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    Versatile Commercial Building in Evansville Title is generated by Realmo AI

    112 Clark Street, Evansville, IN 47708

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    For Sale
    $499,000

    Other/Unknown, Warehouse,Other - Evansville, IN

    Type:Single Family Residence
    Property size:
    8,000 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $62/SF
    Added:
    Mar 19, 2025
    Days on Market:
    425
    Last Refresh:
    May 17 at 6:06 am

    Property Features for 112 Clark Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Single Family Residence
    Bathrooms
    1
    Rooms
    Bathroom 1, Office
    Parking features
    Off Street
    Interior features
    Other, 220 Volts, Overhead Door 1, Overhead Door 2, Compressed Air Lines, Office Space, Ventilating/Exhaust Fans, Refrigeration/Freezer
    Exterior features
    220 Volts, Overhead Door 1, Overhead Door 2, Compressed Air Lines, Office Space, Ventilating/Exhaust Fans, Refrigeration/Freezer
    Standard status
    Active
    APN
    82-06-30-029-003.014-029
    Size
    8,000 SF
    Lot size
    0.20 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3778.78

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Other (Cooling)

    Building Details

    Year built
    1909
    Floors in Building
    1
    Flooring type
    Concrete
    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Melinda Counter

    Listing agent Melinda Counter License #RB14048173

    Listing office Berkshire Hathaway HomeServices Indiana Realty 7220 Eagle Crest Blvd, Evansville, IN

    Listing date Mar 19, 2025

    MLS# 202509139 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

    • 8,000+ sq. ft. of versatile open space in a historic brick building (built 1909).
    • Zoned M‑3 Industrial in the Evansville Central Business District.
    • Includes essential equipment for a paint and body shop: paint booth, mixing room, hydraulic lift, and frame rack.
    • Features two overhead doors (10x10 and 10x13) and high ceilings.
    • Prime location directly behind the casino hotel and close to restaurants, nightlife, and the river.
    • Includes two offices, one restroom, and enclosed storage areas.

    Overview

    This commercial property features a historic brick building constructed in 1909, offering over 8,000 sq. ft. of open space. Currently operating as a paint and body shop, it includes a paint booth, mixing room, hydraulic lift, and frame rack. The building features high ceilings, two overhead doors (10x10 and 10x13), and work benches. Additional amenities include two offices, one restroom, and enclosed storage areas. Zoned M-3 Industrial, the property is located in the Evansville Central Business District, behind the casino hotel and close to restaurants, nightlife, and the river, offering potential for various uses. The lot size is 0.2 acres. The owner is open to a leaseback situation until final tasks are completed. The owner will complete all current job orders and is willing to provide possession by the end of summer.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Schneider Paint & Body ... Auto Repair Shop

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Law Firm Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Similar Places Nearby

    • Golden Rules Towing Company Ltd. — 111 SE 4th St, Evansville, IN 47708
    • Taylor's Body Shop — 321 SE 8th St, Evansville, IN 47713
    • Solar Magic Window Tinting — Evansville, IN 47708
    • New Used & Rebuilt Transmissions Evansville — 519 Main St, Evansville, IN 47708
    • Malik Heavy Duty Towing — 23 NW 4th St, Evansville, IN 47708

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.577431
    Latitude
    37.973908

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    FAQs

    What type of property is this?
    Auto shop - Historic building with versatile space in Evansville's Central Business District.
    Where is this auto shop located?
    The property is located at 112 Clark Street Evansville, IN.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: 8,000+ sq. ft. of versatile open space in a historic brick building (built 1909).; Zoned M‑3 Industrial in the Evansville Central Business District.; Includes essential equipment for a paint and body shop: paint booth, mixing room, hydraulic lift, and frame rack.
    (812) 455-0370
    We can help!
    Listing Contact
    Melinda Counter
    Real Estate License ID: RB14048173
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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