Four-Unit Riverfront
520 Southeast Riverside Drive Evansville, IN 47713
520 Southeast Riverside Drive, Evansville, IN, 47713
$345,000
Pending
For Sale
$345,000
Pending
Historic four-unit rental property with one 2-bedroom unit and three 1-bedroom units, plus a covered front porch.
Property Size2,846 SF
Days on Market17
Property Features for 520 Southeast Riverside Drive
General Information
- Standard status
- Pending
- Size
- 2,846 SF
- Property subtype
- Multi Family / Fourplex
Building Details
- Year Built
- 1929
Listing agency
Berkshire Hathaway HomeServices Indiana Realty
(812) 474-7014
Listed by
Erin Little · License #RB26000428
(812) 474-7014
Source
Compass
Added: Jul 6 Updated: Jul 21 at 5:34PM Checked: Jul 21 at 5:34PM
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 Berkshire Hathaway HomeServices Indiana Realty
Investment Insights
Based on property information with market context.
Historic four-unit rental quadplex with four distinct units: one 2-bedroom unit and three 1-bedroom units. The property includes an expansive covered front porch and a fenced backyard, along with a detached 2-car garage.
Situated directly on SE Riverside Drive, the building is steps from the riverfront Greenway and directly across from the Evansville Museum. Its front units offer views toward the Ohio River area, with convenient access to downtown dining and entertainment and the IU School of Medicine campus.
For investors seeking a distinctive income-producing multifamily asset in a high-visibility downtown riverfront setting, this four-unit property presents a straightforward rental mix with established residential architecture and outdoor spaces.
Situated directly on SE Riverside Drive, the building is steps from the riverfront Greenway and directly across from the Evansville Museum. Its front units offer views toward the Ohio River area, with convenient access to downtown dining and entertainment and the IU School of Medicine campus.
For investors seeking a distinctive income-producing multifamily asset in a high-visibility downtown riverfront setting, this four-unit property presents a straightforward rental mix with established residential architecture and outdoor spaces.
Key Highlights
- Historic 4‑unit rental property (1x 2‑bedroom, 3x 1‑bedroom) built in 1929
- Situated directly on SE Riverside Drive, with views of the Ohio River area from the front units
- Expansive covered front porch plus fenced backyard for added outdoor space
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.3k | $13.80 |
| − Vacancy | −$2.2k | −$0.76 |
| EGI | $37.1k | $13.04 |
| − OpEx | −$11.1k | −$3.91 |
| NOI | $26.0k | $9.13 |
2,846 SF · lease $13.80/SF/yr · vacancy 5.51% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Historic four-unit rental property with one 2-bedroom unit and three 1-bedroom units, plus a covered front porch.
Where is this quadplex located?
The property is located at 520 Southeast 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: Historic 4‑unit rental property (1x 2‑bedroom, 3x 1‑bedroom) built in 1929; Situated directly on SE Riverside Drive, with views of the Ohio River area from the front units; Expansive covered front porch plus fenced backyard for added outdoor space
