Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3420 E Morgan Ave Evansville, IN 47715

    Loading data...
    Loading data...
    Loading data...
    For Lease
    $975 /Mo ($0.90 SF/Yr)

    Modern office space in a thriving Evansville location.

    Property size:
    13,046 SF
    Lot size:
    13,046 SF

    Property Features for 3420 E Morgan Ave

    General Information

    Size
    13,046 SF

    Building Details

    Year built
    1975

    We can help!

    Listing Contact
    Scott Hyatt
    Scott Hyatt
    Source: Naiglobal

    Listing Agent: Scott Hyatt

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Evansville Office Space For Rent

    This competitively priced modern office space is available for rent along a major east/west corridor. Two suites are available for immediate occupancy. The property is centrally located in Evansville, Indiana, near dining destinations such as Biaggi's Ristorante Italiano and retail hubs like Eastland Mall. Nearby attractions include Wesselman Woods Nature Preserve and the Evansville Museum of Arts, History, and Science. The location is surrounded by well-established businesses and residential communities. The property features an open floor plan suitable for a variety of uses. Pylon signage is available along Morgan Avenue. A common break room and conference room are available on the first floor. The property offers convenient access and ample parking. The lease is modified gross, with the tenant responsible for utilities. The property size is 13,046 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hagan Appliance Service Appliance Repair Service BMWC Constructors Inc Construction Company Oglesby Digital Video Production Service

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Gym & Fitness Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5079574
    Latitude
    37.9920252

    Nearby Similar for Lease

    • $11,500 /Mo
      6,100 SF

      Tenant-Ready Office Space Available

      6,100 SF commercial space ideal for professional or medical use.
      7145 E Virginia St, Evansville, IN 47715
      View Details
    • $4,075 /Mo
      2,643 SF

      Evansville Office with Unique Features

      Move-in ready office with high visibility and unique amenities.
      15 Vann Ave, Evansville, IN 47714
      View Details
    • $3,038 /Mo
      2,700 SF

      Renovated Retail/Office Space on Main

      Versatile, renovated retail or office space in downtown Evansville.
      327 Main St, Evansville, IN 47708
      View Details
    • $2,700 /Mo
      2,400 SF

      Medical Office Space Available

      Office suite with exam rooms, ideal for medical professionals.
      2809 Lincoln Ave, Evansville, IN 47714
      View Details
    • $4,037 /Mo
      3,460 SF

      Renovated Office Space in Evansville

      Landmark building with quality office space available for lease.
      915 Main St, Evansville, IN 47708
      View Details
    • $2,476 /Mo
      2,122 SF

      Renovated Office Space in Evansville

      Landmark building with quality office space available for lease.
      915 Main St, Evansville, IN 47708
      View Details
    • $10 SF/Yr
      1,872 SF

      Evansville Retail Space For Lease

      Retail spaces available in high-traffic shopping center with strong co-tenancy.
      4612 N 1St Ave, Evansville, IN 47710
      View Details
    • $2.00 SF/Yr
      3,200 SF

      Evansville Retail Space For Lease

      Retail spaces available in high-traffic Evansville shopping center.
      4300 North 1St Ave, Evansville, IN 47710
      View Details
    • $28 SF/Yr
      26,000 SF

      Retail/Fitness Space in Louis Pointe

      Retail or fitness space in a premier mixed-use development.
      6432 E Florida St, Evansville, IN 47715
      View Details
    • $1,130,000
      20,472 SF

      Dual-Building Commercial Property For Lease

      Commercial property with showroom, warehouse, manufacturing & office space.
      1150 Maxwell Ave, Evansville, IN 47711
      View Details
    • $10 SF/Yr
      73,109 SF

      Downtown Evansville Loft Office Space

      Historic brick and beam loft office in Evansville's NoCo district.
      420 Northwest 5Th St, Evansville, IN 47708
      View Details
    • $11 SF/Yr
      16,810 SF

      Historic Siegel's Building For Lease

      Flexible commercial space in downtown Evansville, ideal for various uses.
      101 SE 105 4 St, Evansville, IN
      View Details

    FAQs

    What type of property is this?
    Office space - Modern office space in a thriving Evansville location.
    Where is this office space located?
    The property is located at 3420 E Morgan Ave Evansville, IN.
    What is the lease rate?
    The lease rate is $0.90 SF/Yr.
    What are key features of this property?
    This property features: - Immediate occupancy available in two suites.; - Competitively priced office space along a major east/west corridor (Morgan Avenue).; - Convenient access and ample parking.
    (812) 900-7661
    Request Owner's contact information
    3420 E Morgan Ave Evansville, IN 47715
    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.
    3420 E Morgan Ave
    Evansville, IN 47715
    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
    3420 E Morgan Ave Evansville, IN 47715
    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

    We can help!
    Listing Contact
    Scott Hyatt
    Scott Hyatt
    Real Estate License ID: #RB14016323
    (812) 900-7661
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.