Property summary
This exceptional 4-unit apartment building, located at 1116 SE 1st St in Evansville, Indiana, presents a compelling investment opportunity. Built in 1889 and extensively renovated in 2022, this three-story, Class C property boasts 2,940 square feet and offers a strong 10.05% cap rate. Currently generating a net operating income (NOI) of $24,018 annually, the property commands a monthly rental income of $2,725, with 100% occupancy achieved on February 1, 2022. The building comprises three 1-bedroom units and one efficiency apartment. Individual electric meters are in place, although the owner currently pays all utilities. A significant upgrade was completed in summer 2023 with the installation of a brand-new roof. Situated just blocks from Haynie's Corner, this property benefits from a desirable location. Furthermore, there's potential for expansion
Property profile
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Value estimations
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Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
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Value estimation
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Cap rate
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Property description
Physical attributes from public recordsZoning & alternative use
Zoning
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No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
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