Residential Estate with Equestrian
For Sale
$4,900,000
7700 Henze Road, Evansville, IN 47720
COMMERCIAL, Evansville, IN
Property Size33,000 SF
Lot Size35.00 Acres
Price / SF$148.48
Days on Market1081
Property Features for 7700 Henze Road
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking features
Garage
Lot features
Near College Campus, Rural
Directions
Highway 65 North, to West on Six School Rd, Left on Henze, home is on right
Subdivision
Vanderburgh County
Standard status
Active
APN
82-03-33-003-046.041-022
Lot size
35.00 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
To be surveyed and created prior to closing depending on what configuration the buyer and seller agree too.
Tax Annual Amount
76400
Legal Description
To be surveyed and created prior to closing depending on what configuration the buyer and seller agree too.
Utilities
Cooling system
Central Air
Water front features
Lake
Water front
1
Building Details
Year built
1997
Flooring type
Tile - Ceramic, Carpet, Wood
Roof type
Slate
Listing Agency:
Berkshire Hathaway HomeServices Indiana Realty
(812) 474-7000
Listed By:
James Keck · License #RB14039121
(812) 483-4894
Added: Sep 7, 2023
Changed: Aug 19
Last Checked: Aug 22 at 10:06PM
MLS# 202332384
Copyright © 2026 Southwest Indiana Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property at 7700 Henze Road is currently used as a single-family residence, totaling approximately 33,000 square feet of living and ancillary space within a 35-acre estate and equestrian setting. Interior highlights include a 2-story great room with grand curved staircases, an expansive main level with dining and multiple living spaces, and a pool area. The second level offers four additional bedrooms, each with its own full bath, plus two large offices and entertainment rooms including billiards, a game room, and a media room. Additional space includes a third-floor storage area and a basement with substantial storage and a vault with a wine cellar.
On the grounds, the equestrian center includes a show barn with living quarters above, a riding arena, two additional horse barns, and a guest house. There are attached and detached garages with space for up to 14 cars, along with a lake and open countryside views.
A featured interior area of approximately 11,000 square feet is described as having many potential options for commercial use, and the remarks note that successful rezoning could support uses such as an event center, corporate retreat or headquarters, museum, boutique hotel, and other comparable concepts.
On the grounds, the equestrian center includes a show barn with living quarters above, a riding arena, two additional horse barns, and a guest house. There are attached and detached garages with space for up to 14 cars, along with a lake and open countryside views.
A featured interior area of approximately 11,000 square feet is described as having many potential options for commercial use, and the remarks note that successful rezoning could support uses such as an event center, corporate retreat or headquarters, museum, boutique hotel, and other comparable concepts.
Key Highlights
- 33,000 SF home on 35 acres, currently used as a single‑family residence
- Lake setting with pool area and countryside views
- Equestrian facilities include show barn with living quarters above, riding arena, and 2 additional horse barns
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
$276,976
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
5.65%
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%
$5,539,520
$5.5M
Cap Rate 7%
$3,956,800
$4.0M
Cap Rate 9%
$3,077,511
$3.1M
Market Conditions
NOI Build-Up for 33,000 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
$534.6K $16.20/SF
− Vacancy
−$31.0K −$0.94/SF
EGI
$503.6K $15.26/SF
− OpEx
−$226.6K −$6.87/SF
NOI
$277.0K $8.39/SF
Area
Evansville, IN
Vacancy
5.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$5,539,520
Cap Rate 7%
$3,956,800
Cap Rate 9%
$3,077,511
Alternative Uses
Best Use
Apartment 5plus
$3.96M
$3.46M – $4.62M
NOI $276,976 @ 7.0% cap · market cap 5.65%
Second Best
Hotel Hospitality
$3.31M
$2.90M – $3.86M
NOI $231,739 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$8.19M
$7.17M – $9.56M
NOI $573,471 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 47720, IN
17,188
Population
7,285
Households
2.4
Avg Household Size
44
Median Age
33%
College-Educated
93%
High-School Grad
55.6 sq mi
ZIP Area
309
Density / Sq Mi
$76,968
Median Household Income
$47,143
Median Earnings
$1,019
Median Rent
$206,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Single-family residence on 35 acres with equestrian center, riding arena, multiple barns, and extensive on-site accommodations.
Where is this single family property located?
The property is located at 7700 Henze Road Evansville, IN.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 33,000 SF home on 35 acres, currently used as a single‑family residence; Lake setting with pool area and countryside views; Equestrian facilities include show barn with living quarters above, riding arena, and 2 additional horse barns
