Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    630 Boonville New Harmony Rd Evansville, IN 47725

    Sponsored
    For Sale
    $230,000

    0.41-acre outparcel, high traffic

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    409
    This 0.41-acre commercial land parcel is ideally situated in Evansville, Indiana, at 630 Boonville New Harmony Rd, offering exceptional visibility and accessibility. Located just east of the signalized intersection of Hwy 41 ( boasting over 25,000 average daily traffic) and Boonville New Harmony Rd (with over 5,000 ADT), this property benefits from significant traffic flow. The site is part of a grocery-anchored center, adjacent to established businesses including Schnuck's Grocery, Old National Bank, German American Bank, Valvoline Oil Change, and The Philly Grill Restaurant. Across Boonville New Harmony Rd are CVS and Wendy's, while across Hwy 41 are the Vanderburgh 4-H Center, Heritage Federal Credit Union, Subway, Papa Johns, 5/3 Bank, and First Financial Bank. This prime location offers a strong demographic profile, with a 5-mile population exceeding 34,000 and an average household income of $107,844. The property is zoned C-4 and is priced at $230,000, representing a land value of $560,976 per acre. This presents a unique opportunity for developers and investors seeking high-traffic exposure in a thriving commercial area of Evansville, Vanderburgh County, Indiana (zip code 47725).

    Property Features for 630 Boonville New Harmony Rd

    General Information

    Property type
    Land
    Lot Size
    17,860 SF

    We can help!

    Listing Contact
    Andy Martin
    Andy Martin

    Learn more

    Property Insight Report

    HighLights

    • 0.41‑acre commercial land parcel in Evansville, IN, at 630 Boonville New Harmony Rd.
    • High‑traffic location at signalized intersection of Hwy 41 (25,000+ ADT) and Boonville New Harmony Rd (5,000+ ADT).
    • Grocery‑anchored center with strong co‑tenancy including Schnuck's, Old National Bank, and others.
    • Excellent demographics: 5‑mile population exceeding 34,000 with $107,844 average household income.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.553302
    Latitude
    38.094155

    Nearby Similar for Sale

    • $4,900,000
      33,000 SF

      Remarkable Mixed-Use Property with Equestrian Center

      35-acre property with 33,000 sq ft home and equestrian center.
      7700 Henze Rd, Evansville, IN 47720
      View Details
    • $1,225,000
      0.07 Acres

      Restored Restaurant/Bar Opportunity

      Restored bar and restaurant in downtown Evansville.
      22 NW 6Th St, Evansville, IN 47708
      View Details
    • $275,000
      Pending

      Income-Producing Triplex in Evansville, IN

      Income-generating triplex, ideal for short-term rentals or long-term leases.
      903 Edgar St, Evansville, IN 47710
      View Details
    • $325,000
      Pending

      Well-Maintained Duplex in Evansville

      Residential duplex with strong rental potential in a quiet location.
      207 Lorshelna Dr, Evansville, IN 47711
      View Details
    • $236,000
      0.40 Acres

      Mixed-Use Property with Ample Parking

      Mixed-use property featuring multiple buildings and ample parking.
      1319/1321 N 1St Ave, Evansville, IN 47710
      View Details
    • $399,000
      0.19 Acres

      Updated Office Building For Sale

      Updated office building with parking, near amenities, ready for tenant.
      1010 S Weinbach Ave, Evansville, IN 47714
      View Details
    • $625,000
      0.20 Acres

      Historic Building in Central Evansville

      Turn-of-the-century building with versatile space in a prime location.
      112 Clark St, Evansville, IN 47708
      View Details
    • $164,900
      2,064 SF

      Westside Evansville Duplex Investment

      Duplex with remodeled unit and long-term tenants in place.
      1629 Ewing Ave, Evansville, IN 47712
      View Details
    • New
      $160,000
      1,460 SF

      Evansville Triplex: Investor Opportunity

      Triplex with three apartments, separate entrances, and ample parking.
      515 Washington Ave, Evansville, IN 47713
      View Details
    • $750,000
      Pending

      Renovated Meeting Hall with Rooftop Deck

      Versatile commercial property in downtown Evansville with high visibility.
      212 Main St, Evansville, IN 47708
      View Details
    • New
      $70,000
      725 SF

      Evansville Duplex For Sale

      Two-unit residential income property in Evansville, Indiana.
      1118 E Negley Ave, Evansville, IN 47711
      View Details
    • $125,000
      1,924 SF

      All Brick Duplex Near Park

      All brick duplex near Garvin Park with detached three-car garage.
      313 Maxwell Ave, Evansville, IN 47711
      View Details

    FAQs

    What type of property is this?
    Land - 0.41-acre outparcel, high traffic
    Where is this land located?
    The property is located at 630 Boonville New Harmony Rd Evansville, IN.
    What is the asking price?
    The asking price for this property is $230,000.
    What are key features of this property?
    This property features: 0.41-acre commercial land parcel in Evansville, IN, at 630 Boonville New Harmony Rd.; High-traffic location at signalized intersection of Hwy 41 (25,000+ ADT) and Boonville New Harmony Rd (5,000+ ADT).; Grocery-anchored center with strong co-tenancy including Schnuck's, Old National Bank, and others.
    (812) 573-3500
    Request Owner's contact information
    630 Boonville New Harmony Rd Evansville, IN 47725
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    630 Boonville New Harmony Rd
    Evansville, IN 47725
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    630 Boonville New Harmony Rd Evansville, IN 47725
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Andy Martin
    Andy Martin
    Real Estate License ID: IN RB14043658
    (812) 573-3500
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.