Updated 10-Unit Apartment
For Sale
$525,000
613 615 N Fulton Ave, Evansville, IN 47710
Two-story apartment property with individually metered electric and tenant-paid usage.
Property Size5,105 SF
Price / SF$102.84
Days on Market13
Property Features for 613 615 N Fulton Ave
General Information
Standard status
Active
Size
5,105 SF
Property subtype
Multi-Family
Units
Unit Mix
10 x 1BR/1BA
Multifamily Units
10
Building Details
Year Built
1900
Stories
2
Listing Agency:
Catanese Real Estate
(812) 550-0415
Listed By:
Jeremy Outlaw · License #RB24000314
Source:
Callcriswell
Added: Aug 16
Changed: Aug 28
Last Checked: Aug 28 at 12:59PM
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 Catanese Real Estate
Investment Insights
Based on property information with market context.
This two-story apartment building contains 10 one-bedroom, one-bath units, with 9 units updated. A roof replacement completed within the past 2 months is among the property’s recent improvements. The building has limited deferred maintenance and includes both off-street and on-street parking.
Located at 613 615 N Fulton Avenue in Evansville, Indiana, the property uses separate electric meters for each apartment, with residents responsible for their own electric consumption. Most tenants have transitioned to RUBS for water and sewer, providing an established reimbursement structure. The asset is offered for sale as a multifamily property.
Located at 613 615 N Fulton Avenue in Evansville, Indiana, the property uses separate electric meters for each apartment, with residents responsible for their own electric consumption. Most tenants have transitioned to RUBS for water and sewer, providing an established reimbursement structure. The asset is offered for sale as a multifamily property.
Key Highlights
- 10‑unit, two‑story apartment building with ten 1 bed / 1 bath units
- 9 of 10 units updated
- Brand‑new roof installed within the past 2 months
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
$42,847
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
8.16%
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%
$856,940
$856.9K
Cap Rate 7%
$612,100
$612.1K
Cap Rate 9%
$476,078
$476.1K
Market Conditions
NOI Build-Up for 5,105 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
$82.7K $16.20/SF
− Vacancy
−$4.8K −$0.94/SF
EGI
$77.9K $15.26/SF
− OpEx
−$35.1K −$6.87/SF
NOI
$42.8K $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 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%
$856,940
Cap Rate 7%
$612,100
Cap Rate 9%
$476,078
Alternative Uses
Best Use
Apartment 5plus
$612.1K
$535.6K – $714.1K
NOI $42,847 @ 7.0% cap · market cap 8.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,714 @ 7.0% cap · market cap 16.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,166
Businesses Nearby
Explore this area
Business Placement
Demographics for 47710, IN
18,470
Population
9,119
Households
2
Avg Household Size
39
Median Age
17%
College-Educated
88%
High-School Grad
8.6 sq mi
ZIP Area
2,148
Density / Sq Mi
$45,324
Median Household Income
$33,718
Median Earnings
$857
Median Rent
$131,700
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 - Two-story apartment property with individually metered electric and tenant-paid usage.
Where is this apartment building located?
The property is located at 613 615 N Fulton Ave Evansville, IN.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 10‑unit, two‑story apartment building with ten 1 bed / 1 bath units; 9 of 10 units updated; Brand‑new roof installed within the past 2 months
