Office Building with Detached
New
For Sale
$199,888
621 W Mill Rd, Evansville, IN 47710
Front office, reception area, storage rooms, and kitchenette create a functional small-office layout.
Property Size875 SF
Price / SF$228.44
Days on Market3
Property Features for 621 W Mill Rd
General Information
Standard status
Active
Size
875 SF
Building Details
Year Built
1953
Listing Agency:
FIRST CLASS REALTY
(812) 457-1432
Listed By:
John Czoer · License #RB14042952
Source:
Daubyrealestate
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 18 at 9:12AM
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 FIRST CLASS REALTY
Investment Insights
Based on property information with market context.
This 1953 office building is configured for professional use with a front office, client reception area, two storage rooms, and a kitchenette. The property also includes a detached 2.5-car garage, several parking spaces, replacement windows, and a furnace and A/C installed in 2021.
Located at 621 W Mill Rd in Evansville, the property sits one block from 1st Avenue. Its established office configuration and on-site parking provide a practical setting for a compact business operation, while the detached garage adds storage or covered vehicle space.
Located at 621 W Mill Rd in Evansville, the property sits one block from 1st Avenue. Its established office configuration and on-site parking provide a practical setting for a compact business operation, while the detached garage adds storage or covered vehicle space.
Key Highlights
- Detached 2.5‑car garage provides additional storage or covered vehicle space
- Front office, reception area, two storage rooms, and kitchenette
- Furnace and A/C installed in 2021
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
$10,647
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
5.33%
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%
$212,940
$212.9K
Cap Rate 7%
$152,100
$152.1K
Cap Rate 9%
$118,300
$118.3K
Market Conditions
NOI Build-Up for 875 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
$16.8K $19.20/SF
− Vacancy
−$2.6K −$2.98/SF
EGI
$14.2K $16.22/SF
− OpEx
−$3.5K −$4.06/SF
NOI
$10.6K $12.17/SF
Area
Evansville, IN
Vacancy
15.50%
Lease Rate
$19.20 /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%
$212,940
Cap Rate 7%
$152,100
Cap Rate 9%
$118,300
Alternative Uses
Best Use
Office B
$152.1K
$133.1K – $177.5K
NOI $10,647 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$217.2K
$190.1K – $253.4K
NOI $15,206 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
Explore this area
Business Placement
Demographics for 47710, IN
18,470
Population
9,119
Households
2
Avg Household Size
39
Median Age
17%
College-Educated
88%
High-School Grad
8.6 sq mi
ZIP Area
2,148
Density / Sq Mi
$45,324
Median Household Income
$33,718
Median Earnings
$857
Median Rent
$131,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Front office, reception area, storage rooms, and kitchenette create a functional small-office layout.
Where is this office building located?
The property is located at 621 W Mill Rd Evansville, IN.
What is the asking price?
The asking price for this property is $199,888.
What are key features of this property?
This property features: Detached 2.5‑car garage provides additional storage or covered vehicle space; Front office, reception area, two storage rooms, and kitchenette; Furnace and A/C installed in 2021
