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    509 Iowa St Evansville, IN 47711

    Sponsored
    For Sale
    $390,000

    Six-unit rental property, high NOI

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a portfolio of six single-family rental properties located in Evansville, Indiana, within Vanderburgh County. The portfolio comprises six units situated at various addresses: 509 E Iowa St, 707 E Iowa St, 414 E Virginia St, 1010 E Mulberry St, 1403 E Indiana St, and 921 N 2nd Ave, all within the 47710-47714 zip code range. The properties offer a combined total monthly rental income of $3,145, generating a substantial annual net operating income (NOI) of $37,740. This translates to an attractive cap rate of 9.68% based on the asking price of $390,000. Individual unit rents range from $550 to $700 per month. The portfolio presents a compelling opportunity for investors seeking a stable and high-yielding investment in the Evansville rental market. Each property is a single-family home, providing individual tenant management and potential for future appreciation. The asking price equates to $65,000 per unit, representing a strong value proposition in the current market. This portfolio offers a diversified investment strategy with a proven track record of rental income. Serious inquiries are encouraged. Showings are scheduled after the acceptance of a Letter of Intent, contingent upon a walkthrough and tenant utility verification.

    Property Features for 509 Iowa St

    General Information

    Property type
    Multifamily properties

    Building Details

    Units
    6

    HighLights

    • Six‑unit single‑family rental portfolio in Evansville, IN.
    • Located in Vanderburgh County, zip codes 47710‑47714.
    • $3,145 total monthly rental income, $37,740 annual NOI.
    • 9.68% cap rate based on $390,000 asking price.
    • Individual unit rents range from $550 to $700 per month.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5573009
    Latitude
    37.9826103

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    FAQs

    What type of property is this?
    Multifamily property - Six-unit rental property, high NOI
    Where is this multifamily property located?
    The property is located at 509 Iowa St Evansville, IN.
    What is the asking price?
    The asking price for this property is $390,000.
    What are key features of this property?
    This property features: Six-unit single-family rental portfolio in Evansville, IN.; Located in Vanderburgh County, zip codes 47710-47714.; $3,145 total monthly rental income, $37,740 annual NOI.
    (812) 449-0050
    Request Owner's contact information
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    509 Iowa St Evansville, IN 47711
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