Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    216 Oak St Evansville, IN 47713
    Back to Search
    Property profile & analytics

    216 Oak St, Evansville, IN 47713

    View on Map
    • Commercial real estate
    • 2,924 SF
    Off-Market
    Property ID
    US31-0987236
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 216 Oak St

    Year built
    1860
    Property type
    Commercial real estate

    Description

    This 5-unit apartment building, located at 216 Oak St in Evansville, Indiana, presents a compelling value-add investment opportunity. Built in 1860 and renovated in 2019, the property boasts 2,924 square feet across two stories. Currently vacant, this Class C building offers significant potential for increased profitability. The asking price is $239,900, translating to $47,980 per unit and $82.05 per square foot. Key features include a newer roof, some new windows, and a charming two-story porch. Convenient off-street parking is available for tenants. Its prime downtown location places it within walking distance of the Evansville Riverfront, Haynie's Corner Arts District, and Main Street, offering easy access to local amenities and attractions. The property's proximity to these vibrant areas suggests strong rental demand once fully occupied, with potential rental income exceeding $3,000 monthly. This presents a unique chance to capitalize on the revitalization of downtown Evansville and achieve a strong return on investment. The property's vacant status allows for immediate implementation of a comprehensive rental strategy. The existing improvements, combined with the potential for further renovations, make this a highly attractive proposition for investors seeking a value-add opportunity in a desirable urban setting. The property is situated in Vanderburgh County, Indiana, zip code 47713.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5693536
    Latitude
    37.9667601

    Comparable in this City

    • $585,000
      6,794 SF

      Updated Victorian Multifamily Investment Property

      Updated Victorian property with income potential in Evansville's Arts District.
      702-704 SE 2Nd St, Evansville, IN 47713
      View Details
    • Contact for pricing
      3,553 SF

      Downtown Evansville Apartment Building

      Five-unit apartment building in downtown Evansville, fully occupied.
      1 Adams Ave, Evansville, IN 47713
      View Details
    • $249,900
      4,590 SF

      Evansville Fourplex with Income Potential

      Fourplex in Evansville, IN, near downtown with income potential.
      803 SE Riverside Dr, Evansville, IN 47713
      View Details
    • $585,000
      6,794 SF

      Updated Italianate Property in Evansville

      Historic property with modern updates and income potential.
      702-704 Southeast 2Nd St, Evansville, IN 47713
      View Details
    • New
      $134,900
      2,192 SF

      Evansville Duplex: Income-Producing Investment

      Well-maintained duplex in Evansville with steady cash flow.
      610 Taylor Ave, Evansville, IN 47713
      View Details
    • $199,000
      2,844 SF

      Mixed-Use Investment Portfolio

      Five-unit portfolio with mixed-use and residential income potential.
      512 E Riverside Dr, Evansville, IN 47713
      View Details

    Similar Nearby for Sale

    • $585,000
      6,794 SF

      Updated Victorian Multifamily Investment Property

      Updated Victorian property with income potential in Evansville's Arts District.
      702-704 SE 2Nd St, Evansville, IN 47713
      View Details
    • Contact for pricing
      3,553 SF

      Downtown Evansville Apartment Building

      Five-unit apartment building in downtown Evansville, fully occupied.
      1 Adams Ave, Evansville, IN 47713
      View Details
    • $249,900
      4,590 SF

      Evansville Fourplex with Income Potential

      Fourplex in Evansville, IN, near downtown with income potential.
      803 SE Riverside Dr, Evansville, IN 47713
      View Details
    • $585,000
      6,794 SF

      Updated Italianate Property in Evansville

      Historic property with modern updates and income potential.
      702-704 Southeast 2Nd St, Evansville, IN 47713
      View Details
    • New
      $134,900
      2,192 SF

      Evansville Duplex: Income-Producing Investment

      Well-maintained duplex in Evansville with steady cash flow.
      610 Taylor Ave, Evansville, IN 47713
      View Details
    • $199,000
      2,844 SF

      Mixed-Use Investment Portfolio

      Five-unit portfolio with mixed-use and residential income potential.
      512 E Riverside Dr, Evansville, IN 47713
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      936 SF

      Downtown Evansville Office Space Available

      Office suites for lease in downtown Evansville, Indiana.
      201 NW 4Th St, Evansville, IN 47713
      View Details
    • Contact for pricing
      4,851 SF

      Office Suites Available For Rent

      Office suites available in secured building with ample parking.
      610 E Walnut St, Evansville, IN 47713
      View Details
    • $269 SF/Yr
      40,000 SF

      Prime Executive Office Suite

      Walnut Center, Lloyd Expressway Frontage
      815 John St, Evansville, IN 47713
      View Details
    • Contact for pricing
      3,600 SF

      Warehouse and Office Space Available

      3,600 SF suite with warehouse and office space for lease.
      703-705 E Sycamore St, Evansville, IN 47713
      View Details
    • Contact for pricing

      Evansville Office Suites For Rent

      Three office suites with private entrances and surface parking available.
      711 John St, Evansville, IN 47713
      View Details
    • Contact for pricing
      1,800 SF

      Evansville Office Space For Lease

      Professional office spaces with exclusive entrances, ranging from 1,800-16,654 SF.
      711 John St, Evansville, IN 47713
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    216 Oak St
    Evansville, IN 47713
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    216 Oak St, Evansville, IN, 47713
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!