Commercial Land with Retail
New
For Sale
$3,290,000
4500 University Drive, Evansville, IN 47712
The property includes existing infrastructure and in-line shops within Evansville’s west-side retail district.
Property Size20,361 SF
Days on Market3
Property Features for 4500 University Drive
General Information
Standard status
Active
Size
20,361 SF
Property subtype
Retail
Building Details
Building Size
20,361 SF
Year Built
1989
Listing Agency:
SVN | The Martin Group Evansville
Listed By:
Richard Clements · License #IN #RB18002031
(812) 746-8569
Source:
Svnmartin
Added: Oct 4
Last Checked: Oct 5 at 4:08PM
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 Evansville
Investment Insights
Based on property information with market context.
More than 18 acres at University Village Shopping Center combine commercial land with existing infrastructure and in-line retail shops. The property was built in 1989, according to the available property details.
The site lies between Rosenberger Avenue and Red Bank Road, with frontage on West Lloyd Expressway (IN 62). Its stated consumer reach extends to Mt. Vernon, Indiana, and Southern Illinois.
The site lies between Rosenberger Avenue and Red Bank Road, with frontage on West Lloyd Expressway (IN 62). Its stated consumer reach extends to Mt. Vernon, Indiana, and Southern Illinois.
Key Highlights
- More than 18 acres at University Village Shopping Center
- Frontage on West Lloyd Expressway (IN 62)
- Located between Rosenberger Avenue and Red Bank Road
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$276,149
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,522,980
$5.5M
Cap Rate 7%
$3,944,986
$3.9M
Cap Rate 9%
$3,068,322
$3.1M
Market Conditions
NOI Build-Up for 20,361 SF
Gross rent
$439.8K $21.60/SF
− Vacancy
−$45.3K −$2.22/SF
EGI
$394.5K $19.38/SF
− OpEx
−$118.3K −$5.81/SF
NOI
$276.1K $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%
$5,522,980
Cap Rate 7%
$3,944,986
Cap Rate 9%
$3,068,322
Alternative Uses
Best Use
Retail
$3.94M
$3.45M – $4.60M
NOI $276,149 @ 7.0% cap · market cap 8.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.05M
$4.42M – $5.90M
NOI $353,832 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
504
Businesses Nearby
Explore this area
Business Placement
Demographics for 47712, IN
24,895
Population
10,795
Households
2.3
Avg Household Size
35
Median Age
29%
College-Educated
93%
High-School Grad
62.7 sq mi
ZIP Area
397
Density / Sq Mi
$64,285
Median Household Income
$36,018
Median Earnings
$933
Median Rent
$173,500
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?
Commercial land - The property includes existing infrastructure and in-line shops within Evansville’s west-side retail district.
Where is this commercial land located?
The property is located at 4500 University Drive Evansville, IN.
What is the asking price?
The asking price for this property is $3,290,000.
What are key features of this property?
This property features: More than 18 acres at University Village Shopping Center; Frontage on West Lloyd Expressway (IN 62); Located between Rosenberger Avenue and Red Bank Road
