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    Property profile & analytics

    123 4th St Evansville, IN 47708-1725

    • Office Properties & Spaces
    • 79,527 SF
    • 0.27 lot acres
    OFF-MARKET
    Last Sale
    Mar 11, 2022
    Value Estimations
    $560,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0911076
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • S.W.A.N. Financial Solutions - Financial Advisor: Ryan K Foncannon / Financial Planner / Financial Consultant
    • Wiesneth Law Office / Bankruptcy Attorney / Divorce Lawyer
    • Kinkade & Associates PC / Bankruptcy Attorney / Bankruptcy Service
    • Deitz, Shields & Freeburger, L.L.P. / Attorney
    • JC Law Offices / Attorney / Family Law Attorney

    Property Details for 123 4th St

    Year built
    1908
    Construction
    CONCRETE
    Lot size
    0.27 lot acres
    Property size
    79,527 SF
    Property type
    Office Properties & Spaces
    APN
    82-06-30-020-026.007-029
    APU
    820630020026007029

    Description

    The Court Building, located at 123 NW 4th Street in Evansville, Indiana (zip code 47708), presents a unique opportunity for businesses seeking traditional office space in a prime downtown location. This Class B, seven-story building, constructed in 1908, boasts a total of 79,527 square feet. The building features two elevators and is conveniently situated between Vine and Sycamore Streets, offering easy access to the city's amenities. Multiple tenancy options are available, with spaces ranging from a minimum of 265 square feet to a maximum contiguous space of 10,528 square feet. Currently, seventeen individual suites are available. The property is zoned C-3 and its APN is 82-06-30-020-026.007-029. The building has undergone recent updates to meet modern business needs, while maintaining its historic charm and elegance, making it ideal for professional services firms. This single building offers a blend of classic architecture and contemporary functionality, providing a prestigious address in the heart of Evansville. The building's location provides convenient access to all parts of the city.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.572
    Latitude
    37.9732
    CBSA code
    21780
    CBSA name
    EVANSVILLE, IN-KY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $22,557
    $105,300
    $561,700
    $667,000
    -
    $105,300
    $561,700
    $667,000

    Comparable in this City

    • Value Estimation by Request
      98,490 SF

      20 1st St

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    • Value Estimation by Request
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      201 4th St

      OFFICE (GENERAL) • 100,138 SF
      201 4th St, Evansville, IN 47708-1350
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    • Value Estimation by Request
      1,147 SF

      515 Walnut St, Unit UN302

      OFFICE (GENERAL) • 1,147 SF
      515 Walnut St, Evansville, IN 47708-1621
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    • Value Estimation by Request
      909 SF

      515 Walnut St, Unit UN203

      OFFICE (GENERAL) • 909 SF
      515 Walnut St, Evansville, IN 47708-1621
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    • Value Estimation by Request
      86,113 SF

      915 Main St, Unit 919

      OFFICE (GENERAL) • 86,113 SF
      915 Main St, Evansville, IN 47708-1851
      View Details
    • Value Estimation
      $830,000
      39,753 SF

      401 1st St

      OFFICE (GENERAL) • 39,753 SF
      401 1st St, Evansville, IN 47708-1001
      View Details

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    • $1,225,000
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    Similar Nearby for Lease

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      Evansville Office Space for Lease

      Prime Downtown Evansville Offices Available
      220 4Th St, Evansville, IN 47708
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    Evansville, IN 47708-1725
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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
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