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

    723 Lemcke Ave Evansville, IN 47712

    • Residential income homes
    • 12,209 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1048019
    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

    • Residential income homes

    Property Details for 723 Lemcke Ave

    Property size
    12,209 SF
    Property type
    Residential income homes

    Description

    This exceptional investment opportunity presents a stabilized, eight-unit multifamily portfolio located in Evansville, Indiana, at 723 N Lemcke Ave, 47712. The portfolio comprises a duplex and seven single-family homes, totaling 12,209 square feet. Currently boasting 63% occupancy, this property offers significant potential for increased revenue through improved occupancy rates. Each unit carries an attractive price point of $112,500, contributing to the overall asking price of $900,000. The property is offered for sale by owner and is not subject to a ground lease, providing a clear and straightforward ownership structure. This is an ideal investment for those seeking a stable, cash-flowing asset in a growing market. The property's location in Vanderburgh County provides easy access to local amenities and transportation networks. Detailed financial records are available upon request, allowing prospective buyers to thoroughly assess the property's performance and future earning potential. This portfolio represents a compelling opportunity to acquire a well-established rental property with immediate income generation and significant upside. Don't miss this chance to expand your real estate portfolio with this attractive Evansville investment.

    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
    -87.6036407
    Latitude
    37.9852177

    Comparable in this City

    • $155,000
      Pending

      Evansville Duplex Investment Opportunity

      Duplex in Evansville, Indiana, ideal for investment, currently rented.
      1912 W Indiana St, Evansville, IN 47712
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    • $95,000
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      Westside Evansville Duplex with Potential

      Two-story duplex with investment potential on Evansville's westside.
      1926 W Indiana St, Evansville, IN 47712
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    • $164,900
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      Westside Evansville Duplex Investment

      Duplex with remodeled unit and long-term tenants in place.
      1629 Ewing Ave, Evansville, IN 47712
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    • $250,000
      5.58 Acres

      Evansville Land: Multifamily Potential

      Wooded 5.58-acre lot; R-1 zoning.
      344 Red Bank Rd, Evansville, IN 47712
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    • $999,000
      1.40 Acres

      Prime Evansville Industrial Property

      Three-building warehouse, great location.
      501 9Th Ave, Evansville, IN 47712
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    • $35,000
      0.25 Acres

      Residential Land in Willow Creek

      Residential land with mature trees, suitable for walkout basement.
      9100 Marfield Ct, Evansville, IN 47712
      View Details

    Similar Nearby for Sale

    • $155,000
      Pending

      Evansville Duplex Investment Opportunity

      Duplex in Evansville, Indiana, ideal for investment, currently rented.
      1912 W Indiana St, Evansville, IN 47712
      View Details
    • $95,000
      1,147 SF

      Westside Evansville Duplex with Potential

      Two-story duplex with investment potential on Evansville's westside.
      1926 W Indiana St, Evansville, IN 47712
      View Details
    • $164,900
      2,064 SF

      Westside Evansville Duplex Investment

      Duplex with remodeled unit and long-term tenants in place.
      1629 Ewing Ave, Evansville, IN 47712
      View Details
    • $250,000
      5.58 Acres

      Evansville Land: Multifamily Potential

      Wooded 5.58-acre lot; R-1 zoning.
      344 Red Bank Rd, Evansville, IN 47712
      View Details
    • $999,000
      1.40 Acres

      Prime Evansville Industrial Property

      Three-building warehouse, great location.
      501 9Th Ave, Evansville, IN 47712
      View Details
    • $35,000
      0.25 Acres

      Residential Land in Willow Creek

      Residential land with mature trees, suitable for walkout basement.
      9100 Marfield Ct, Evansville, IN 47712
      View Details

    Similar Nearby for Lease

    • $6 SF/Yr
      23,000 SF

      Rehabbed Industrial Space with Cranes

      23,000 SF industrial space featuring multiple cranes.
      651 Schrader Dr, Evansville, IN 47712
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    • $5 SF/Yr
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      Retail Space with Parking

      Retail space with ample parking and restaurant infrastructure available for rent.
      700 N Sonntag Ave, Evansville, IN 47712
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    • $20 SF/Yr
      3,520 SF

      Evansville Retail Space Available

      Prime location, 1,500 sq ft, $2,500/month
      2314 Franklin St, Evansville, IN 47712
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    • $5 SF/Yr
      6,804 SF

      Evansville Retail Spaces For Lease

      Prime Evansville location, multiple spaces available.
      700 Sonntag Ave, Evansville, IN 47712
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    • $15 SF/Yr
      25,159 SF

      Prime Evansville Retail Space

      Thriving Westside location, multiple suites available
      5435 Pearl Dr, Evansville, IN 47712
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    • $17 SF/Yr
      2,272 SF

      Retail Space in Eagle Plaza

      Retail space in a busy shopping center near Lloyd Expressway.
      5435 Pearl Dr, Evansville, IN 47712
      View Details
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    723 Lemcke Ave
    Evansville, IN 47712
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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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