Conventional Restaurant with
For Sale
Contact for pricing
2311 West Virginia Street, Evansville, IN 47712
Existing furnishings and restaurant equipment remain in place for a ready-to-adapt food-service layout.
Property Size1,656 SF
Price / SF$187.20
Days on Market18
Property Features for 2311 West Virginia Street
General Information
Standard status
Active
Size
1,656 SF
Property subtype
Retail
Zoning
C-1
Building Details
Year Built
1977
Units
1
Listing Agency:
FC Tucker Commercial
(812) 473-6677
Listed By:
Kyle Bernhardt · License #IN RB14041525
Source:
Crexi
Added: Aug 13
Changed: Aug 29
Last Checked: Aug 17 at 4:32AM
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 FC Tucker Commercial
Investment Insights
Based on property information with market context.
This conventional restaurant property offers an established food-service layout with existing furnishings and restaurant equipment included. The building contains an under-counter grease trap and a small hood, supporting continued restaurant use. On-site parking and a dedicated drive-through lane add practical customer-service features, while existing drive-through signage remains installed.
The property is located at 2311 W Virginia St on Evansville’s westside, just north of W Franklin St. Its prior operation as Lic’s Deli and Ice Cream provides a restaurant-specific configuration that can be adapted for other food-service concepts.
The property is located at 2311 W Virginia St on Evansville’s westside, just north of W Franklin St. Its prior operation as Lic’s Deli and Ice Cream provides a restaurant-specific configuration that can be adapted for other food-service concepts.
Key Highlights
- Existing furnishings and restaurant equipment remain with the property
- Under‑counter grease trap and small hood already installed
- On‑site parking included
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
$27,423
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
8.85%
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%
$548,460
$548.5K
Cap Rate 7%
$391,757
$391.8K
Cap Rate 9%
$304,700
$304.7K
Market Conditions
NOI Build-Up for 1,656 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
$39.7K $24.00/SF
− Vacancy
−$3.2K −$1.92/SF
EGI
$36.6K $22.08/SF
− OpEx
−$9.1K −$5.52/SF
NOI
$27.4K $16.56/SF
Area
Evansville, IN
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$548,460
Cap Rate 7%
$391,757
Cap Rate 9%
$304,700
Alternative Uses
Best Use
Specialty Retail
$391.8K
$342.8K – $457.1K
NOI $27,423 @ 7.0% cap · market cap 8.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$411.1K
$359.7K – $479.6K
NOI $28,778 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
594
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 47712, IN
24,895
Population
10,795
Households
2.3
Avg Household Size
35
Median Age
29%
College-Educated
93%
High-School Grad
62.7 sq mi
ZIP Area
397
Density / Sq Mi
$64,285
Median Household Income
$36,018
Median Earnings
$933
Median Rent
$173,500
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?
Conventional restaurant - Existing furnishings and restaurant equipment remain in place for a ready-to-adapt food-service layout.
Where is this conventional restaurant located?
The property is located at 2311 West Virginia Street Evansville, IN.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Existing furnishings and restaurant equipment remain with the property; Under‑counter grease trap and small hood already installed; On‑site parking included
