Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3420 E Morgan Ave Evansville, IN 47715

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $975 /Mo

    Competitively priced office space in thriving Evansville, Indiana.

    Building Details

    Year built
    1975

    We can help!

    Listing Contact
    Scott Hyatt, Ccim
    Scott Hyatt, Ccim
    Source: Naiglobal

    Listing Agency: NAI Commercial Services Listing Agent: Scott Hyatt, Ccim

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

    Learn more

    Overview

    Modern Office Space For Rent

    This competitively priced modern office space is situated along a major east/west corridor in Evansville, IN. The area offers a dynamic mix of amenities and conveniences, with easy access to dining destinations like Biaggi's Ristorante Italiano and retail hubs such as Eastland Mall. Nearby attractions include Wesselman Woods Nature Preserve and the Evansville Museum of Arts, History, and Science. The location provides a vibrant environment for professionals, with well-established businesses and residential communities in the vicinity. The office space 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.
    Location Intelligence

    Current Use by Public Records

    Hagan Appliance Service Home Appliance Store BMWC Constructors Inc Construction Company Oglesby Digital Film Production

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center 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

    • $3,524 /Mo
      2,643 SF

      Move-in Ready Office with Aquarium

      Well-maintained office building with unique features and ample parking.
      15 Vann 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
    • $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
    • $6 SF/Yr
      1,500 SF

      Evansville Office Space For Rent

      1,500 SF office space with buildout options available.
      2225 N Cullen Ave, Evansville, IN 47715
      View Details
    • $7 SF/Yr
      770 SF

      Retail Space Available For Lease

      Retail space available for lease with 770 square feet.
      600 N Weinbach 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
    • $16 SF/Yr
      178,000 SF

      Downtown Evansville Office Space Available

      Office suites for lease in downtown Evansville near Ohio River.
      20 NW 3Rd St, Evansville, IN 47708
      View Details
    • $14 SF/Yr
      65,000 SF

      Downtown Evansville High-Tech Incubator

      High-tech business incubator in the heart of Downtown Evansville.
      318 Main St, Evansville, IN 47708
      View Details
    • $2,200 /Mo

      Versatile Suite on Franklin Street

      Spacious suite suitable for retail, showroom, or office use.
      2231 W Franklin St, Evansville, IN 47712
      View Details
    • $14 SF/Yr
      1,458 SF

      East Side Retail Space Available

      Retail space on Green River Rd, Evansville. High-end retail center.
      2015 N Green River Rd, Evansville, IN 47715
      View Details
    • $11 SF/Yr
      1,729 SF

      Well-Located Office Space For Lease

      Office space with convenient access and flexible leasing options.
      1420 N Weinbach Ave, Evansville, IN 47714
      View Details

    FAQs

    What type of property is this?
    Office units - Competitively priced office space in thriving Evansville, Indiana.
    Where is this office units located?
    The property is located at 3420 E Morgan Ave Evansville, IN.
    What is the lease rate?
    The lease rate is $975 /Mo.
    What are key features of this property?
    This property features: - Centrally located in Evansville, IN, along a major east/west corridor.; - Convenient access and ample parking.; - Open floor plan for a variety of uses.
    (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, Ccim
    Scott Hyatt, Ccim
    Real Estate License ID: #201456
    (812) 900-7661 (812) 430-4989 (812) 436-1113
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!