Building Details

Construction pole barn

Listing Agency: FOLZ REALTORS

Listed By: Randal Folz Show Phone

Source: Exprealty

Added: Nov 14, 2025 Changed: Sep 4 Last Checked: Sep 5 at 9:55AM

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Investment Insights

Based on property information with market context.

This offering includes two industrial land parcels totaling 5 acres and a 5,000 sq ft pole barn. The barn features 14-foot doors and drive-through access, supported by a 200 amp electrical service. City water is available at the road.

The property is described as having easy access to major highways and is located about 10 minutes from Evansville’s Eastside, with proximity to Bluegrass Wildlife Reserve.

Both parcels are 2.5 acres each, providing flexible configuration for industrial users seeking land and an existing structure on-site.

Key Highlights

• Two parcels totaling 5 acres (2.5 acres each).
• 5,000 sq ft pole barn with 14‑foot doors.
• Drive‑through access for the pole barn.

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

$28,160

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

4.33%

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%

$563,200 $563.2K

Cap Rate 7%

$402,286 $402.3K

Cap Rate 9%

$312,889 $312.9K

Market Conditions

NOI Build-Up for 5,000 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

$34.8K $6.96/SF

− Vacancy

−$1.7K −$0.33/SF

EGI

$33.1K $6.63/SF

− OpEx

−$5.0K −$0.99/SF

NOI

$28.2K $5.63/SF

Area

Warrick County, IN

Vacancy

4.80%

Lease Rate

$6.96 /SF/Yr

Expense Ratio

15.00%

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%

$563,200

Cap Rate 7%

$402,286

Cap Rate 9%

$312,889

Alternative Uses

Best Use

Warehouse

$402.3K

$352.0K – $469.3K (±1% cap)

NOI $28,160 @ 7.0% cap · market cap 4.33%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$989.3K

$865.6K – $1.15M (±1% cap)

NOI $69,251 @ 7.0% cap · market cap 10.65%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Warehouses

Suggested Use

Top Pick Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

10

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 47613, IN

2,694

Population

1,025

Households

2.6

Avg Household Size

42

Median Age

19%

College-Educated

94%

High-School Grad

52.5 sq mi

ZIP Area

51

Density / Sq Mi

$108,871

Median Household Income

$57,120

Median Earnings

$757

Median Rent

$218,300

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Warehouse - Five-acre industrial land offering a 5,000 sq ft pole barn with 14-foot doors and drive-through access.

Where is this warehouse located?

The property is located at 3699 Asbury Cemetery Rd Elberfeld, IN.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: Two parcels totaling 5 acres (2.5 acres each).; 5,000 sq ft pole barn with 14‑foot doors.; Drive‑through access for the pole barn.