Corner Retail
For Sale
$265,000
300 Main Street Unit 1A-1, Evansville, IN 47708
Light food service improvements include a grease trap, utility sink, and existing retail buildout.
Property Size1,090 SF
Days on Market8
Property Features for 300 Main Street Unit 1A-1
General Information
Standard status
Active
Size
1,090 SF
Property subtype
Retail
Building Details
Building Size
1,090 SF
Listing Agency:
NAI Prime Commercial
(812) 453-3102
Listed By:
Scott Edmond · License #IN #RB15000270
(812) 453-3102
Source:
Naiprime
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 29 at 7:25AM
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 NAI Prime Commercial
Investment Insights
Based on property information with market context.
This 1,090 SF corner retail condominium occupies a visible position along Main Street at NW 3rd Street in downtown Evansville. Windows on multiple sides provide natural light, while separate access points connect the unit to Main Street, Third Street, and the rear parking area. The existing buildout supports retail, food, and service uses and includes a small grease trap, utility sink, and soundproofing. Two reserved parking spaces are located directly behind the unit, with additional curbside access available.
The property sits on the Main Street Walkway between the Ford Center and the riverfront, within a seven-block brick commercial corridor. Nearby destinations include the Civic Center, Victory Theatre, and Bally’s casino, while Old National Bank and CenterPoint Energy contribute to the surrounding daytime employment base. The current tenant is expected to relocate at the end of the existing lease in 1Q27. Potential eligibility for a downtown or riverfront alcoholic beverage permit remains subject to City and ATC approval.
The property sits on the Main Street Walkway between the Ford Center and the riverfront, within a seven-block brick commercial corridor. Nearby destinations include the Civic Center, Victory Theatre, and Bally’s casino, while Old National Bank and CenterPoint Energy contribute to the surrounding daytime employment base. The current tenant is expected to relocate at the end of the existing lease in 1Q27. Potential eligibility for a downtown or riverfront alcoholic beverage permit remains subject to City and ATC approval.
Key Highlights
- 1,090 SF corner retail condominium on Main Street at NW 3rd Street
- Separate entrances from Main Street, Third Street, and the rear parking lot
- Two reserved parking spaces immediately behind the unit
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
$14,783
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
5.58%
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%
$295,660
$295.7K
Cap Rate 7%
$211,186
$211.2K
Cap Rate 9%
$164,256
$164.3K
Market Conditions
NOI Build-Up for 1,090 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
$23.5K $21.60/SF
− Vacancy
−$2.4K −$2.22/SF
EGI
$21.1K $19.38/SF
− OpEx
−$6.3K −$5.81/SF
NOI
$14.8K $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%
$295,660
Cap Rate 7%
$211,186
Cap Rate 9%
$164,256
Alternative Uses
Best Use
Retail
$211.2K
$184.8K – $246.4K
NOI $14,783 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$270.6K
$236.8K – $315.7K
NOI $18,942 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,992
Businesses Nearby
Explore this area
Business Placement
Demographics for 47708, IN
501
Population
538
Households
0.9
Avg Household Size
39
Median Age
46%
College-Educated
91%
High-School Grad
0.6 sq mi
ZIP Area
835
Density / Sq Mi
$55,436
Median Household Income
$47,750
Median Earnings
$1,154
Median Rent
$241,400
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?
Retail space - Light food service improvements include a grease trap, utility sink, and existing retail buildout.
Where is this retail space located?
The property is located at 300 Main Street Unit 1A-1 Evansville, IN.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: 1,090 SF corner retail condominium on Main Street at NW 3rd Street; Separate entrances from Main Street, Third Street, and the rear parking lot; Two reserved parking spaces immediately behind the unit
