Office Building with Detached
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 Market51
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
Listed By:
John Czoer · License #RB14042952
(812) 457-1432
Source:
Daubyrealestate
Added: Aug 17
Changed: Oct 5
Last Checked: Oct 4 at 2:07PM
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 / Yr
$10,647
Cap Rate
5.33%
Suggested Prices Based on Cap Rates
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
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 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
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Current Use
Location Intelligence
Trade Area within ½ mile
392
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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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
