Remodeled 4-Unit Apartment
For Sale
$325,000
800 Line St, Evansville, IN 47713
Updated interiors and major building systems support continued apartment use.
Property Size2,948 SF
Price / SF$110.24
Days on Market14
Property Features for 800 Line St
General Information
Standard status
Active
Size
2,948 SF
Property subtype
Multi-Family
Financials
Gross Income
$36,480
Average Monthly Rent
$760
Additional Details
Multifamily Units
4
Building Details
Year Built
1924
Listing Agency:
eXp Realty, LLC
(812) 266-0536
Listed By:
Mark Albini · License #RB19002026
Source:
Callcriswell
Added: Aug 16
Changed: Aug 28
Last Checked: Aug 29 at 11:33AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This four-unit apartment property has undergone extensive remodeling within the past 2 years. Improvements include new LVP flooring, kitchens, bathrooms, lighting, paint, trim, windows, and doors. The roof was replaced 1 year ago, while the HVAC systems and water heaters were updated 2 years ago.
Residents pay their own electric and gas service. Water, sewer, and trash are paid by the landlord. Each apartment is individually plumbed in the basement, providing the physical setup for future water sub-meter installation and direct tenant billing. The property is located in downtown Evansville and offers a four-unit configuration with separately metered utility potential.
Residents pay their own electric and gas service. Water, sewer, and trash are paid by the landlord. Each apartment is individually plumbed in the basement, providing the physical setup for future water sub-meter installation and direct tenant billing. The property is located in downtown Evansville and offers a four-unit configuration with separately metered utility potential.
Key Highlights
- Four‑unit apartment building in downtown Evansville
- Remodeled within the past 2 years
- Roof is 1 year old
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
$26,909
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
8.28%
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%
$538,180
$538.2K
Cap Rate 7%
$384,414
$384.4K
Cap Rate 9%
$298,989
$299.0K
Market Conditions
NOI Build-Up for 2,948 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
$40.7K $13.80/SF
− Vacancy
−$2.2K −$0.76/SF
EGI
$38.4K $13.04/SF
− OpEx
−$11.5K −$3.91/SF
NOI
$26.9K $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%
$538,180
Cap Rate 7%
$384,414
Cap Rate 9%
$298,989
Alternative Uses
Best Use
Multifamily LT 5
$384.4K
$336.4K – $448.5K
NOI $26,909 @ 7.0% cap · market cap 8.28%
Second Best
Apartment 5plus
$353.5K
$309.3K – $412.4K
NOI $24,743 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$731.9K
$640.4K – $853.8K
NOI $51,230 @ 7.0% cap · market cap 15.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
889
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 - Updated interiors and major building systems support continued apartment use.
Where is this quadplex located?
The property is located at 800 Line St Evansville, IN.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Four‑unit apartment building in downtown Evansville; Remodeled within the past 2 years; Roof is 1 year old
