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    4019 Green River Rd Evansville, IN 47715

    Sponsored
    For Sale
    $525,000

    Prime C-2 Zoned Corner Lot in Evansville

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    This exceptional 0.98-acre commercial land parcel presents a remarkable investment opportunity in Evansville, Indiana. Strategically located on North Green River Road, at the corner of Lynch Road, this C-2 zoned lot boasts high visibility and accessibility. The property benefits from significant traffic volume, with Green River Road seeing 24,000 average annual daily traffic (AADT) and Lynch Road registering 19,500 AADT. This traffic flow consists primarily of commuters, creating ideal conditions for businesses targeting a high volume of daily traffic. The location is further enhanced by its proximity to major retailers such as Deaconess Clinic, Huck's, O'Reilly Auto Parts, and BFit by Bob's, ensuring high foot traffic and brand recognition. The property's adjacency to a recently constructed O'Reilly Auto Parts store (2022) and its proximity to a larger development anchored by Meijer and Menards underscores the area's strong commercial growth and desirability. The site is well-suited for a variety of commercial uses, including retail, office, or medical facilities, making it an attractive option for developers and investors seeking a prime location in a thriving commercial corridor. Green River Road serves as Evansville's main commercial artery, home to a regional mall and several newer shopping centers, solidifying its position as a key commercial hub. The property's location north of a regional sports complex further enhances its appeal. This is a rare opportunity to acquire a high-traffic, well-located commercial lot in a rapidly developing area of Evansville. The asking price has been reduced, making this an even more compelling investment.

    Property Features for 4019 Green River Rd

    General Information

    Property type
    Land

    HighLights

    • 0.98‑acre commercial lot in Evansville, IN, on high‑traffic corner of N. Green River Rd. and Lynch Rd.
    • C‑2 zoning allows for retail, office, or medical uses.
    • High visibility and accessibility with 24,000 AADT on Green River Rd. and 19,500 AADT on Lynch Rd.
    • Excellent location near major retailers including Deaconess Clinic, Huck's, O'Reilly Auto Parts, and BFit by Bob's.
    • Located near a recently built O'Reilly Auto Parts store and a larger development anchored by Meijer and Menards.
    • Reduced asking price.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.491733
    Latitude
    38.014542

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    FAQs

    What type of property is this?
    Land - Prime C-2 Zoned Corner Lot in Evansville
    Where is this land located?
    The property is located at 4019 Green River Rd Evansville, IN.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: 0.98-acre commercial lot in Evansville, IN, on high-traffic corner of N. Green River Rd. and Lynch Rd.; C-2 zoning allows for retail, office, or medical uses.; High visibility and accessibility with 24,000 AADT on Green River Rd. and 19,500 AADT on Lynch Rd.
    (812) 573-3500
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    4019 Green River Rd Evansville, IN 47715
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    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.

    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
    4019 Green River Rd Evansville, IN 47715
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