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    201 E Virginia St Evansville, IN 47711

    Sponsored
    For Sale
    $415,000

    Retail, Retail,Shopping - Evansville, IN

    Type:Retail
    Property size:
    10,204 SF
    Lot size:
    0.70 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 2 at 4:06 am

    Property Features for 201 E Virginia St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Standard status
    Active
    Zoning
    C4 with 2 Virginia adjacent lots R2
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Kitchen, Office
    Bathrooms
    4
    APN
    82-06-20-025-029.001-029
    Parking features
    Off Street
    Interior features
    Drywall, Metal, Other, Unfinished, 110 Volts, Living Space, Overhead Door 1, Alley, Display Room, Display Window(s), Office Space, Reception Area
    Exterior features
    Fence, 110 Volts, Fenced, Living Space, Overhead Door 1, Alley, Display Room, Display Window(s), Office Space, Reception Area
    Fencing
    Fenced
    Size
    10,204 SF
    Lot size
    0.70 Acres

    Utilities

    Heating system
    Electric (Heating), Forced Air, Heat Pump (Heating), Natural Gas
    Cooling system
    Central Air, Heat Pump, Multi Units

    Building Details

    Year built
    1889
    Floors in Building
    2
    Flooring type
    Concrete, Laminate, Other, Wood
    Building materials
    Stone
    Roof type
    Asphalt, Flat, Metal, Rubber, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Shaun Angel

    RE/MAX Revolution (812) 430-4851

    Listing agent Shaun Angel (812) 430-4851 License #RB18000726

    Listing date Mar 1, 2026

    MLS# 202606453 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.

    Learn more

    Property Insight Report

    Overview

    Mixed-Use Property with Retail Space

    This mixed-use property features over 10,000 square feet of space. The main building, upstairs apartments/office space, and a gravel parking lot are zoned C4. Two adjacent lots are zoned R2. The property includes over 6517 square feet of retail space, featuring a 3300 sq ft front post framed, metal sheeted warehouse and retail area with an overhead door and commercial heating and air, located right off the 0.24 acre parking lot. An additional 11 rooms of retail space and a half bath are located on the lower level. The second level features a fully remodeled 2652 square feet apartment or office space with a full bath and a half bath, replacement windows, excellent natural light, crown molding and fresh paint, laminate flooring, a large center space with vaulted drop ceiling, and a full kitchen. A separate outside entrance staircase leads to ground level or across a deck to another 1135 sq ft, 1 bed, 1 bath fully remodeled apartment, all of which is heated and cooled. The property is in a great location, close to Main Street revitalization, Old National Events Center, and IU Med center.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Nick Nackery (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.56089363
    Latitude
    37.98164317

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use property featuring retail, warehouse, and residential spaces.
    Where is this mixed-use property located?
    The property is located at 201 E Virginia St Evansville, IN.
    What is the asking price?
    The asking price for this property is $415,000.
    What are key features of this property?
    This property features: - Over 10,000 sq ft of mixed-use space, including retail and residential/office.; - C4 zoning for the main building and adjacent parking lot, R2 zoning for two Virginia St lots.; - Two **fully remodeled apartments (2652 sq ft and 1135 sq ft)**, offering rental income potential or owner occupancy.
    (812) 430-4851
    Request Owner's contact information
    201 E Virginia St Evansville, IN 47711
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    Evansville, IN 47711
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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.

    More about this property
    201 E Virginia St Evansville, IN 47711
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    We can help!
    Listing Contact
    Shaun Angel
    Real Estate License ID: RB18000726
    (812) 430-4851
    Learn more
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