509 Iowa StEvansville, IN 47711

Property Details for 509 Iowa St

Property type

Investment properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a portfolio of six single-family rental properties located in Evansville, Indiana, within Vanderburgh County. The portfolio comprises six units situated at various addresses: 509 E Iowa St, 707 E Iowa St, 414 E Virginia St, 1010 E Mulberry St, 1403 E Indiana St, and 921 N 2nd Ave, all within the 47710-47714 zip code range. The properties offer a combined total monthly rental income of $3,145, generating a substantial annual net operating income (NOI) of $37,740. This translates to an attractive cap rate of 9.68% based on the asking price of $390,000. Individual unit rents range from $550 to $700 per month. The portfolio presents a compelling opportunity for investors seeking a stable and high-yielding investment in the Evansville rental market. Each property is a single-family home, providing individual tenant management and potential for future appreciation. The asking price equates to $65,000 per unit, representing a strong value proposition in the current market. This portfolio offers a diversified investment strategy with a proven track record of rental income. Serious inquiries are encouraged. Showings are scheduled after the acceptance of a Letter of Intent, contingent upon a walkthrough and tenant utility verification.

Location Insight

City

Evansville

County

Vanderburgh

State

Indiana

Latitude

37.9826

Longitude

-87.5573

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