Versatile Industrial Property with
For Sale
Contact for pricing
Pending
10105 Hedden Rd, Evansville, IN 47725
Industrial building with office, showroom, and secured outdoor storage.
Property Size8,736 SF
Lot Size1.44 Acres
Days on Market155
Property Features for 10105 Hedden Rd
General Information
Standard status
Pending
Size
8,736 SF
Lot size
1.44 Acres
Property subtype
Industrial
Zoning
M-2
Lease Type
NNN
Building Details
Year Built
1999
Year Renovated
2015
Buildings
1
Stories
2
Listing Agency:
Woodward Commercial Realty Inc
(812) 219-6901
Listed By:
Matt Heseman · License #RB 24000793
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Jul 24 at 6:11PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Woodward Commercial Realty Inc
Investment Insights
Based on property information with market context.
This versatile industrial property, located on Evansville’s north side, offers 8,736 square feet of total space designed to accommodate a wide range of business needs. The first floor totals 5,536 square feet, consisting of approximately 1,762 square feet of office space, approximately 1,870 square feet of potential showroom or classroom space, approximately 1,774 square feet of warehouse space, and a 130 square foot customer waiting area. The upstairs provides an additional 3,200 square feet, configured with a mix of private offices and open space suitable for cubicles or team workstations. The property also features an impressive 50,000+ square foot paved outdoor storage area, fully secured with perimeter fencing and lighting, making it ideal for equipment, vehicles, or material storage. This space also provides opportunities for future warehouse expansion. Up to approximately 1.44 acres of additional land are available, depending on tenant requirements and intended use. The property combines flexible interior space with expansive outdoor capacity in a strong industrial corridor.
Key Highlights
- Expansive 50,000+ SF secured, paved outdoor storage area with perimeter fencing and lighting.
- Versatile 8,736 SF industrial building with office, showroom, and warehouse space.
- Flexible interior layout with both private offices and open workspace.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$106,300
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.59%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,126,000
$2.1M
Cap Rate 7%
$1,518,571
$1.5M
Cap Rate 9%
$1,181,111
$1.2M
Market Conditions
NOI Build-Up for 8,736 SF
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.
Gross rent
$167.7K $19.20/SF
− Vacancy
−$26.0K −$2.98/SF
EGI
$141.7K $16.22/SF
− OpEx
−$35.4K −$4.06/SF
NOI
$106.3K $12.17/SF
Area
Evansville, IN
Vacancy
15.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,126,000
Cap Rate 7%
$1,518,571
Cap Rate 9%
$1,181,111
Alternative Uses
Best Use
Office B
$1.52M
$1.33M – $1.77M
NOI $106,300 @ 7.0% cap · market cap 7.59%
Second Best
Flex RnD
$1.36M
$1.19M – $1.58M
NOI $95,056 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office A
$2.17M
$1.90M – $2.53M
NOI $151,814 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 47725, IN
19,220
Population
7,861
Households
2.4
Avg Household Size
40
Median Age
44%
College-Educated
98%
High-School Grad
55.1 sq mi
ZIP Area
349
Density / Sq Mi
$105,528
Median Household Income
$53,430
Median Earnings
$1,632
Median Rent
$270,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial building with office, showroom, and secured outdoor storage.
Where is this flex space located?
The property is located at 10105 Hedden Rd Evansville, IN.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Expansive 50,000+ SF secured, paved outdoor storage area with perimeter fencing and lighting.; Versatile 8,736 SF industrial building with office, showroom, and warehouse space.; Flexible interior layout with both private offices and open workspace.
