Fourplex with Private
For Sale
$264,900
818 SE Riverside Drive, Evansville, IN 47713
MULTI_FAMILY - Evansville, IN
Property Size2,063 SF
Lot Size0.12 Acres
Price / SF$128.41
Days on Market48
Property Features for 818 SE Riverside Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 1, Bathroom 4, Bedroom 2, Bathroom 2, Bathroom 3, Basement, Bedroom 3, Bathroom 1
Parking
4
Subdivision
Union Place
Lot features
0-2.9999
Elementary school
Tekoppel
Middle school
Perry Heights
High school
Francis Joseph Reitz
Elementary school district
Evansville-Vanderburgh School Corp.
Middle school district
Evansville-Vanderburgh School Corp.
High school district
Evansville-Vanderburgh School Corp.
Directions
Traveling NW on Veterans Memorial Parkway turn right on Shawnee Ave, then left on SE Riverside Drive, home is 4th house on the right
Standard status
Active
APN
82-06-31-020-082.006-029
Size
2,063 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
UNION PLACE PT LOT 6 & PT LOT 7
Tax Annual Amount
3000
Legal Description
UNION PLACE PT LOT 6 & PT LOT 7
Utilities
Cooling system
Central Air
Building Details
Year built
1919
Floors in Building
2
Number of units
4
Flooring type
Vinyl
Architectural style
Other
Listing Agency:
KELLER WILLIAMS CAPITAL REALTY · Keller Williams Realty
(812) 422-4096
Listed By:
Shea Fleck · License #RB23000462
(812) 639-3950
Added: Jun 14
Changed: Jul 30
Last Checked: Jul 31 at 7:06PM
MLS# 202623350
Copyright © 2026 Southwest Indiana Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-maintained fourplex provides four separate units, each with its own private entrance. Units feature tall windows for abundant natural light and include appliances. Gas and electric are separately metered for each unit, while the owner covers water, sewer, and trash service. Heating and cooling are provided by central heating and air conditioning, and each unit has a newer water heater.
The property is located in the heart of the Historic District, just steps from Haynie’s Corner, with a lot size of 0.12 acres and a total size of 2,063 square feet.
With updates completed within the past two years, the interior has fresh paint, updated flooring, newer appliances, and modern finishes across all four units. This configuration and metering setup can support an owner seeking a straightforward, self-contained rental arrangement where tenants manage their own gas and electric while the property owner handles water, sewer, and trash.
The property is located in the heart of the Historic District, just steps from Haynie’s Corner, with a lot size of 0.12 acres and a total size of 2,063 square feet.
With updates completed within the past two years, the interior has fresh paint, updated flooring, newer appliances, and modern finishes across all four units. This configuration and metering setup can support an owner seeking a straightforward, self-contained rental arrangement where tenants manage their own gas and electric while the property owner handles water, sewer, and trash.
Key Highlights
- Fourplex with private entrances and tall windows in the Historic District, steps from Haynie's Corner
- Each unit includes appliances and has separate gas and electric metering
- Owner pays water, sewer, and trash service; gas/electric are separately metered per unit
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
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
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 - Well-maintained four-unit property with private entrances, separately metered utilities, central HVAC, and recent interior updates.
Where is this quadplex located?
The property is located at 818 SE Riverside Drive 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: Fourplex with private entrances and tall windows in the Historic District, steps from Haynie's Corner; Each unit includes appliances and has separate gas and electric metering; Owner pays water, sewer, and trash service; gas/electric are separately metered per unit
