Listing Agency: Keller Williams Market Pro Realty · Keller Williams Realty k***@kw.com Show Phone

Listed By: Matt Ford · License #SA00066218 Show Phone

Added: Jun 8 Changed: Aug 19 Last Checked: Oct 23 at 4:06AM

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MLS# 1351229

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Investment Insights

Based on property information with market context.

This 4,580-square-foot restaurant building sits on 1.6 acres and is currently being used as an event center. The improvements include tables, chairs, and a fully stocked commercial kitchen, providing an existing setup for food service or hosted events. The property is not currently operating as a restaurant.

Located at 20674 Highway 59 in Evansville, Arkansas, the site offers a commercial building with land along a state highway. Potential future directions identified for the property include reopening restaurant operations, continuing event use, establishing a wedding venue, adding convenience retail or fuel service, or converting the building to a residence.

Key Highlights

• 4,580 sq ft building on 1.6 acres
• Fully stocked commercial kitchen included
• Tables and chairs convey with the property

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,777

Cap Rate

8.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$535,540 $535.5K

Cap Rate 7%

$382,529 $382.5K

Cap Rate 9%

$297,522 $297.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,580 SF

Gross rent

$41.2K $9.00/SF

− Vacancy

−$3.0K −$0.65/SF

EGI

$38.3K $8.35/SF

− OpEx

−$11.5K −$2.51/SF

NOI

$26.8K $5.85/SF

Area

Washington County, AR

Vacancy

7.20%

Lease Rate

$9.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$535,540

Cap Rate 7%

$382,529

Cap Rate 9%

$297,522

Alternative Uses

Best Use

Specialty Retail

$825.0K

$721.9K – $962.5K (±1% cap)

NOI $57,749 @ 7.0% cap · market cap 19.26%

Second Best

Industrial

$382.5K

$334.7K – $446.3K (±1% cap)

NOI $26,777 @ 7.0% cap · market cap 8.93%

Theoretical Best

Office A

$1.23M

$1.08M – $1.43M (±1% cap)

NOI $86,054 @ 7.0% cap · market cap 28.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Garden Center Hair Salon Nail Salon Grocery & Convenience Store Food Market Spa & Massage Center

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

Location Intelligence

Trade Area within ½ mile

13

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 72729, AR

236

Population

111

Households

2.1

Avg Household Size

48

Median Age

100%

High-School Grad

11.4 sq mi

ZIP Area

21

Density / Sq Mi

$367,900

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Existing event-center improvements include tables, chairs, and a fully stocked commercial kitchen.

Where is this conventional restaurant located?

The property is located at 20674 Highway 59 Evansville, AR.

What is the asking price?

The asking price for this property is $299,900.

What are key features of this property?

This property features: 4,580 sq ft building on 1.6 acres; Fully stocked commercial kitchen included; Tables and chairs convey with the property