Updated Four-Unit
New
For Sale
$264,900
818 SE Riverside Dr, Evansville, IN 47713
Historic District property with separately metered utilities, private entrances, and refreshed interiors across all four units.
Property Size2,063 SF
Price / SF$128.41
Days on Market5
Property Features for 818 SE Riverside Dr
General Information
Standard status
Active
Size
2,063 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Amenities
private entrances
included appliances
central heating and air conditioning
separate newer water heaters
Building Details
Year Built
1919
Buildings
1
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS CAPITAL REALTY
(812) 430-4851
Listed By:
Shea Fleck · License #RB23000462
Source:
Daubyrealestate
Added: Aug 1
Changed: Aug 2
Last Checked: Aug 5 at 11:04AM
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 KELLER WILLIAMS CAPITAL REALTY
Investment Insights
Based on property information with market context.
Built in 1919, this four-unit property offers private entrances, tall windows, abundant natural light, and appliances in each residence. Every unit includes central heating and air conditioning, plus a separate newer water heater. Recent improvements completed within the past two years include new paint, updated flooring, newer appliances, and contemporary finishes throughout.
Gas and electric service are individually metered, while the owner provides water, sewer, and trash service. The property is located in the Historic District near Haynie’s Corner, placing all four units within an established residential setting.
Gas and electric service are individually metered, while the owner provides water, sewer, and trash service. The property is located in the Historic District near Haynie’s Corner, placing all four units within an established residential setting.
Key Highlights
- Four‑unit property built in 1919
- Private entrances and tall windows in every unit
- Central heating and air conditioning throughout
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 | $28.5k | $13.80 |
| − Vacancy | −$1.6k | −$0.76 |
| EGI | $26.9k | $13.04 |
| − OpEx | −$8.1k | −$3.91 |
| NOI | $18.8k | $9.13 |
2,063 SF · lease $13.80/SF/yr · vacancy 5.51% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$269.0K
$235.4K – $313.9K
NOI $18,831 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$247.4K
$216.4K – $288.6K
NOI $17,315 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$512.2K
$448.1K – $597.5K
NOI $35,851 @ 7.0% cap · market cap 13.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
242
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Historic District property with separately metered utilities, private entrances, and refreshed interiors across all four units.
Where is this quadplex located?
The property is located at 818 SE Riverside Dr Evansville, IN.
What is the asking price?
The asking price for this property is $264,900.
What are key features of this property?
This property features: Four‑unit property built in 1919; Private entrances and tall windows in every unit; Central heating and air conditioning throughout
