Building Details

Building Size 3,371 SF

Year Built 2017

Tenancy Single

Listing Agency: SVN | The Martin Group

Listed By: Chris Stuard · License #IN #RB14048888 Show Phone

Source: Svn

Added: Jul 9 Changed: Oct 1 Last Checked: Oct 5 at 3:53PM

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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

Investment Insights

Based on property information with market context.

This freestanding restaurant property is being offered as an NNN lease and includes a drive-thru lane plus a full basement. The layout provides room for operational back-of-house use with additional storage capacity away from the main customer area.

The building is located at a prominent signalized stoplight on E Morgan Ave, supporting convenient ingress and egress with strong daily visibility from vehicular traffic.

The seller has estimated RE taxes at $22,422 per year. The property is listed for sale at $1,150,000 and has a total size of 3,371 square feet.

Key Highlights

• Freestanding former Salsarita’s restaurant building available for NNN lease at 3910 E Morgan Ave in Evansville, IN
• Drive‑thru lane on‑site for quick‑service operations
• Full basement provides additional space for inventory storage and operations away from the main customer floor

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$55,824

Cap Rate

4.85%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,116,480 $1.1M

Cap Rate 7%

$797,486 $797.5K

Cap Rate 9%

$620,267 $620.3K

Market Conditions

NOI Build-Up for 3,371 SF

Gross rent

$80.9K $24.00/SF

− Vacancy

−$6.5K −$1.92/SF

EGI

$74.4K $22.08/SF

− OpEx

−$18.6K −$5.52/SF

NOI

$55.8K $16.56/SF

Area

Evansville, IN

Vacancy

8.00%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,116,480

Cap Rate 7%

$797,486

Cap Rate 9%

$620,267

Alternative Uses

Best Use

Specialty Retail

$797.5K

$697.8K – $930.4K (±1% cap)

NOI $55,824 @ 7.0% cap · market cap 4.85%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$836.9K

$732.3K – $976.4K (±1% cap)

NOI $58,581 @ 7.0% cap · market cap 5.09%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Salsarita's Fresh Mexican ... Restaurant

Suggested Use

Top Pick Parking Lot & Garage Law Firm Daycare Center Plumbing Service HVAC Service Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

671

Businesses Nearby

Explore this area Business Placement

Demographics for 47715, IN

28,959

Population

14,451

Households

2

Avg Household Size

39

Median Age

29%

College-Educated

95%

High-School Grad

22.0 sq mi

ZIP Area

1,316

Density / Sq Mi

$59,821

Median Household Income

$40,137

Median Earnings

$1,009

Median Rent

$191,900

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this drive through restaurants located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Drive through restaurant - Freestanding restaurant building with a drive-thru lane and full basement, available for NNN lease in Evansville.

Where is this drive through restaurant located?

The property is located at 3910 East Morgan Avenue Evansville, IN.

What is the asking price?

The asking price for this property is $1,150,000.

What are key features of this property?

This property features: Freestanding former Salsarita’s restaurant building available for NNN lease at 3910 E Morgan Ave in Evansville, IN; Drive‑thru lane on‑site for quick‑service operations; Full basement provides additional space for inventory storage and operations away from the main customer floor