Bank-Former Drive-Through Restaurant
For Sale
$500,000
2521 Washington Ave, Evansville, IN 47714
Former bank branch with secure vault, multiple offices, and drive-through service lanes plus 31 paved parking spaces.
Property Size3,356 SF
Price / SF$148.99
Days on Market135
Property Features for 2521 Washington Ave
General Information
Standard status
Active
Size
3,356 SF
Total Parking Spaces
31
Building Details
Year Built
1993
Listing Agency:
Dauby Real Estate
Listed By:
Trae Dauby · License #RB14050340
(812) 401-0715
Source:
Daubyrealestate
Added: Apr 24
Changed: Aug 27
Last Checked: Sep 4 at 10:45AM
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 Dauby Real Estate
Investment Insights
Based on property information with market context.
This well-maintained commercial building was formerly operated as a bank branch and includes a reception area, break room, two private offices, two restrooms, spacious storage areas, a dedicated tech room, and a secure vault. The interior offers a mix of private and open space that can support a range of customer-facing and back-of-house needs.
The property is located at 2521 Washington Avenue, Evansville, IN 47714, and is served by existing drive-through service lanes. On-site parking totals 31 paved spaces, providing convenient access for customers and employees.
In its current configuration, the building combines secure, bank-style amenities with drive-through functionality and flexible interior layout for businesses seeking an adaptable site design.
The property is located at 2521 Washington Avenue, Evansville, IN 47714, and is served by existing drive-through service lanes. On-site parking totals 31 paved spaces, providing convenient access for customers and employees.
In its current configuration, the building combines secure, bank-style amenities with drive-through functionality and flexible interior layout for businesses seeking an adaptable site design.
Key Highlights
- Former bank branch built in 1993 with approx. 3,356 SF of commercial space
- Drive‑through service lanes for customer transactions or service‑based concepts
- Secure vault plus reception area, break room, 2 private offices, and dedicated tech room
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
$45,516
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
9.10%
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%
$910,320
$910.3K
Cap Rate 7%
$650,229
$650.2K
Cap Rate 9%
$505,733
$505.7K
Market Conditions
NOI Build-Up for 3,356 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
$72.5K $21.60/SF
− Vacancy
−$7.5K −$2.22/SF
EGI
$65.0K $19.38/SF
− OpEx
−$19.5K −$5.81/SF
NOI
$45.5K $13.56/SF
Area
Evansville, IN
Vacancy
10.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$910,320
Cap Rate 7%
$650,229
Cap Rate 9%
$505,733
Alternative Uses
Best Use
Specialty Retail
$793.9K
$694.7K – $926.3K
NOI $55,575 @ 7.0% cap · market cap 11.12%
Second Best
Retail
$650.2K
$569.0K – $758.6K
NOI $45,516 @ 7.0% cap · market cap 9.10%
Theoretical Best
Office A
$833.1K
$729.0K – $972.0K
NOI $58,320 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
481
Businesses Nearby
Explore this area
Business Placement
Demographics for 47714, IN
32,827
Population
16,040
Households
2
Avg Household Size
36
Median Age
22%
College-Educated
87%
High-School Grad
8.0 sq mi
ZIP Area
4,103
Density / Sq Mi
$54,614
Median Household Income
$33,246
Median Earnings
$951
Median Rent
$124,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - Former bank branch with secure vault, multiple offices, and drive-through service lanes plus 31 paved parking spaces.
Where is this bank located?
The property is located at 2521 Washington Ave Evansville, IN.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Former bank branch built in 1993 with approx. 3,356 SF of commercial space; Drive‑through service lanes for customer transactions or service‑based concepts; Secure vault plus reception area, break room, 2 private offices, and dedicated tech room
