Investment Overview

Marcus & Millichap is pleased to present Market Street Apartments, a newly redeveloped 59-unit multifamily community located in Evansville, Indiana. Completed in 2025, the property offers investors the opportunity to acquire a fully modernized asset delivering strong in-place cash flow and long-term operational stability. Market Street provides Class A finishes and functionality at attainable rent levels within a market that continues to show consistent rent growth and limited new supply. Originally constructed in 1973, Market Street Apartments has been completely redeveloped, with all major systems, roofs, plumbing, and electrical infrastructure replaced or upgraded. Interiors feature modern kitchens with stainless-steel appliances, updated flooring and lighting, and select units equipped with in-unit washer/dryers. The community offers a balanced mix of one- and two-bedroom layouts averaging 863 square feet and benefits from professional management and efficient operations. The property is located within Evansville’s north side corridor, providing convenient access to U.S. 41 and the Lloyd Expressway. Residents are minutes from major employers such as Deaconess Midtown Hospital, OneMain Financial, Amcor, Berry Global, and the University of Evansville, as well as nearby retail and dining amenities. The area’s accessibility and stable employment base have supported consistently strong occupancy and tenant retention. Evansville serves as the economic center of Southwest Indiana and the broader tri-state region, anchored by established healthcare, manufacturing, and education sectors. The metro maintains average occupancy above 94 percent and annual rent growth near 5 percent, underscoring balanced fundamentals and sustained housing demand. Continued public investment—highlighted by the $45 million READI 2.0 program and the Downtown Riverfront Revitalization Project—is further strengthening Evansville’s urban core and supporting long-term multifamily stability.