Add Listing
    For Lease
    • 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

    420 NW 5th St Evansville, IN 47708

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Unique urban office with parking, storage, and downtown access.

    Type:Office
    Added:
    May 26, 2020
    Days on Market:
    2164
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for 420 NW 5th St

    General Information

    Standard status
    Active
    Property subtype
    Office

    Building Details

    Year Built
    1890

    Spaces For Lease

    at 420 NW 5th St Contact us

    Suite 101 $16 /Mo

    Size
    6,273 SF
    Type
    Office
    Incredible fully furnished recently remodled blend of historic and moder design....
    show more
    Contact us

    Suite 2100 $10 /Mo

    Size
    3,693 SF
    Type
    Office
    Private kitchen, conference room, 4 private offices. Direct access to warehouse...
    show more
    Contact us

    We can help!

    Listing Contact
    Richard Clements

    Listing agent Richard Clements License #RB18002031

    Listing office SVN | The Martin Group Evansville

    Listing date May 26, 2020

    Source Crexi

    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 SVN | The Martin Group Evansville

    Overview

    Downtown Evansville Loft Office Space

    Historic brick and wooden beam loft space is available in Downtown Evansville’s NoCo “Makers District,” named for its location north of Court Street. This urban office building provides tenants with free surface parking, access to common meeting, banquet, and entertainment space, and on-site warehouse and storage with a loading dock. The property offers convenient access to First Avenue and the Lloyd Expressway, and is within walking distance of the newly completed YMCA, Civic Center, Ford Center, Victory Theatre, and many restaurants and shops.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    On-Site Computer Solutions Computer & Electronic Repair Summit Real Estate ... Real Estate Agency Commonwealth Engineers, Inc. Engineering Consultant Brill Media Co ... Radio Station Apex Group (Evansville) Financial Advisor

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Law Firm Big Box & Wholesale Store Hair Salon Auto Repair Shop 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
    -87.5736138
    Latitude
    37.9762571

    Nearby Similar for Lease

    • $3,170/Mo

      Prime Location Mixed-Use Opportunity

      Mixed-use property with high traffic, ideal for retail or office.
      4115 E Morgan Avenue, Evansville, IN 47715
      View Details
    • $4,037/Mo

      Renovated Office Space in Evansville

      Landmark building with quality office space available for lease.
      915 Main Street, Evansville, IN 47708
      View Details
    • $2,700/Mo

      Medical Office Space Available

      Office suite with exam rooms, ideal for medical professionals.
      2809 Lincoln Avenue, Evansville, IN 47714
      View Details
    • $2,476/Mo

      Renovated Office Space in Evansville

      Landmark building with quality office space available for lease.
      915 Main Street, Evansville, IN 47708
      View Details
    • $3,524/Mo

      Move-in Ready Office with Aquarium

      Well-maintained office building with unique features and ample parking.
      15 Vann Avenue, Evansville, IN 47714
      View Details
    • $28 SF/Yr

      Retail/Fitness Space in Evansville

      2,500 SF retail/fitness space in premier mixed-use development.
      6432 E. Florida St., Suite 102, Evansville, IN 47715
      View Details
    • $975/Mo

      Modern Office Space For Rent

      Competitively priced office space in thriving Evansville, Indiana.
      3420 E Morgan, Evansville, IN 47715
      View Details
    • $1,740/Mo

      Versatile Suite on Franklin Street

      Spacious suite suitable for retail, showroom, or office use.
      2231 2233 W Franklin St, Evansville, IN 47712
      View Details
    • $7 SF/Yr

      Retail Spaces on Covert Avenue

      Retail spaces available in a high-traffic commercial area.
      1321 Covert Avenue, Evansville, IN 47714
      View Details
    • $7 SF/Yr

      Versatile Flex Space Available

      Adaptable space with office, retail, and warehouse areas.
      2526 N. Burkhardt Rd., Evansville, IN 47715
      View Details
    • $7 SF/Yr

      Versatile Flex Space Available

      Adaptable space with office, retail, and warehouse areas.
      2526 N. Burkhardt Rd., Evansville, IN 47715
      View Details
    • $12 SF/Yr

      Downtown Evansville High-Tech Incubator

      High-tech business incubator in the heart of Downtown Evansville.
      318 Main Street, Evansville, IN 47708
      View Details

    FAQs

    What type of property is this?
    Office building - Unique urban office with parking, storage, and downtown access.
    Where is this office building located?
    The property is located at 420 NW 5th St Evansville, IN.
    What are key features of this property?
    This property features: Historic brick and wooden beam loft space.; Free surface parking in Downtown Evansville.; Access to common meeting/banquet/entertainment space.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Richard Clements
    Real Estate License ID: RB18002031
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!