Versatile Event Venue For
For Sale
Contact for pricing
8335 Eagle Lake Drive, Evansville, IN
Turnkey event center suitable for retail, restaurant, or office.
Property Size7,233 SF
Lot Size1.31 Acres
Price / SF$179.73
Days on Market358
Property Features for 8335 Eagle Lake Drive
General Information
Standard status
Active
Size
7,233 SF
Lot size
1.31 Acres
Property subtype
RETAIL
Listing Agency:
Mike Richardson Real Estate
(812) 480-7454
Listed By:
Mike Richardson, CCIM · License #RC15800128
(812) 480-7454
Source:
Moodyscre
Added: Aug 27, 2025
Changed: Aug 8
Last Checked: Aug 18 at 10:10AM
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 Mike Richardson Real Estate
Investment Insights
Based on property information with market context.
This 7,233 square foot property is currently occupied by Sweetwater Events Center, an entertainment venue suitable for wedding receptions and parties. It features a full kitchen equipped with ovens, stoves, a walk-in cooler, a freezer, and a dishwasher. The property includes tables, dishes, and a bar. It is suitable for retail, restaurant, or bar use, and could also function as a professional office. The property offers a lake view and a patio in the rear. The location provides high visibility from I-69, with neighbors including Cracker Barrel, hotels, and restaurants. There is an upstairs office and storage area, along with approximately 80 parking spaces. The property includes a large entry lobby with two restrooms, one with four stalls for women and another with two stalls and two urinals for men. A large office/dressing room off the entry lobby is frequently used as a changing room. The upstairs office includes a restroom and shower, along with a large storage closet containing four furnace units and a security system. The property features a large enclosed patio with four glassed garage doors, accommodating 11 tables, and a large outdoor patio that holds 15 tables. The main event area has a raised stage and a seating capacity of 180 people with 16 large, round tables. The entire building has a capacity of 250 people. The large kitchen includes a Manitowac ice maker, dishwasher, walk-in cooler, walk-in freezer, large Avtec ventilation hood, two stove/ovens, refrigerator, three-compartment sink, two pizza ovens, six stainless steel work tables, and a microwave. There are three 200 amp electrical panels, totaling 600 amps. The bar area includes a three-compartment sink, a two-bay beer/drink cooler, and a large ice sink holder.
Key Highlights
- High visibility location from I‑69.
- Fully equipped commercial kitchen with walk‑in cooler/freezer, multiple ovens, and extensive equipment.
- Large event space with a seating capacity of 180 and total building capacity of 250.
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
$98,099
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
7.55%
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%
$1,961,980
$2.0M
Cap Rate 7%
$1,401,414
$1.4M
Cap Rate 9%
$1,089,989
$1.1M
Market Conditions
NOI Build-Up for 7,233 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
$156.2K $21.60/SF
− Vacancy
−$16.1K −$2.22/SF
EGI
$140.1K $19.38/SF
− OpEx
−$42.0K −$5.81/SF
NOI
$98.1K $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 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%
$1,961,980
Cap Rate 7%
$1,401,414
Cap Rate 9%
$1,089,989
Alternative Uses
Best Use
Specialty Retail
$1.71M
$1.50M – $2.00M
NOI $119,778 @ 7.0% cap · market cap 9.21%
Second Best
Retail
$1.40M
$1.23M – $1.63M
NOI $98,099 @ 7.0% cap · market cap 7.55%
Theoretical Best
Office A
$1.80M
$1.57M – $2.09M
NOI $125,694 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,222
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Turn key restaurant - Turnkey event center suitable for retail, restaurant, or office.
Where is this turn key restaurant located?
The property is located at 8335 Eagle Lake Drive Evansville, IN.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: High visibility location from I‑69.; Fully equipped commercial kitchen with walk‑in cooler/freezer, multiple ovens, and extensive equipment.; Large event space with a seating capacity of 180 and total building capacity of 250.
