Building Details

Year Built 1993

Listing Agency: Dauby Real Estate

Listed By: Trae Dauby · License #RB14050340 Show Phone

Source: Daubyrealestate

Added: Apr 24 Changed: Oct 14 Last Checked: Oct 5 at 8:56PM

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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 Dauby Real Estate

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Investment Insights

Based on property information with market context.

This well-maintained commercial building was formerly operated as a bank branch and includes a reception area, break room, two private offices, two restrooms, spacious storage areas, a dedicated tech room, and a secure vault. The interior offers a mix of private and open space that can support a range of customer-facing and back-of-house needs.

The property is located at 2521 Washington Avenue, Evansville, IN 47714, and is served by existing drive-through service lanes. On-site parking totals 31 paved spaces, providing convenient access for customers and employees.

In its current configuration, the building combines secure, bank-style amenities with drive-through functionality and flexible interior layout for businesses seeking an adaptable site design.

Key Highlights

• Former bank branch built in 1993 with approx. 3,356 SF of commercial space
• Drive‑through service lanes for customer transactions or service‑based concepts
• Secure vault plus reception area, break room, 2 private offices, and dedicated tech room

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,516

Cap Rate

9.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$910,320 $910.3K

Cap Rate 7%

$650,229 $650.2K

Cap Rate 9%

$505,733 $505.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,356 SF

Gross rent

$72.5K $21.60/SF

− Vacancy

−$7.5K −$2.22/SF

EGI

$65.0K $19.38/SF

− OpEx

−$19.5K −$5.81/SF

NOI

$45.5K $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 Rate 5%

$910,320

Cap Rate 7%

$650,229

Cap Rate 9%

$505,733

Alternative Uses

Best Use

Specialty Retail

$793.9K

$694.7K – $926.3K (±1% cap)

NOI $55,575 @ 7.0% cap · market cap 11.12%

Second Best

Retail

$650.2K

$569.0K – $758.6K (±1% cap)

NOI $45,516 @ 7.0% cap · market cap 9.10%

Theoretical Best

Office A

$833.1K

$729.0K – $972.0K (±1% cap)

NOI $58,320 @ 7.0% cap · market cap 11.66%

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

Property Analytics

Current Use

Diamond Valley Federal ... Credit Union

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store HVAC Service Accounting Firm

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

481

Businesses Nearby

Explore this area Business Placement

Demographics for 47714, IN

32,827

Population

16,040

Households

2

Avg Household Size

36

Median Age

22%

College-Educated

87%

High-School Grad

8.0 sq mi

ZIP Area

4,103

Density / Sq Mi

$54,614

Median Household Income

$33,246

Median Earnings

$951

Median Rent

$124,800

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Bank - Former bank branch with secure vault, multiple offices, and drive-through service lanes plus 31 paved parking spaces.

Where is this bank located?

The property is located at 2521 Washington Ave Evansville, IN.

What is the asking price?

The asking price for this property is $500,000.

What are key features of this property?

This property features: Former bank branch built in 1993 with approx. 3,356 SF of commercial space; Drive‑through service lanes for customer transactions or service‑based concepts; Secure vault plus reception area, break room, 2 private offices, and dedicated tech room