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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    514 Oregon St Evansville, IN 47710

    • Commercial real estate
    • 14,877 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1078382
    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.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 514 Oregon St

    Property size
    14,877 SF
    Property type
    Commercial real estate

    Description

    This exceptional multifamily investment portfolio comprises 18 units across seven buildings situated on a single city block in Evansville, Indiana, within the R-2 zoning district. The portfolio offers a compelling value-add opportunity with a current occupancy rate of 100%, projected to continue until October 28, 2024. The asking price is $900,000, translating to $50,000 per unit and $60.50 per square foot, based on a total square footage of 14,877. The portfolio boasts a strong net operating income (NOI) of $72,369, yielding an attractive 8.04% cap rate. Individual building improvements include: 514 W Oregon St (8 units) features windows replaced in 2019, a roof replacement in 2016, and complete unit renovations in 2021. 921 Edgar St (2 units) has new HVAC systems installed in 2024 and recent unit renovations. 913 Edgar St (1 unit) received HVAC and roof replacements in 2021. 918 Mary St (1 unit) has an older roof and HVAC, but no reported issues. 915 Edgar St (3 units) includes two recently remodeled units and one with a long-term tenant (10 years). 905 Edgar St (2 units) also features older, but functional, roof and HVAC systems. Finally, 920 Mary St (1 unit) is a concrete block building with a new metal roof. This portfolio presents a rare chance to acquire a well-located, income-producing asset with significant upside potential. The fee simple ownership provides complete control and flexibility for future improvements and management strategies.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.571803248208
    Latitude
    37.986666705004

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      Evansville Duplex with Rental Income

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      Historic Mixed-Use Property For Sale

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    Similar Nearby for Sale

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      Evansville Multifamily Building For Sale

      Four-unit apartment building in Evansville, Indiana. Fully occupied.
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    • $236,000
      0.40 Acres

      Mixed-Use Property with Ample Parking

      Mixed-use property featuring multiple buildings and ample parking.
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    • $99,900
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      Evansville Duplex with Rental Income

      Duplex in Evansville, Indiana with potential rental income.
      1416 W Eichel Ave, Evansville, IN 47710
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    • $107,000
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      Evansville Duplex with Rental Income

      Occupied duplex in Evansville, Indiana, with existing rental income.
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    • New
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      Evansville Home: Finish-It-Yourself Dream

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      3062 Grove St, Evansville, IN 47710
      View Details
    • $150,000

      Historic Mixed-Use Property For Sale

      Historic property with liquor license and residential income potential.
      1015 N Fulton Ave, Evansville, IN 47710
      View Details

    Similar Nearby for Lease

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      Office Space Available For Rent

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      Industrial Space with Shared Docks

      Industrial property featuring overhead doors and shared loading docks.
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      Desirable West Side Office Space

      Office space available on the desirable west side.
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    • Contact for pricing
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      Evansville Distribution Center

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    514 Oregon St
    Evansville, IN 47710
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    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
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