306 Florida St Evansville, IN 47711

Property Details for 306 Florida St

Year built

1894

Lot size

0.14 lot acres

Property size

2,900 SF

Property type

Commercial real estate

Description

This Evansville, Indiana multifamily property presents a compelling value-add investment opportunity. The 2-story, 2,900 square foot building, constructed in 1894, comprises three units: two 1-bedroom, 1-bathroom units on the main level, each equipped with a central furnace and window air conditioning units; and one 2-bedroom, 1.5-bathroom unit upstairs featuring central furnace and air conditioning. The property boasts 100% occupancy, generating a strong net operating income (NOI) of $18,894, resulting in a 14.21% capitalization rate. Priced at $133,000, this translates to $45.86 per square foot and $44,333.33 per unit. Situated on a 0.14-acre lot at 306 E Florida St, Evansville, IN 47711, the property includes rear parking. The building is separately metered, offering efficient utility management. This property is classified as a Class C multifamily investment and presents a significant return on investment potential. The building's age and potential for upgrades contribute to its value-add classification. This is an excellent opportunity for investors seeking a strong cash flow and potential for future appreciation.