Two-Unit Brick Duplex with
New
For Sale
$514,900
712 SE Second Street, Evansville, IN 47712
Two occupied apartments are complemented by a detached-style two-story garage with unfinished space above.
Property Size3,687 SF
Price / SF$139.65
Days on Market2
Property Features for 712 SE Second Street
General Information
Standard status
Active
Size
3,687 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Riverside
Road Access
Yes
Additional Details
Gross Income
$42,000
Multifamily Units
2
Tenant in Place
Yes
Amenities
fenced yard
private courtyard
gated off-street parking
two-story garage
sunrooms
sundecks
Building Details
Year Built
1880
Construction
brick
Listing Agency:
RE/MAX Results
(574) 742-4531
Listed By:
Patton Hall
(574) 267-7501
Source:
Pattonhall
Added: Nov 3
Last Checked: Nov 3 at 4:22AM
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 RE/MAX Results
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Investment Insights
Based on property information with market context.
This 3,687-square-foot brick duplex contains two income-producing apartments and retains hardwood floors, high ceilings, and mahogany and oak doors and trim. Updates include PEX plumbing with labeled shutoffs. A rear unfinished area offers additional space, while the two-story garage has insulation, gas heat, 100-amp electrical service, and a floor drain. Its upper level is unfinished, with hardwood flooring and plumbing rough-ins.
The property includes the adjoining vacant lot at 710 SE Second Street, plus a fenced yard, private courtyard, and gated off-street parking reached from the alley. Original deed, abstract, and historic documents are included in the sale.
The property includes the adjoining vacant lot at 710 SE Second Street, plus a fenced yard, private courtyard, and gated off-street parking reached from the alley. Original deed, abstract, and historic documents are included in the sale.
Key Highlights
- Two income‑producing apartments
- 3,687‑square‑foot brick duplex with hardwood floors and original mahogany and oak trim
- Two‑story garage includes insulation, gas heat, 100‑amp electrical service, and a floor drain
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,654
Cap Rate
6.54%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$673,080
$673.1K
Cap Rate 7%
$480,771
$480.8K
Cap Rate 9%
$373,933
$373.9K
Market Conditions
NOI Build-Up for 3,687 SF
Gross rent
$50.9K $13.80/SF
− Vacancy
−$2.8K −$0.76/SF
EGI
$48.1K $13.04/SF
− OpEx
−$14.4K −$3.91/SF
NOI
$33.7K $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 Rate 5%
$673,080
Cap Rate 7%
$480,771
Cap Rate 9%
$373,933
Alternative Uses
Best Use
Multifamily LT 5
$480.8K
$420.7K – $560.9K
NOI $33,654 @ 7.0% cap · market cap 6.54%
Second Best
Apartment 5plus
$442.1K
$386.8K – $515.8K
NOI $30,946 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$915.3K
$800.9K – $1.07M
NOI $64,072 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,566
Businesses Nearby
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Business Placement
Demographics for 47712, IN
24,895
Population
10,795
Households
2.3
Avg Household Size
35
Median Age
29%
College-Educated
93%
High-School Grad
62.7 sq mi
ZIP Area
397
Density / Sq Mi
$64,285
Median Household Income
$36,018
Median Earnings
$933
Median Rent
$173,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied apartments are complemented by a detached-style two-story garage with unfinished space above.
Where is this duplex located?
The property is located at 712 SE Second Street Evansville, IN.
What is the asking price?
The asking price for this property is $514,900.
What are key features of this property?
This property features: Two income‑producing apartments; 3,687‑square‑foot brick duplex with hardwood floors and original mahogany and oak trim; Two‑story garage includes insulation, gas heat, 100‑amp electrical service, and a floor drain
