Restaurant Building With Pylon
For Sale
$2,000,000
941 E Lewis And Clark Pkwy, Clarksville, IN 47129
B2-zoned restaurant building with an existing pylon sign in Southern Indiana’s primary retail trade area.
Property Size5,774 SF
Lot Size0.99 Acres
Price / SF$346.38
Days on Market45
Property Features for 941 E Lewis And Clark Pkwy
General Information
Standard status
Active
Size
5,774 SF
Lot size
0.99 Acres
Property subtype
Retail
Zoning
B2
Site & Location
Pylon Signage
Yes
Traffic Count
28,500 vehicles/day
Road Access
Yes
Amenities
Water
Sewer
Natural Gas
Vacant
Building Details
Year Built
1978
Listing Agency:
CBRE Inc.
(502) 429-6700
Listed By:
Bryan Schwartz · License #KY 71469
(502) 429-6700
Source:
Kcrea.resimplifi
Added: Jul 17
Changed: Aug 30
Last Checked: Aug 30 at 3:17PM
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 CBRE Inc.
Investment Insights
Based on property information with market context.
The former restaurant property includes a 5,774± square foot building on 0.99± acre. Constructed in 1978, the site is zoned B2 and includes an existing pylon sign. The property is available for sale or lease.
Located at 941 E Lewis And Clark Pkwy in Clarksville, the building fronts River Falls, an outlot retail setting that includes Bass Pro Shops, Gabe's, and Louisville Athletic Club. The site is adjacent to At Home, Fazoli’s, Burger King, and Arby’s, with visibility from I-65. Additional retail context includes Green Tree Mall, Kroger, Target, Lowe’s, Walmart, and Sam’s Club. E. Lewis & Clark Pkwy carries 28,500 VPD.
Located at 941 E Lewis And Clark Pkwy in Clarksville, the building fronts River Falls, an outlot retail setting that includes Bass Pro Shops, Gabe's, and Louisville Athletic Club. The site is adjacent to At Home, Fazoli’s, Burger King, and Arby’s, with visibility from I-65. Additional retail context includes Green Tree Mall, Kroger, Target, Lowe’s, Walmart, and Sam’s Club. E. Lewis & Clark Pkwy carries 28,500 VPD.
Key Highlights
- 5,774± square foot former restaurant building on 0.99± acre
- B2 zoning with an existing pylon sign
- Outlot fronting River Falls in Clarksville, IN
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
$74,675
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
3.73%
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%
$1,493,500
$1.5M
Cap Rate 7%
$1,066,786
$1.1M
Cap Rate 9%
$829,722
$829.7K
Market Conditions
NOI Build-Up for 5,774 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
$103.9K $18.00/SF
− Vacancy
−$4.4K −$0.76/SF
EGI
$99.6K $17.24/SF
− OpEx
−$24.9K −$4.31/SF
NOI
$74.7K $12.93/SF
Area
Clark County, IN
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,493,500
Cap Rate 7%
$1,066,786
Cap Rate 9%
$829,722
Alternative Uses
Best Use
Specialty Retail
$1.07M
$933.4K – $1.24M
NOI $74,675 @ 7.0% cap · market cap 3.73%
Second Best
Retail
$995.7K
$871.2K – $1.16M
NOI $69,697 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,512 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28,500 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
674
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 47129, IN
19,739
Population
9,382
Households
2.1
Avg Household Size
39
Median Age
17%
College-Educated
83%
High-School Grad
9.6 sq mi
ZIP Area
2,056
Density / Sq Mi
$55,447
Median Household Income
$36,592
Median Earnings
$1,027
Median Rent
$162,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - B2-zoned restaurant building with an existing pylon sign in Southern Indiana’s primary retail trade area.
Where is this conventional restaurant located?
The property is located at 941 E Lewis And Clark Pkwy Clarksville, IN.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 5,774± square foot former restaurant building on 0.99± acre; B2 zoning with an existing pylon sign; Outlot fronting River Falls in Clarksville, IN
