Add Listing
    For Sale
    • 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

    1301 Covert Avenue Evansville, IN 47714

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    0.75 acre commercial land with high visibility for lease.

    Type:Land
    Added:
    Nov 21, 2025
    Days on Market:
    132
    Last Refresh:
    Mar 29 at 11:55 pm

    Property Features for 1301 Covert Avenue

    General Information

    Standard status
    Active
    Property subtype
    Land

    Properties For Sale

    at 1301 Covert Avenue Contact us

    We can help!

    Listing Contact
    Chris Stuard
    Chris Stuard

    Listing agent Chris Stuard License #IN #RB1404888

    Listing office SVN | The Martin Group

    Listing date Nov 21, 2025

    Source Svn

    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

    Overview

    Prime Commercial Land For Lease

    This 0.75-acre parcel of land is available for lease. The property benefits from high visibility along US Highway 41 and high traffic counts exceeding 24,000 vehicles per day. Situated on the southeast side of Evansville, at the corner of Covert Avenue and US Highway 41, the property features frontage on Highway 41. Access to the property is available just off Covert Avenue. It is located next to Burger King, AutoZone, and Simpson's Supermarket. Other retailers in the area include Subway, KFC, Uhaul, and Captain D's. This location is suitable for displaying products. The property is offered as a ground lease only.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Burger King Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Auto Repair Shop 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
    -87.5412
    Latitude
    37.9549

    Nearby Similar for Sale

    • $380,000

      Prime Location Mixed-Use Opportunity

      Almost 5,000 sqft in a prime location.
      4115 E Morgan Avenue, Evansville, IN 47715
      View Details
    • $236,000
      4,126 SF

      Mixed-Use Investment Opportunity

      Mixed-use property with business space, rental units, and ample parking.
      1319/1321, 1327 N First Avenue, Evansville, IN 47710
      View Details
    • $225,000

      Evansville Commercial Opportunity

      Multi-use property with two buildings, ideal for various businesses.
      1119 N Fulton Avenue, Evansville, IN 47710
      View Details
    • $199,000
      2,844 SF

      Mixed-Use Investment Portfolio

      Five-unit portfolio with mixed-use and residential income potential.
      512 E Riverside Drive, Evansville, IN 47713
      View Details
    • $415,000

      Mixed-Use Property with Retail Space

      Mixed-use property featuring retail, warehouse, and residential spaces.
      201 E Virginia Street, Evansville, IN 47711
      View Details
    • $585,000
      6,794 SF

      Updated Victorian Multifamily Investment Property

      Updated Victorian property with income potential in Evansville's Arts District.
      702-704 SE Second Street, Evansville, IN 47713
      View Details
    • $540,000

      Renovated Mixed-Use Space on Main

      Renovated mixed-use space with exposed brick and versatile layout.
      327 Main Street, Evansville, IN 47708
      View Details
    • $69,900

      Evansville Land Package For Sale

      Three adjoining lots near downtown Evansville with development flexibility.
      318 320 322 E Cherry Street, Evansville, IN 47713
      View Details
    • $525,000

      Versatile Commercial Building in Central Evansville

      Historic 8,000+ sq ft building in Evansville's business district.
      112 Clark Street, Evansville, IN 47708
      View Details
    • $105,000
      1,641 SF

      Income-Producing Duplex in Evansville, IN

      Income-producing duplex with long-term tenants in Evansville, Indiana.
      2453 W Franklin Street, Evansville, IN 47712
      View Details
    • $2,500,000

      Downtown Landmark Building For Sale

      Ten-story building in downtown Evansville, suitable for office or residential.
      20 NW 4th Street, Evansville, IN 47708
      View Details
    • $236,000

      Mixed-Use Property with Ample Parking

      Mixed-use property featuring multiple buildings and ample parking.
      1319/1321,1327 N First Avenue, Evansville, IN 47710
      View Details

    FAQs

    What type of property is this?
    Land - 0.75 acre commercial land with high visibility for lease.
    Where is this land located?
    The property is located at 1301 Covert Avenue Evansville, IN.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: High visibility location on Hwy 41; High traffic count (24,000+ ADT); Highway 41 frontage
    (812) 471-2500
    We can help!
    Listing Contact
    Chris Stuard
    Chris Stuard
    Real Estate License ID: IN #RB1404888
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!