Richardt Apartments 500-516 Richardt Ave 16 Unit Apartment Building $1,100,000 ($68,750/Unit) 7.66% Cap Rate Evansville, IN 47711

Property Overview:
500 Richardt Avenue presents a well-located multifamily investment opportunity in the heart of Evansville, offering both stable in-place income and clear upside through rent optimization. This two-story apartment property consists of 16 units, all configured as 1 bedroom / 1 bathroom layouts, and is currently 100% occupied, providing immediate cash flow from day one. Current rents are below market levels, creating a strong value-add opportunity through strategic management, unit improvements, and thoughtful rent repositioning.
The property features a brick lower level with durable siding above, exterior corridor access, and convenient on-site surface parking directly in front of the units. The uniform unit mix supports consistent rental demand while simplifying operations, maintenance, and future renovations.
Location Overview:
Located in a strong Evansville rental corridor, 500 Richardt Avenue benefits from convenient access to major employers, retail centers, healthcare facilities, and primary transportation routes. The property’s central location provides tenants with easy connectivity throughout the city while maintaining proximity to neighborhood amenities. Strong local demand, combined with below-market in-place rents, positions the asset for continued occupancy stability and meaningful rent growth potential.