Mixed-Use Property with Garage
For Sale
$1,300,000
2110 N First Ave, Evansville, IN 47710
Two-building commercial property with retail, office, service-bay, and parking components.
Property Size8,320 SF
Price / SF$156.25
Days on Market17
Property Features for 2110 N First Ave
General Information
Standard status
Active
Size
8,320 SF
Building Details
Year Built
1992
Listing Agency:
MARKET REALTY, LLC
(812) 425-1906
Listed By:
Frank Peterlin
Source:
Daubyrealestate
Added: Aug 8
Changed: Aug 23
Last Checked: Aug 23 at 2:49AM
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 REALTY, LLC
Investment Insights
Based on property information with market context.
Built in 1992, this mixed-use property includes two separate commercial buildings with varied interior and service-oriented improvements. The primary building combines a large retail area with three bathrooms, a breakroom, a private office, and existing car wash equipment. Its heated garage area includes three bay doors and floor drains, while a utility room provides washer and dryer connections. An outdoor table area is also included.
The second building offers a reception room, private office, storage space, floor drains, and two sets of double pull-through bay doors. The property includes 50 parking spaces, a lighted marquee tower at the front, and an additional driveway sign placard leading toward the garage and wash station. Located at 2110 First Avenue in Evansville, Indiana, the site provides multiple enclosed areas for retail, office, storage, and vehicle-related operations.
The second building offers a reception room, private office, storage space, floor drains, and two sets of double pull-through bay doors. The property includes 50 parking spaces, a lighted marquee tower at the front, and an additional driveway sign placard leading toward the garage and wash station. Located at 2110 First Avenue in Evansville, Indiana, the site provides multiple enclosed areas for retail, office, storage, and vehicle-related operations.
Key Highlights
- Two‑building commercial property at 2110 First Avenue
- 50 Parking Spaces.
- Primary building includes large retail area, 3 bathrooms, breakroom, and office
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
$112,841
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
8.68%
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%
$2,256,820
$2.3M
Cap Rate 7%
$1,612,014
$1.6M
Cap Rate 9%
$1,253,789
$1.3M
Market Conditions
NOI Build-Up for 8,320 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
$179.7K $21.60/SF
− Vacancy
−$18.5K −$2.22/SF
EGI
$161.2K $19.38/SF
− OpEx
−$48.4K −$5.81/SF
NOI
$112.8K $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%
$2,256,820
Cap Rate 7%
$1,612,014
Cap Rate 9%
$1,253,789
Alternative Uses
Best Use
Specialty Retail
$1.97M
$1.72M – $2.30M
NOI $137,779 @ 7.0% cap · market cap 10.60%
Second Best
Retail
$1.61M
$1.41M – $1.88M
NOI $112,841 @ 7.0% cap · market cap 8.68%
Theoretical Best
Office A
$2.07M
$1.81M – $2.41M
NOI $144,584 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
389
Businesses Nearby
Explore this area
Business Placement
Demographics for 47710, IN
18,470
Population
9,119
Households
2
Avg Household Size
39
Median Age
17%
College-Educated
88%
High-School Grad
8.6 sq mi
ZIP Area
2,148
Density / Sq Mi
$45,324
Median Household Income
$33,718
Median Earnings
$857
Median Rent
$131,700
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?
Mixed-use property - Two-building commercial property with retail, office, service-bay, and parking components.
Where is this mixed-use property located?
The property is located at 2110 N First Ave Evansville, IN.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Two‑building commercial property at 2110 First Avenue; 50 Parking Spaces.; Primary building includes large retail area, 3 bathrooms, breakroom, and office
