Two-Tenant Neighborhood Strip
For Sale
$1,850,000
301-303 N Green River Rd, Evansville, IN 47715
Fully leased retail center with NNN agreements and signalized access to the Lloyd Expressway.
Property Size6,312 SF
Days on Market194
Property Features for 301-303 N Green River Rd
General Information
Standard status
Active
Size
6,312 SF
Property subtype
Strip Center
Occupancy
100%
Site & Location
Corner Location
Yes
Traffic Count
32,443 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
6,312 SF
Tenancy
Multi
Listing Agency:
SVN | The Martin Group - Indianapolis
(317) 849-8001
Listed By:
Andy Martin · License ##RB14043658
(317) 849-8001
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 3:37PM
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 SVN | The Martin Group - Indianapolis
Investment Insights
Based on property information with market context.
Ella Plaza is a two-tenant neighborhood retail center at 301-303 N Green River Rd in Evansville, Indiana. The property is 100% leased under NNN agreements, with T-Mobile occupying 2,791 SF and Parlor Doughnuts occupying 3,521 SF. The tenant lineup includes national brands with established operating histories at the center.
The center sits on a signalized hard corner along N Green River Rd, which carries 32,443 ADT, and offers immediate access to the Lloyd Expressway. Its East Side submarket setting places the property near Deaconess medical campuses, Eastland mall retail nodes, banks, grocery stores, and national quick-service restaurants.
The center sits on a signalized hard corner along N Green River Rd, which carries 32,443 ADT, and offers immediate access to the Lloyd Expressway. Its East Side submarket setting places the property near Deaconess medical campuses, Eastland mall retail nodes, banks, grocery stores, and national quick-service restaurants.
Key Highlights
- 100% leased two‑tenant retail center
- T‑Mobile occupies 2,791 SF; Parlor Doughnuts occupies 3,521 SF
- NNN lease structure supports limited landlord responsibilities
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
$85,607
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
4.63%
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%
$1,712,140
$1.7M
Cap Rate 7%
$1,222,957
$1.2M
Cap Rate 9%
$951,189
$951.2K
Market Conditions
NOI Build-Up for 6,312 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
$136.3K $21.60/SF
− Vacancy
−$14.0K −$2.22/SF
EGI
$122.3K $19.38/SF
− OpEx
−$36.7K −$5.81/SF
NOI
$85.6K $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%
$1,712,140
Cap Rate 7%
$1,222,957
Cap Rate 9%
$951,189
Alternative Uses
Best Use
Retail
$1.22M
$1.07M – $1.43M
NOI $85,607 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,689 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
32,443 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,019
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Fully leased retail center with NNN agreements and signalized access to the Lloyd Expressway.
Where is this strip mall located?
The property is located at 301-303 N Green River Rd Evansville, IN.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 100% leased two‑tenant retail center; T‑Mobile occupies 2,791 SF; Parlor Doughnuts occupies 3,521 SF; NNN lease structure supports limited landlord responsibilities
