Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Evansville Land with Development Potential Title is generated by Realmo AI

    111 N RED BANK RD, Evansville, IN 47712

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Unique westside location suitable for multifamily or commercial development.

    Type:Land
    Property size:
    2,610 SF
    Price / SF:
    $143/SF
    Added:
    May 20, 2026
    Days on Market:
    12
    Last Refresh:
    May 21 at 7:30 am

    Property Features for 111 N RED BANK RD

    General Information

    Standard status
    Active
    Size
    2,610 SF
    Property subtype
    Land

    Building Details

    Year Built
    1969

    We can help!

    Listing Contact
    Richard Clements
    Richard Clements

    Listing agent Richard Clements License #RB18002031

    Listing office SVN | The Martin Group Evansville

    Listing date May 20, 2026

    Source Crexi

    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 SVN | The Martin Group Evansville

    HighLights

    • Unique westside Evansville location offers a forested getaway feel.
    • Zoned C4, allowing for diverse development opportunities like multifamily, retail, restaurant, or a banquet facility.
    • Two parcels included, providing ample space and flexibility.
    • Access to utilities, simplifying development.
    • Surrounded by a mature canopy of trees, enhancing natural appeal.
    • Located just outside city limits, offering a balance of seclusion and accessibility.

    Overview

    Available are two parcels in westside Evansville, offering a unique location suitable for various development opportunities. Zoned C4, the property is accessible to utilities and surrounded by a mature canopy of trees. The site could be developed into a multifamily property or a commercial destination such as a retail outlet, restaurant, or banquet facility. The property offers 2610 square feet of space and is located just outside the city limits.
    Location Intelligence

    Current Use by Public Records

    Harmony Eyecare Eye Care Center Lovely Looks By ... Hair Salon Dr. Christine Verbeck Physician First Bank Bank Great One Divine (Bike/Boat/Book/etc) Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.6361424
    Latitude
    37.9803664

    Nearby Similar for Sale

    • $699,900

      Prime Office Space, Evansville, IN

      Well-maintained commercial office space with high visibility and growth opportunity.
      2610 S Green River Road, Evansville, IN 47715
      View Details
    • $380,000

      Prime Location Mixed-Use Opportunity

      Almost 5,000 sqft in a prime location.
      4115 E Morgan Avenue, Evansville, IN 47715
      View Details
    • $225,000

      Versatile Commercial Building Near Downtown

      C4 Zoned building suitable for various business uses.
      15 E Riverside Drive, Evansville, IN 47713
      View Details
    • $199,000
      2,844 SF

      Mixed-Use Investment Portfolio

      Five-unit portfolio with mixed-use and residential income potential.
      512 E Riverside Drive, Evansville, IN 47713
      View Details
    • $585,000
      6,794 SF

      Updated Victorian Multifamily Investment Property

      Updated Victorian property with income potential in Evansville's Arts District.
      702-704 SE Second Street, Evansville, IN 47713
      View Details
    • $184,900
      2,982 SF

      Remodeled Duplex Investment Opportunity

      Fully remodeled duplex with income potential in Evansville, Indiana.
      1411 W Maryland Street, Evansville, IN 47710-1829
      View Details
    • $134,900
      2,192 SF

      Evansville Duplex: Income-Producing Investment

      Well-maintained duplex in Evansville with steady cash flow.
      610 Taylor Avenue, Evansville, IN 47713
      View Details
    • $585,000
      9,760 SF

      Leased Strip Center with Development

      Fully leased strip center with development opportunity near Highway 41.
      2018 Maxwell Avenue, Evansville, IN 47711
      View Details
    • $499,000

      Versatile Commercial Building in Evansville

      Historic building with versatile space in Evansville's Central Business District.
      112 Clark Street, Evansville, IN 47708
      View Details
    • $59,900

      Evansville Land Package For Sale

      Three adjoining lots near downtown Evansville with development flexibility.
      318 320 322 E Cherry Street, Evansville, IN 47713
      View Details
    • $234,900
      2,011 SF

      Evansville Duplex: Investment Opportunity

      Well-maintained duplex in Evansville with strong cash flow.
      4100 Claremont Avenue, Evansville, IN 47712
      View Details
    • $585,000
      9,760 SF

      Fully Leased Strip Center

      9,760 SF strip center with development opportunity.
      2018 Maxwell Avenue, Evansville, IN 47711
      View Details

    FAQs

    What type of property is this?
    Commercial land - Unique westside location suitable for multifamily or commercial development.
    Where is this commercial land located?
    The property is located at 111 N RED BANK RD Evansville, IN.
    What is the asking price?
    The asking price for this property is $375,000.
    What are key features of this property?
    This property features: Unique westside Evansville location offers a forested getaway feel.; Zoned C4, allowing for diverse development opportunities like multifamily, retail, restaurant, or a banquet facility.; Two parcels included, providing ample space and flexibility.
    (812) 426-1070 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Richard Clements
    Richard Clements
    Real Estate License ID: RB18002031
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    111 N RED BANK RD, EVANSVILLE, IN
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!