2K
NOI $12,254 @ 7.0% cap · market cap 8.17%
Theoretical Best
Office A
$362.5K
$317.2K – $422.9K
NOI $25,372 @ 7.0% cap · market cap 16.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
780
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?
Triplex - Three individually metered apartments are complemented by rear parking and additional designated spaces.
Where is this triplex located?
The property is located at 515 Washington Avenue Evansville, IN.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Three separate apartments in a triplex configuration; Private entrance for each apartment; Separate meters serving the individual apartments
