Mixed-Use Portfolio With
For Sale
$1,500,000
607 N Main St, Evansville, IN 47711
Four-building commercial portfolio with restaurant improvements, apartments, and a paved parking area.
Property Size11,476 SF
Price / SF$130.71
Days on Market332
Property Features for 607 N Main St
General Information
Standard status
Active
Size
11,476 SF
Total Parking Spaces
96
Property subtype
Investment
Zoning
C-4
Restaurant
Equipment Included
Yes
Liquor License
No
Additional Details
Multifamily Units
2
Amenities
96 Parking Spaces
Building Details
Year Built
1899
Buildings
4
Listing Agency:
Hahn Kiefer Real Estate Services
(812) 604-5973
Listed By:
Joseph Kiefer
(812) 604-5973
Source:
Kcrea.resimplifi
Added: Oct 3, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:19PM
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 Hahn Kiefer Real Estate Services
Investment Insights
Based on property information with market context.
This four-property mixed-use portfolio totals 11,476 square feet and includes buildings at 605, 607, and 617 N Main St, along with 11 E Delaware St. The portfolio dates to 1899 and carries C-4 zoning.
The 605–607 N Main St buildings include the Jacobs Pub restaurant operation, with the real property, kitchen equipment, and dining equipment included in the sale. The liquor license is excluded. At 617 N Main St, the configuration includes one commercial space on the main level and two apartments above, with rental income associated with the property.
The 11 E Delaware St property adds a paved parking area to the portfolio. The offering consists of real estate and specified equipment across the four-property assemblage.
The 605–607 N Main St buildings include the Jacobs Pub restaurant operation, with the real property, kitchen equipment, and dining equipment included in the sale. The liquor license is excluded. At 617 N Main St, the configuration includes one commercial space on the main level and two apartments above, with rental income associated with the property.
The 11 E Delaware St property adds a paved parking area to the portfolio. The offering consists of real estate and specified equipment across the four-property assemblage.
Key Highlights
- 11,476‑square‑foot four‑property mixed‑use portfolio
- C‑4 zoning with buildings dating to 1899
- 605–607 N Main St includes restaurant, kitchen equipment, and dining equipment
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
$131,687
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
8.78%
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%
$2,633,740
$2.6M
Cap Rate 7%
$1,881,243
$1.9M
Cap Rate 9%
$1,463,189
$1.5M
Market Conditions
NOI Build-Up for 11,476 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
$234.1K $20.40/SF
− Vacancy
−$23.4K −$2.04/SF
EGI
$210.7K $18.36/SF
− OpEx
−$79.0K −$6.89/SF
NOI
$131.7K $11.48/SF
Area
Evansville, IN
Vacancy
10.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
37.50%
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%
$2,633,740
Cap Rate 7%
$1,881,243
Cap Rate 9%
$1,463,189
Alternative Uses
Best Use
Specialty Retail
$2.71M
$2.38M – $3.17M
NOI $190,043 @ 7.0% cap · market cap 12.67%
Second Best
Mixed Use
$1.88M
$1.65M – $2.19M
NOI $131,687 @ 7.0% cap · market cap 8.78%
Theoretical Best
Office A
$2.85M
$2.49M – $3.32M
NOI $199,429 @ 7.0% cap · market cap 13.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,630
Businesses Nearby
Explore this area
Business Placement
Demographics for 47711, IN
31,266
Population
14,487
Households
2.2
Avg Household Size
41
Median Age
24%
College-Educated
91%
High-School Grad
16.5 sq mi
ZIP Area
1,895
Density / Sq Mi
$65,398
Median Household Income
$39,114
Median Earnings
$982
Median Rent
$156,200
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?
Mixed-use property - Four-building commercial portfolio with restaurant improvements, apartments, and a paved parking area.
Where is this mixed-use property located?
The property is located at 607 N Main St Evansville, IN.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 11,476‑square‑foot four‑property mixed‑use portfolio; C‑4 zoning with buildings dating to 1899; 605–607 N Main St includes restaurant, kitchen equipment, and dining equipment
