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 Market240
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
Listed By:
Andy Martin · License #RB14043658
(317) 849-8001
Source:
Thebrokerlist
Added: Feb 18
Changed: Oct 11
Last Checked: Oct 14 at 7:36PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$85,607
Cap Rate
4.63%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
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
