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    Evansville Commercial Property with Apartment Title is generated by Realmo AI

    202 Spring Street, Evansville, IL 62242

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    For Sale
    $139,000

    Commercial Sale - Evansville, IL

    Property size:
    1,216 SF
    Lot size:
    0.08 Acres
    Price / SF:
    $114/SF
    Added:
    Mar 12, 2026
    Days on Market:
    58
    Last Refresh:
    May 8 at 11:06 pm

    Property Features for 202 Spring Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    14-053-015-00
    Size
    1,216 SF
    Lot size
    0.08 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    974

    Utilities

    Heating system
    Electric (Heating), Forced Air
    Cooling system
    Central Air

    Building Details

    Flooring type
    Laminate
    Building materials
    Frame
    Architectural style
    Other

    We can help!

    Listing Contact
    Robin Bert

    Listing agent Robin Bert License #471.021195

    Listing office Worth Clark Realty 101 W Vandalia St. Suite 125, Swansea, IL

    Listing date Mar 12, 2026

    MLS# 26008216 Listing URL

    Copyright © 2026 Mid America Regional Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Corner lot location on Liberty Street (509 & 511 Liberty Street) ideal for office rental.
    • Currently rented 1‑bed/1‑bath apartment (202 Spring) providing immediate rental income of $600/month.
    • Liberty Street building configured for two separate office spaces, each with a half bath.
    • No‑step entrance on Liberty Street, suitable for client‑facing businesses.
    • Communal space in the Liberty Street building for kitchenette or meeting room.
    • Central Air Conditioning.

    Overview

    This commercial property features office space and a currently rented one-bedroom, one-bathroom apartment unit. The Liberty Street building is configured with two front street entrances, each having its own half bath. A communal space at the back can serve as a kitchenette or meeting room. The front street building on Liberty Street offers a no-step entrance, making it suitable for an office that requires client accessibility. The apartment at 202 Spring is currently rented on a month-to-month basis for $600.00 per month. Situated on a corner lot, the property includes the addresses 509 and 511 Liberty Street and 202 Spring. The property contains 1,216 square feet and the lot size is 0.08 acres.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Hair Salon Nail Salon Food Market Storage Facility Grocery & Convenience Store Bar & Pub Computer & Electronic Repair

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Randolph
    State
    Illinois
    Longitude
    -89.93759
    Latitude
    38.091009

    FAQs

    What type of property is this?
    Office units - Commercial building with office space and a rented apartment unit.
    Where is this office units located?
    The property is located at 202 Spring Street Evansville, IL.
    What is the asking price?
    The asking price for this property is $139,000.
    What are key features of this property?
    This property features: Corner lot location on Liberty Street (509 & 511 Liberty Street) ideal for office rental.; Currently rented 1‑bed/1‑bath apartment (202 Spring) providing immediate rental income of $600/month.; Liberty Street building configured for two separate office spaces, each with a half bath.
    (573) 450-5149
    We can help!
    Listing Contact
    Robin Bert
    Real Estate License ID: 471.021195
    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.

    More about this property
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