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    Downtown Evansville Mixed-Use Development Opportunity Title is generated by Realmo AI

    109 NW 3rd Street, Evansville, IN 47708

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    Claim this Listing
    Pending
    $2,299,000

    Mixed Use - Evansville, IN

    Type:Mixed Use
    Property size:
    10,804 SF
    Lot size:
    1.64 Acres
    Added:
    Feb 25, 2026
    Days on Market:
    106
    Last Refresh:
    Jun 11 at 12:06 am

    Property Features for 109 NW 3rd Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Parking features
    Paved or Surfaced
    Interior features
    Concrete, None
    Exterior features
    None
    Standard status
    Pending
    APN
    82-06-30-020-024.005-029
    Size
    10,804 SF
    Lot size
    1.64 Acres

    Taxes and HOA fees

    Tax Annual Amount
    22340

    Utilities

    Heating system
    None (Heating)

    Building Details

    Year built
    1976
    Floors in Building
    1
    Flooring type
    Concrete
    Building materials
    Brick
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    Stacy Stevens
    Stacy Stevens

    Listing agent Stacy Stevens License #RB14028002

    Listing office Landmark Realty & Development, Inc 915 Main Street, Suite 108, Evansville, IN

    Listing date Feb 25, 2026

    MLS# 202606154 Listing URL

    Copyright © 2026 Southwest Indiana Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime downtown Evansville location.
    • Significant development potential.
    • Large 10,804 sq ft building suitable for multiple businesses or indoor parking.
    • Part of a city lot investment opportunity.
    • Brick construction.
    • Paved or surfaced parking.

    Overview

    Located in the heart of downtown Evansville, this offering includes two distinct lots. The first, 109 NW 3rd St Lot 1, is priced at $1,700,000 and features a 10,804 square foot building suitable for multiple businesses or indoor parking. The second, 109 NW 3rd St Lot 2, is available for $599,000 and comprises one quarter of a downtown city block. The combined lot size is 1.6427 acres. This property presents a significant investment opportunity with considerable development potential. Note that the sale of this property is contingent on the sale of 20 NW 4th Street occurring before or simultaneously with the sale of 109 NW 3rd Street.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $233.4k $21.60
    − Vacancy −$24.0k −$2.22
    EGI $209.3k $19.38
    − OpEx −$62.8k −$5.81
    NOI $146.5k $13.56
    10,804 SF · lease $21.60/SF/yr · vacancy 10.30% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $2.09M
    $1.83M – $2.44M (±1% cap)
    NOI $146,531 @ 7.0% cap · market cap 6.37%
    Second Best
    Mixed Use
    $1.77M
    $1.55M – $2.07M (±1% cap)
    NOI $123,976 @ 7.0% cap · market cap 5.39%
    Theoretical Best
    Office A
    $2.68M
    $2.35M – $3.13M (±1% cap)
    NOI $187,751 @ 7.0% cap · market cap 8.17%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Parking lots & garages

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.572693
    Latitude
    37.972469

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    FAQs

    What type of property is this?
    Mixed-use property - Prime downtown Evansville lots with development potential.
    Where is this mixed-use property located?
    The property is located at 109 NW 3rd Street Evansville, IN.
    What is the asking price?
    The asking price for this property is $2,299,000.
    What are key features of this property?
    This property features: Prime downtown Evansville location.; Significant development potential.; Large 10,804 sq ft building suitable for multiple businesses or indoor parking.
    (812) 305-5594
    We can help!
    Listing Contact
    Stacy Stevens
    Stacy Stevens
    Real Estate License ID: RB14028002
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