Professional Office Suite with Private
For Sale
Contact for pricing
2610 S Green River Road, Evansville, IN 47715
Well-maintained office space with furnished private offices, multiple conference rooms, reception, kitchen, and ADA parking.
Property Size3,000 SF
Price / SF$199.97
Days on Market148
Property Features for 2610 S Green River Road
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
36
Property subtype
Office
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Amenities
storage area
private entrance
kitchen area
conference rooms
reception area
foyer
paved parking
ADA-compliant spaces
Building Details
Year Built
1995
Buildings
1
Stories
1
Listing Agency:
BERKSHIRE HATHAWAY HOMESERVICES, INDIANA REALTY
Listed By:
Melinda Counter · License #IN RB14048173
(812) 455-0370
Source:
Crexi
Added: Apr 17
Changed: Sep 3
Last Checked: Sep 11 at 4:43AM
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 BERKSHIRE HATHAWAY HOMESERVICES, INDIANA REALTY
Investment Insights
Based on property information with market context.
This well-maintained commercial office space offers a versatile, ready-to-use layout with two large furnished private offices, three conference rooms, and a designated reception area with a welcoming foyer. The suite also includes a kitchen area near the entrance and a half bath toward the rear for staff convenience. Additional improvements include an oversized storage area with elaborate shelving and a private entrance that can support day-to-day operations or inventory management.
The property provides paved parking with ADA-compliant spaces and approximately 33 additional parking spots, with easy ingress and egress for employees and clients.
Ideal for office-oriented use, the configuration is designed to accommodate both client-facing and internal workflows within a single professional suite.
The property provides paved parking with ADA-compliant spaces and approximately 33 additional parking spots, with easy ingress and egress for employees and clients.
Ideal for office-oriented use, the configuration is designed to accommodate both client-facing and internal workflows within a single professional suite.
Key Highlights
- 1995‑built commercial office space offering 3,000+ SF with a layout designed for immediate use
- Includes two large furnished private offices, three conference rooms, and a reception/foyer area
- Kitchen area near the entrance plus a half bath toward the rear for staff
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
$36,504
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
6.09%
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%
$730,080
$730.1K
Cap Rate 7%
$521,486
$521.5K
Cap Rate 9%
$405,600
$405.6K
Market Conditions
NOI Build-Up for 3,000 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
$57.6K $19.20/SF
− Vacancy
−$8.9K −$2.98/SF
EGI
$48.7K $16.22/SF
− OpEx
−$12.2K −$4.06/SF
NOI
$36.5K $12.17/SF
Area
Evansville, IN
Vacancy
15.50%
Lease Rate
$19.20 /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%
$730,080
Cap Rate 7%
$521,486
Cap Rate 9%
$405,600
Alternative Uses
Best Use
Office B
$521.5K
$456.3K – $608.4K
NOI $36,504 @ 7.0% cap · market cap 6.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$744.8K
$651.7K – $868.9K
NOI $52,134 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Explore this area
Business Placement
Demographics for 47715, IN
28,959
Population
14,451
Households
2
Avg Household Size
39
Median Age
29%
College-Educated
95%
High-School Grad
22.0 sq mi
ZIP Area
1,316
Density / Sq Mi
$59,821
Median Household Income
$40,137
Median Earnings
$1,009
Median Rent
$191,900
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Well-maintained office space with furnished private offices, multiple conference rooms, reception, kitchen, and ADA parking.
Where is this office units located?
The property is located at 2610 S Green River Road Evansville, IN.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 1995‑built commercial office space offering 3,000+ SF with a layout designed for immediate use; Includes two large furnished private offices, three conference rooms, and a reception/foyer area; Kitchen area near the entrance plus a half bath toward the rear for staff
