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    20 3Rd St Evansville, IN 47708

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    For Lease
    Contact for pricing

    Class A Office Space, 6 Suites Available

    Lot size:
    178,000 SF

    Property Features for 20 3Rd St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    178,000 SF
    Class
    A
    Total Rate
    244750

    Building Details

    Year Built/Renovated
    1981/2018
    Stories
    2

    Spaces For Lease

    at 20 3Rd St, Evansville, IN 47708 Contact us
    Unit 1st Floor

    $16 /Mo

    Size
    5,000 SF
    Contact us
    Unit Suite 330

    $18 /Mo

    Size
    1,621 SF
    Contact us
    Unit Suite 420

    $18 /Mo

    Size
    1,878 SF
    Contact us
    Unit Suite 220

    $18 /Mo

    Size
    899 SF
    Contact us
    Unit Suite 1300

    $18 /Mo

    Size
    6,000 SF
    Contact us
    Unit Suite 400

    $18 /Mo

    Size
    2,610 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Matt Kiefer
    Matt Kiefer

    Listing Agency: SVN | The Martin Group Listing Agent: Matt Kiefer

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    The Fifth Third Center, located at 20 NW 3rd St in Evansville, Indiana, presents a unique opportunity for businesses seeking prime downtown office space. This Class A, two-story building, totaling 178,000 square feet, underwent renovations in 2018 and boasts a desirable location just two blocks from the Ohio River. The building features six high-quality suites, with sizes ranging from a minimum of 899 square feet to a maximum contiguous space of 6,000 square feet. Currently, 21,593 square feet of space is available for lease. The building is situated in a vibrant area, surrounded by numerous restaurants, other professional offices, residential buildings, and additional retail establishments, ensuring high visibility and convenient access to amenities. The property sits on a 1.37-acre lot and is zoned C-4. Building amenities include six elevators (five passenger and one freight). Built in 1981, this property offers a blend of classic architecture and modern updates, making it an ideal location for businesses of all sizes. The landlord is open to build-to-suit options for larger tenants. This is a multi-tenant building in the heart of Evansville's downtown submarket, within Vanderburgh County, Indiana, and conveniently located near the Ohio River. The property's address is 20 NW 3rd St, Evansville, IN 47708.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Empowerment Behavioral Services, ... Counselor EVV Pilots Club Charitable Organization Evansville Philharmonic Orchestral ... Theater & Performing Art Venue Jones Wallace LLC Law Firm Morgan & Morgan Law Firm

    Suggested Use

    Real Estate Agency Spa & Massage Center Restaurant Dental Office Hair Salon Nail Salon Law Firm Building Supply Gym & Fitness Center Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.573184
    Latitude
    37.97131

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    FAQs

    What type of property is this?
    Office Property / Space - Class A Office Space, 6 Suites Available
    Where is this office property / space located?
    The property is located at 20 3Rd St Evansville, IN.
    What is the lease rate?
    The lease rate is $16-$18 SF/Yr.
    What are key features of this property?
    This property features: Flexible floor plans.; Abundant covered parking in attached garage.; On-site property management.
    (812) 499-8770 Call to check price and availability
    Request Owner's contact information
    20 3Rd St Evansville, IN 47708
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    Evansville, IN 47708
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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.

    More about this property
    20 3Rd St Evansville, IN 47708
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    Contact for Pricing
    Please call us for current price
    and status of this listing Matt Kiefer
    Matt Kiefer
    Real Estate License ID: #RB19001801
    (812) 499-8770 (812) 471-2500
    Learn more
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