For Sale
$133,000

306 Florida StEvansville, IN 47711

High-yield, 3-unit apartment building

Overview

Added:
Dec 11, 2024
Days on market:
116
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.

Highlights

  • $133,000 asking price for a value-add, three-unit apartment building.
  • 14.21% cap rate with a $18,894 net operating income (NOI).
  • 100% occupancy.
  • Located at 306 E Florida St, Evansville, IN 47711.
  • 2,900 square feet on a 0.14-acre lot.
  • Three units: two one-bedroom/one-bathroom units and one two-bedroom/1.5-bathroom unit.

Property Details for 306 Florida St

Property type
Apartment buildings
Square Feet
2,900 SF
Class
C
Year Built
1894
Buildings
1
Stories
2
Lot Size (sq. ft)
6,098 SF
Units
3

Location Insight

City
Evansville
County
Vanderburgh
State
Indiana
Latitude
37.989390665998
Longitude
-87.559468708227
306 Florida St, Evansville, Indiana

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306 Florida St
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