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    1609 Rheinhardt Ave Evansville, IN 47714

    Sponsored
    For Sale
    $390,000

    Six-unit income property, high ROI.

    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 properties are situated at 1609 Rheinhardt Ave, 1625 Rheinhardt Ave, 1335 E Franklin St, 909 N 5th Ave, 1316 N 5th Ave, and 921 W Missouri St, encompassing a diverse range of addresses within the 47710, 47711, and 47714 zip codes. This portfolio offers a compelling investment proposition with a total asking price of $390,000, translating to $65,000 per unit. The current annual net operating income (NOI) stands at $48,060, resulting in an attractive cap rate of 12.32%. Individual unit rents range from $600 to $715 per month, generating a combined monthly rental income of $4,005. Tenants are responsible for their own utilities. Showings are scheduled following the acceptance of a Letter of Intent (LOI), contingent upon a property walkthrough. This portfolio represents a strong cash-flowing investment with significant potential for future appreciation. The properties are sold as a package.

    Property Features for 1609 Rheinhardt Ave

    General Information

    Property type
    Multifamily properties

    Building Details

    Units
    6

    HighLights

    • Six‑unit single‑family rental portfolio in Evansville, IN.
    • Located in Vanderburgh County, across multiple zip codes (47710, 47711, 47714).
    • Asking price: $390,000 ($65,000 per unit).
    • Current annual NOI: $48,060, 12.32% cap rate.
    • Monthly rental income: $4,005 (individual rents: $600-$715).
    • Sold as a package; showings by appointment following LOI and property walkthrough.
    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 Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5356476
    Latitude
    37.9410675

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    FAQs

    What type of property is this?
    Multifamily property - Six-unit income property, high ROI.
    Where is this multifamily property located?
    The property is located at 1609 Rheinhardt Ave 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, across multiple zip codes (47710, 47711, 47714).; Asking price: $390,000 ($65,000 per unit).
    (812) 449-0050
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    1609 Rheinhardt Ave Evansville, IN 47714
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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
    1609 Rheinhardt Ave Evansville, IN 47714
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