Freestanding Drive-Thru
For Sale
Contact for pricing
3910 E Morgan Ave, Evansville, IN 47715
Freestanding restaurant building with a drive-thru lane and full basement, available for NNN lease in Evansville.
Property Size3,371 SF
Price / SF$341.15
Days on Market80
Property Features for 3910 E Morgan Ave
General Information
Standard status
Active
Size
3,371 SF
Property subtype
RETAIL
Lease Type
NNN
Amenities
drive-thru lane
full basement
Building Details
Tenancy
Single
Properties For Sale
at 3910 E Morgan Ave Contact us- Size
- 3,371 SF
- Type
- RETAIL
- Lease Type
- NNN
- Availability
- AVAILABLE
Prime Freestanding Drive-Thru Restaurant for Sale or Lease
SVN | The Martin Group is pleased to present 3910 E Morgan Ave, a premier retail...
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Listing Agency:
SVN | The Martin Group
(812) 471-2500
Listed By:
Andy Martin · License #RB14043658
(812) 573-3500
Source:
Moodyscre
Added: Jun 18
Changed: Aug 9
Last Checked: Sep 4 at 3:46PM
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
Investment Insights
Based on property information with market context.
This freestanding restaurant property is being offered as an NNN lease and includes a drive-thru lane plus a full basement. The layout provides room for operational back-of-house use with additional storage capacity away from the main customer area.
The building is located at a prominent signalized stoplight on E Morgan Ave, supporting convenient ingress and egress with strong daily visibility from vehicular traffic.
The seller has estimated RE taxes at $22,422 per year. The property is listed for sale at $1,150,000 and has a total size of 3,371 square feet.
The building is located at a prominent signalized stoplight on E Morgan Ave, supporting convenient ingress and egress with strong daily visibility from vehicular traffic.
The seller has estimated RE taxes at $22,422 per year. The property is listed for sale at $1,150,000 and has a total size of 3,371 square feet.
Key Highlights
- Freestanding former Salsarita’s restaurant building available for NNN lease at 3910 E Morgan Ave in Evansville, IN
- Drive‑thru lane on‑site for quick‑service operations
- Full basement provides additional space for inventory storage and operations away from the main customer floor
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
$55,824
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
4.85%
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%
$1,116,480
$1.1M
Cap Rate 7%
$797,486
$797.5K
Cap Rate 9%
$620,267
$620.3K
Market Conditions
NOI Build-Up for 3,371 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
$80.9K $24.00/SF
− Vacancy
−$6.5K −$1.92/SF
EGI
$74.4K $22.08/SF
− OpEx
−$18.6K −$5.52/SF
NOI
$55.8K $16.56/SF
Area
Evansville, IN
Vacancy
8.00%
Lease Rate
$24.00 /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%
$1,116,480
Cap Rate 7%
$797,486
Cap Rate 9%
$620,267
Alternative Uses
Best Use
Specialty Retail
$797.5K
$697.8K – $930.4K
NOI $55,824 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$836.9K
$732.3K – $976.4K
NOI $58,581 @ 7.0% cap · market cap 5.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
671
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
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Freestanding restaurant building with a drive-thru lane and full basement, available for NNN lease in Evansville.
Where is this drive through restaurant located?
The property is located at 3910 E Morgan Ave Evansville, IN.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Freestanding former Salsarita’s restaurant building available for NNN lease at 3910 E Morgan Ave in Evansville, IN; Drive‑thru lane on‑site for quick‑service operations; Full basement provides additional space for inventory storage and operations away from the main customer floor
