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    Evansville Warehouse/Distribution Space For Sale Title is generated by Realmo AI

    962 Neubling Ave, Evansville, IN 47713

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    20,885 SF income-producing warehouse/distribution space near I-69 and Hwy 41.

    Type:Industrial
    Property size:
    20,855 SF
    Price / SF:
    $47/SF
    Added:
    Sep 3, 2024
    Days on Market:
    642
    Last Refresh:
    May 12 at 10:39 pm

    Property Features for 962 Neubling Ave

    General Information

    Standard status
    Active
    Size
    20,855 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1978

    We can help!

    Listing Contact
    Susan Racine

    Listing agent Susan Racine License #IN RB14044185

    Listing office Woodward Commercial Realty Inc

    Listing date Sep 3, 2024

    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 Woodward Commercial Realty Inc

    HighLights

    • Income‑producing property with 20,885 SF of leased warehouse/distribution space.
    • Strategic location off I‑69, S. Kentucky Ave, and Hwy 41.
    • All units feature 400 amp/3 phase power and 16' clear height.
    • New TPO roof overlay within the last 5 years on Units A and B.
    • Unit C (built in 2019) includes spray foam insulation, metal liner panels, a fenced yard, and two 16x16 overhead doors.
    • LED high bay lighting in all units.

    Overview

    This income-producing property offers 20,885 square feet of warehouse and distribution space. The property is located off I-69, South Kentucky Avenue, and Highway 41, across from Wolfe's Auto Auction. The building is divided into three leased units. Unit A, constructed in 1978 with steel, provides 6,000 square feet and is leased for $2250 per month. It features one office, a half bath, one bay, 400 amp/3 phase power, 16' clear height, gas and electric utilities, LED high bay lighting, a new TPO roof overlay within the last 5 years, and 5" concrete floors. Unit B, also built in 1978 with steel, offers 7,775 square feet and is leased for $1800 per month. It includes one office, a half bath, two bays, 400 amp/3 phase power, 16' clear height, gas and electric utilities, LED high bay lighting, a new TPO roof overlay within the last 5 years, and 5" concrete floors. Unit C, constructed in 2019, provides 7,080 square feet and is leased for $2500 per month. This unit features a small office, a half bath, dimensions of 60x120, 400 amp/3 phase power, 16' clear height, spray foam insulation in the walls, R30 insulation in the ceiling, interior metal liner panels, gas and electric utilities, a main floor drain, LED high bay lighting, a fenced yard, two 16x16 overhead doors, and 6" concrete floors.
    Property Profile Location Intelligence

    Current Use by Public Records

    Distribution centers

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Gym & Fitness Center

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

    Similar Places Nearby

    • Self-Storage at U-Haul — 1200 E Riverside Dr, Evansville, IN 47714
    • We Move & Storage LLC House Moving and Commercial Mover | Home Moving Service | Moving Service

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5491661
    Latitude
    37.9474344

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    FAQs

    What type of property is this?
    Warehouse - 20,885 SF income-producing warehouse/distribution space near I-69 and Hwy 41.
    Where is this warehouse located?
    The property is located at 962 Neubling Ave Evansville, IN.
    What is the asking price?
    The asking price for this property is $985,000.
    What are key features of this property?
    This property features: Income‑producing property with 20,885 SF of leased warehouse/distribution space.; Strategic location off I‑69, S. Kentucky Ave, and Hwy 41.; All units feature 400 amp/3 phase power and 16' clear height.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Susan Racine
    Real Estate License ID: IN RB14044185
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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.

    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.

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