Newly Constructed Gas
For Sale
Contact for pricing
Pending
1600 S Green River Rd, Evansville, IN 47715
Modern fuel retail facility serving surrounding homes, apartments, shopping centers, and mall traffic.
Property Size3,002 SF
Days on Market726
Property Features for 1600 S Green River Rd
General Information
Standard status
Pending
Size
3,002 SF
Property subtype
Business for Sale, Retail
Additional Details
Business Included
Yes
Building Details
Year Built
2023
Listing Agency:
Gulfstream Commercial Services LLC Owensboro
Listed By:
Jesal Patel · License #290388
Source:
Crexi
Added: Sep 4, 2024
Changed: Aug 29
Last Checked: Aug 29 at 6:45PM
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 Gulfstream Commercial Services LLC Owensboro
Investment Insights
Based on property information with market context.
This gas station occupies a newly constructed 3,002-square-foot facility completed in 2023, replacing a former building and older fueling equipment. The operation opened in January 2024 and is being offered as a business sale. The property provides a recently built setting for fuel retail and convenience-oriented customer traffic.
The site is positioned at 1600 S Green River Rd in Evansville, with approximately 10,000 vehicles traveling daily on S Green River Rd and 8,500 vehicles on Covert Ave. Surrounding single-family residences and apartments support nearby consumer activity, while multiple shopping centers and malls add additional trip-generating uses. Eastland Mall is approximately 2 miles away.
The business operates under lease terms of 10 years with renewal options in 5-year increments, and the lease provides for a 10% increase every 5 years. The offering includes the operating business rather than the real estate.
The site is positioned at 1600 S Green River Rd in Evansville, with approximately 10,000 vehicles traveling daily on S Green River Rd and 8,500 vehicles on Covert Ave. Surrounding single-family residences and apartments support nearby consumer activity, while multiple shopping centers and malls add additional trip-generating uses. Eastland Mall is approximately 2 miles away.
The business operates under lease terms of 10 years with renewal options in 5-year increments, and the lease provides for a 10% increase every 5 years. The offering includes the operating business rather than the real estate.
Key Highlights
- Newly constructed 3,002‑square‑foot gas station completed in 2023
- Opened in January 2024 after replacement of the prior building and pumps
- Approximately 10,000 vehicles travel daily on S Green River Rd
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
$40,715
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
8.14%
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%
$814,300
$814.3K
Cap Rate 7%
$581,643
$581.6K
Cap Rate 9%
$452,389
$452.4K
Market Conditions
NOI Build-Up for 3,002 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
$64.8K $21.60/SF
− Vacancy
−$6.7K −$2.22/SF
EGI
$58.2K $19.38/SF
− OpEx
−$17.4K −$5.81/SF
NOI
$40.7K $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%
$814,300
Cap Rate 7%
$581,643
Cap Rate 9%
$452,389
Alternative Uses
Best Use
Specialty Retail
$710.2K
$621.4K – $828.6K
NOI $49,713 @ 7.0% cap · market cap 9.94%
Second Best
Retail
$581.6K
$508.9K – $678.6K
NOI $40,715 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$745.3K
$652.1K – $869.5K
NOI $52,169 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
818
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Gas station - Modern fuel retail facility serving surrounding homes, apartments, shopping centers, and mall traffic.
Where is this gas station located?
The property is located at 1600 S Green River Rd 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: Newly constructed 3,002‑square‑foot gas station completed in 2023; Opened in January 2024 after replacement of the prior building and pumps; Approximately 10,000 vehicles travel daily on S Green River Rd
