216 Oak StEvansville, IN 47713

Property Details for 216 Oak St

Year built

1860

Property size (Sq ft)

2,924 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This 5-unit apartment building, located at 216 Oak St in Evansville, Indiana, presents a compelling value-add investment opportunity. Built in 1860 and renovated in 2019, the property boasts 2,924 square feet across two stories. Currently vacant, this Class C building offers significant potential for increased profitability. The asking price is $239,900, translating to $47,980 per unit and $82.05 per square foot. Key features include a newer roof, some new windows, and a charming two-story porch. Convenient off-street parking is available for tenants. Its prime downtown location places it within walking distance of the Evansville Riverfront, Haynie's Corner Arts District, and Main Street, offering easy access to local amenities and attractions. The property's proximity to these vibrant areas suggests strong rental demand once fully occupied, with potential rental income exceeding $3,000 monthly. This presents a unique chance to capitalize on the revitalization of downtown Evansville and achieve a strong return on investment. The property's vacant status allows for immediate implementation of a comprehensive rental strategy. The existing improvements, combined with the potential for further renovations, make this a highly attractive proposition for investors seeking a value-add opportunity in a desirable urban setting. The property is situated in Vanderburgh County, Indiana, zip code 47713.

Location Insight

City

Evansville

County

Vanderburgh

State

Indiana

Latitude

37.9668

Longitude

-87.5694

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