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    1223 Hirschland Rd Evansville, IN 47715

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    For Sale
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    Highly visible shopping center in Evansville's strongest retail corridor.

    Building Details

    Year built
    2023

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    Listing Contact
    Chris Stuard
    Source: Svn

    Listing Agent: Chris Stuard

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

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    Overview

    Promenade Retail Center For Sale

    This highly visible shopping center is located in The Promenade on Evansville's east side. Signiel Plaza is a new construction building situated at the entrance to The Promenade, directly adjacent to Fresh Thyme Farmer's Market and Drake's. There are 6 spaces remaining ranging from 1,630 to 2,000 SF, totaling 12,316 contiguous square feet. Each space fronts Hirschland Rd and Vogel Rd. The property has one drive-thru for the northern suite and one pick-up window with the east suite. The center has an abundance of well-lit parking with quick access to Burkhardt Rd. Other tenants in the area include Fresh Thyme, Wasabi Hibachi Grill, Spectrum Communications, Drake's, Mister B's, Sam's Club, Academy Sports, Marshall's, and Costco. Vogel Rd has been extended and connects Eastland Mall all the way to Cross Pointe Blvd and Costco. This center is suitable for retailers, restaurants, and medical users looking to take advantage of the lifestyle being created at The Promenade. The Shopping Center is located at the entrance to The Promenade, Evansville's only lifestyle development, along Vogel Rd and is directly adjacent to Fresh Thyme and Drake's. It benefits from great visibility along Vogel Rd.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

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

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

    Similar Places Nearby

    BMV Connect Kiosk, Coin Cloud Bitcoin ATM

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.4731981
    Latitude
    37.9916608

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    FAQs

    What type of property is this?
    Shopping center - Highly visible shopping center in Evansville's strongest retail corridor.
    Where is this shopping center located?
    The property is located at 1223 Hirschland Rd Evansville, IN.
    What is the asking price?
    The asking price for this property is $17.
    What are key features of this property?
    This property features: - Located in Evansville's strongest retail corridor within The Promenade lifestyle development.; - High visibility location directly adjacent to Fresh Thyme and Drake's.; - New construction (2023) with spaces ranging from 1,630 - 2,000 SF (up to 12,316 SF contiguous).
    (812) 589-3368
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    1223 Hirschland Rd Evansville, IN 47715
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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
    1223 Hirschland Rd Evansville, IN 47715
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    We can help!
    Listing Contact
    Chris Stuard
    Real Estate License ID: #RB1404888
    (812) 589-3368
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