Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Downtown Evansville Office Space Available Title is generated by Realmo AI

    20 NW Third Street, Evansville, IN 47708

    View on Map
    Claim this Listing
    For Lease
    $16 SF/Yr $244,750/Mo (calc)

    Office suites for lease in downtown Evansville near Ohio River.

    Type:Office
    Property size:
    178,000 SF
    Added:
    Jan 27, 2026
    Days on Market:
    122
    Last Refresh:
    Apr 6 at 12:22 am

    Property Features for 20 NW Third Street

    General Information

    Standard status
    Active
    Size
    178,000 SF
    Property subtype
    Office

    Building Details

    Year Built
    1981

    Spaces For Lease

    at 20 NW Third Street Contact us

    We can help!

    Listing Contact
    Matt Kiefer
    Matt Kiefer

    Listing agent Matt Kiefer License #IN #RB19001801

    Listing office SVN | The Martin Group

    Listing date Jan 27, 2026

    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

    HighLights

    • Prime downtown location, just 2 blocks from the Ohio River.
    • Flexible layouts with build‑to‑suit options.
    • Ample on‑site parking in attached covered garage.
    • Benefit from on‑site building management.
    • Multiple conference and training rooms available.
    • On‑site banking for your convenience.

    Overview

    Located two blocks from the Ohio River, the Fifth Third Center is positioned in the center of downtown Evansville's commercial district. The surrounding area includes restaurants, professional offices, multifamily residences, and retail spaces. Suites are available ranging from 1,000 square feet to multiple floors, with the possibility of build-to-suit options. The facility is currently in year 4 of a 5-year capital improvement and renovation plan. The property features flexible layouts, ample on-site parking in an attached covered parking garage, on-site building management, on-site banking, a common tenant lounge, multiple conference and training rooms, and furnished office space. The landlord offers the ability to build out available space to tenant specifications. Listing Broker has ownership interest in subject property.
    Property Profile Location Intelligence

    Current Use by Public Records

    Empowerment Behavioral Services, ... Counselor EVV Pilots Club Charitable Organization Evansville Philharmonic Orchestral ... Theater & Performing Art Venue Jones Wallace LLC Law Firm Morgan & Morgan Law Firm

    Suggested Use

    Real Estate Agency Spa & Massage Center Restaurant Dental Office Hair Salon Nail Salon Law Firm Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5714
    Latitude
    37.9706

    Nearby Similar for Lease

    • $3,170/Mo
      4,755 SF

      Prime Location Mixed-Use Opportunity

      Mixed-use property with high traffic, ideal for retail or office.
      4115 E Morgan Avenue, Evansville, IN 47715
      View Details
    • $125 SF/Yr
      200 SF

      Evansville Retail Space For Rent

      Retail space available in a convenient Evansville location.
      4029 S Morgan Avenue, Evansville, IN 47715
      View Details
    • $4,037/Mo
      3,460 SF

      Renovated Office Space in Evansville

      Landmark building with quality office space available for lease.
      915 Main Street, Evansville, IN 47708
      View Details
    • $2,700/Mo
      2,400 SF

      Medical Office Space Available

      Office suite with exam rooms, ideal for medical professionals.
      2809 Lincoln Avenue, Evansville, IN 47714
      View Details
    • $2,476/Mo
      2,122 SF

      Renovated Office Space in Evansville

      Landmark building with quality office space available for lease.
      915 Main Street, Evansville, IN 47708
      View Details
    • $3,524/Mo
      2,643 SF

      Move-in Ready Office with Aquarium

      Well-maintained office building with unique features and ample parking.
      15 Vann Avenue, Evansville, IN 47714
      View Details
    • $28 SF/Yr
      2,500 SF

      Retail/Fitness Space in Evansville

      2,500 SF retail/fitness space in premier mixed-use development.
      6432 E. Florida St., Suite 102, Evansville, IN 47715
      View Details
    • $7 SF/Yr
      2,600 SF

      Versatile Flex Space Available

      Adaptable space with office, retail, and warehouse areas.
      2526 N. Burkhardt Rd., Evansville, IN 47715
      View Details
    • $14 SF/Yr
      1,900 SF

      Retail Space in High-Traffic Area

      1,900 SF retail space in Evansville's thriving west side.
      5225 Pearl Dr Suite B, Evansville, IN 47712
      View Details
    • $9 SF/Yr
      2,250 SF

      Prime Retail/Office Space Available

      Highly visible corner location suitable for retail or office use.
      4824 Lincoln Avenue, Evansville, IN 47715
      View Details
    • $7 SF/Yr
      5,000 SF

      Retail Spaces on Covert Avenue

      Retail spaces available in a high-traffic commercial area.
      1321 Covert Avenue, Evansville, IN 47714
      View Details
    • $7 SF/Yr
      2,600 SF

      Versatile Flex Space Available

      Adaptable space with office, retail, and warehouse areas.
      2526 N. Burkhardt Rd., Evansville, IN 47715
      View Details

    FAQs

    What type of property is this?
    Office units - Office suites for lease in downtown Evansville near Ohio River.
    Where is this office units located?
    The property is located at 20 NW Third Street Evansville, IN.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Prime downtown location, just 2 blocks from the Ohio River.; Flexible layouts with build‑to‑suit options.; Ample on‑site parking in attached covered garage.
    (812) 499-8770
    We can help!
    Listing Contact
    Matt Kiefer
    Matt Kiefer
    Real Estate License ID: IN #RB19001801
    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

    Thank You for Inquiry
    20 NW Third Street, Evansville, IN 47708
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!