Four-Unit Quadplex with Covered
For Sale
$345,000
Pending
520 SE Riverside Drive, Evansville, IN 47713
INVESTMENT, Two Story, Evansville, IN
Property Size2,846 SF
Lot Size0.12 Acres
Days on Market50
Property Features for 520 SE Riverside Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 5, Basement, Bathroom 2, Bedroom 1, Bedroom 5, Bathroom 4, Bathroom 3, Bedroom 2
Parking
2
Parking features
Off Street
Fireplace
1
Lot features
City/ Town/ Suburb, 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
N on Green River Rd. E on Lloyd Expy. Turn exit to merge onto Fulton Ave. Merge on W Division St. L onto S Fulton Ave. Turn L onto Cherry St. Turn R onto SE 1st. Turn R onto Oak St. Turn Left into SE Riverside Cul-de-Sac.
Subdivision
Vanderburgh County
Standard status
Pending
APN
82-06-30-020-075.006-029
Size
2,846 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
UPPER ENL PT LOT 12
Tax Annual Amount
1493
Legal Description
UPPER ENL PT LOT 12
Utilities
Cooling system
Central Air
Amenities
covered front porch
fenced backyard
Building Details
Year built
1929
Floors in Building
2
Number of units
4
Flooring type
Tile - Ceramic, Wood, Tile
Architectural style
Other
Listing Agency:
Berkshire Hathaway HomeServices Indiana Realty
(812) 474-7000
Listed By:
Erin Little · License #RB26000428
(812) 568-5561
Added: Jul 6
Changed: Aug 19
Last Checked: Aug 24 at 4:06AM
MLS# 202626703
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.
Investment Insights
Based on property information with market context.
This historic four-unit quadplex was built in 1929 and is configured as one 2-bedroom rental unit and three 1-bedroom rental units. Interior finishes include tile and ceramic tile flooring along with wood flooring. Central air conditioning supports year-round comfort, and the property includes a basement plus a fireplace. Outside, there is a fenced backyard, a detached 2-car garage, and an expansive covered front porch that adds outdoor living space.
The property is located directly on SE Riverside Drive in downtown Evansville’s riverfront corridor. It is steps from the riverfront Greenway and directly across from the Evansville Museum, with easy access to downtown dining and entertainment as well as the IU School of Medicine campus.
Off-street parking is available, and the front units offer views of the Ohio River area.
The property is located directly on SE Riverside Drive in downtown Evansville’s riverfront corridor. It is steps from the riverfront Greenway and directly across from the Evansville Museum, with easy access to downtown dining and entertainment as well as the IU School of Medicine campus.
Off-street parking is available, and the front units offer views of the Ohio River area.
Key Highlights
- 0.12‑acre lot with 2,846 SF four‑unit quadplex built in 1929
- One 2‑bedroom unit plus three 1‑bedroom units
- Expansive covered front porch and fenced backyard
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
$25,978
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
7.53%
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%
$519,560
$519.6K
Cap Rate 7%
$371,114
$371.1K
Cap Rate 9%
$288,644
$288.6K
Market Conditions
NOI Build-Up for 2,846 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
$39.3K $13.80/SF
− Vacancy
−$2.2K −$0.76/SF
EGI
$37.1K $13.04/SF
− OpEx
−$11.1K −$3.91/SF
NOI
$26.0K $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%
$519,560
Cap Rate 7%
$371,114
Cap Rate 9%
$288,644
Alternative Uses
Best Use
Multifamily LT 5
$371.1K
$324.7K – $433.0K
NOI $25,978 @ 7.0% cap · market cap 7.53%
Second Best
Apartment 5plus
$341.2K
$298.6K – $398.1K
NOI $23,887 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$706.5K
$618.2K – $824.3K
NOI $49,458 @ 7.0% cap · market cap 14.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Historic four-unit quadplex built in 1929 with central air, featuring one 2-bedroom and three 1-bedroom units.
Where is this quadplex located?
The property is located at 520 SE Riverside Drive Evansville, IN.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 0.12‑acre lot with 2,846 SF four‑unit quadplex built in 1929; One 2‑bedroom unit plus three 1‑bedroom units; Expansive covered front porch and fenced backyard
