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Richardt Apartments 500-516 Richardt Ave 16 Unit Apartment Building $995,000 ($62,188/Unit) 8.46% Cap Rate Evansville, IN 47711
Investment Highlights
- 16-unit multifamily property - all 1BR / 1BA layouts
- Current NOI: $84,208 (8.5% entry cap)
- Strong Evansville rental demand
- Offered at $995,000 (~$62K per unit)
- 100% occupied with stable in-place income
- Recent capex: new roof and windows (2022)
Executive Summary
Price Adjustment — 16 Unit Multifamily Now Offered Under $1M
500 Richardt Avenue presents a 16-unit multifamily investment opportunity offered at $995,000 (approximately $62K per unit), providing immediate in-place cash flow with clear upside through rent repositioning.
The property consists entirely of sixteen (16) 1-bedroom / 1-bathroom units and is currently 100% occupied, delivering stable income from day one. Current NOI is approximately $84,208, representing an ~8.5% entry cap rate at the new pricing. Recent capital improvements including a new roof and windows (2022) reduce near-term capital expenditure risk while improving long-term asset durability.
Current average rents of approximately $650 per unit are below estimated market rents of $800-875, providing a clear path to revenue growth through strategic rent repositioning. With rents brought closer to market levels, investors have the potential to increase NOI significantly.
Recent capital improvements including a new roof and windows (2022) reduce near-term capital expenditure risk while improving long-term asset durability.
500 Richardt Avenue presents a 16-unit multifamily investment opportunity offered at $995,000 (approximately $62K per unit), providing immediate in-place cash flow with clear upside through rent repositioning.
The property consists entirely of sixteen (16) 1-bedroom / 1-bathroom units and is currently 100% occupied, delivering stable income from day one. Current NOI is approximately $84,208, representing an ~8.5% entry cap rate at the new pricing. Recent capital improvements including a new roof and windows (2022) reduce near-term capital expenditure risk while improving long-term asset durability.
Current average rents of approximately $650 per unit are below estimated market rents of $800-875, providing a clear path to revenue growth through strategic rent repositioning. With rents brought closer to market levels, investors have the potential to increase NOI significantly.
Recent capital improvements including a new roof and windows (2022) reduce near-term capital expenditure risk while improving long-term asset durability.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $995,000 | Building Class | C |
| Price Per Unit | $62,188 | Lot Size | 0.35 AC |
| Sale Type | Investment | Building Size | 9,760 SF |
| Cap Rate | 8.46% | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1979 |
| Property Subtype | Apartment | Parking Ratio | 1.95/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | C-2 | ||
| Price | $995,000 |
| Price Per Unit | $62,188 |
| Sale Type | Investment |
| Cap Rate | 8.46% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.35 AC |
| Building Size | 9,760 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1979 |
| Parking Ratio | 1.95/1,000 SF |
| Zoning | C-2 |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
Site Amenities
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | $650.00 | 610 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 82-06-17-031-089.021-029 | Improvements Assessment | $408,300 |
| Land Assessment | $19,300 | Total Assessment | $427,600 |
Property Taxes
Parcel Number
82-06-17-031-089.021-029
Land Assessment
$19,300
Improvements Assessment
$408,300
Total Assessment
$427,600
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Richardt Apartments | 500-516 Richardt Ave
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