Historic Mixed-Use Building with
For Sale
Contact for pricing
18-20 Northwest 6th Street, Evansville, IN 47708
Two-story mixed-use building with a renovated second-floor short-term rental plus ground-floor commercial space in shell condition.
Property Size8,230 SF
Price / SF$106.32
Days on Market208
Property Features for 18-20 Northwest 6th Street
General Information
Standard status
Active
Size
8,230 SF
Property subtype
Mixed Use, Retail, Hospitality
Zoning
Commercial
Investment Type
Owner/User
Building Details
Year Built
1906
Year Renovated
2021
Buildings
1
Stories
2
Listing Agency:
Market Retail Partners
Listed By:
Kevin Fulton · License #TN 313966
Source:
Crexi
Added: Feb 3
Changed: Aug 26
Last Checked: Aug 29 at 1:08AM
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 Market Retail Partners
Investment Insights
Based on property information with market context.
Historic, two-story mixed-use building in downtown Evansville offering both residential income and dedicated commercial space. The renovated second-floor unit is approximately 1,950 SF and operates as a 3-bedroom, 1-bath short-term rental listed on Airbnb for over 7 years. The ground-floor commercial space is approximately 15,000 SF and currently in shell condition.
At the rear of the property, a two-story carriage house includes approximately 1,400 SF of second-floor loft space, adding additional flexibility for office, studio, or auxiliary use. The building is positioned for hospitality concepts, with proximity to the Ford Center and the Victory Theatre noted in the listing.
An owner-user can tailor the ground-floor footprint to a restaurant, bar, or entertainment concept, while maintaining the existing short-term rental. Qualified inquiries only; owner/agent.
At the rear of the property, a two-story carriage house includes approximately 1,400 SF of second-floor loft space, adding additional flexibility for office, studio, or auxiliary use. The building is positioned for hospitality concepts, with proximity to the Ford Center and the Victory Theatre noted in the listing.
An owner-user can tailor the ground-floor footprint to a restaurant, bar, or entertainment concept, while maintaining the existing short-term rental. Qualified inquiries only; owner/agent.
Key Highlights
- 1906‑built two‑story mixed‑use building in Downtown Evansville.
- 1,950 SF second‑floor short‑term rental has been completely renovated and offers 3BR/1BA.
- Short‑term rental unit operated as The Loft on 6th and has been listed on Airbnb for 7+ years.
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
$69,076
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
7.89%
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%
$1,381,520
$1.4M
Cap Rate 7%
$986,800
$986.8K
Cap Rate 9%
$767,511
$767.5K
Market Conditions
NOI Build-Up for 8,230 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
$133.3K $16.20/SF
− Vacancy
−$7.7K −$0.94/SF
EGI
$125.6K $15.26/SF
− OpEx
−$56.5K −$6.87/SF
NOI
$69.1K $8.39/SF
Area
Evansville, IN
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,381,520
Cap Rate 7%
$986,800
Cap Rate 9%
$767,511
Alternative Uses
Best Use
Specialty Retail
$1.95M
$1.70M – $2.27M
NOI $136,289 @ 7.0% cap · market cap 15.58%
Second Best
Mixed Use
$1.35M
$1.18M – $1.57M
NOI $94,439 @ 7.0% cap · market cap 10.79%
Theoretical Best
Office A
$2.04M
$1.79M – $2.38M
NOI $143,020 @ 7.0% cap · market cap 16.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,173
Businesses Nearby
Explore this area
Business Placement
Demographics for 47708, IN
501
Population
538
Households
0.9
Avg Household Size
39
Median Age
46%
College-Educated
91%
High-School Grad
0.6 sq mi
ZIP Area
835
Density / Sq Mi
$55,436
Median Household Income
$47,750
Median Earnings
$1,154
Median Rent
$241,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Two-story mixed-use building with a renovated second-floor short-term rental plus ground-floor commercial space in shell condition.
Where is this short term rental property located?
The property is located at 18-20 Northwest 6th Street Evansville, IN.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 1906‑built two‑story mixed‑use building in Downtown Evansville.; 1,950 SF second‑floor short‑term rental has been completely renovated and offers 3BR/1BA.; Short‑term rental unit operated as The Loft on 6th and has been listed on Airbnb for 7+ years.
