Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    806 Royal Ave Evansville, IN 47715

    • Land
    • 0.71 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 806 Royal Ave

    Lot size
    0.71 lot acres
    Property type
    Land

    Description

    This exceptional commercial land offering presents a unique investment opportunity in Evansville, Indiana. Located on Royal Avenue in Vanderburgh County, zip code 47715, this property comprises multiple lots ranging in size from 0.71 to 11.12 acres. The land is zoned C-4, allowing for a variety of commercial uses. Individual lots are priced at $49,950 each. The site boasts a highly desirable location within a thriving retail and commercial area on Evansville's East Side, experiencing significant growth. A key advantage is its proximity to a newly established VA clinic located directly to the east. Two notable parcels are available: Ryan Commercial Park II, encompassing 5.73 acres with 813 feet of frontage, and Vogel Commercial Park II, featuring 5.39 acres and 900 feet of frontage. All utilities are readily available, making development straightforward. The property's strategic location and zoning present significant potential for a variety of commercial ventures, including the development of an apartment complex, capitalizing on the area's high traffic and growing demand. This is an excellent opportunity to acquire prime commercial land in a rapidly expanding area of Evansville.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.4823
    Latitude
    37.984

    Comparable in this City

    • Value Estimation by Request
      0.48 Acres

      5017 Theater Dr

      Farms • 0.48 Acres
      5017 Theater Dr, Evansville, IN 47715
      View Details
    • Value Estimation by Request
      1.05 Acres

      5030 Theater Dr

      Land • 1.05 Acres
      5030 Theater Dr, Evansville, IN 47715
      View Details
    • Value Estimation by Request
      0.77 Acres

      4908 Theater Dr

      Land • 0.77 Acres
      4908 Theater Dr, Evansville, IN 47715
      View Details
    • Value Estimation by Request
      1.82 Acres

      The Promenade -Sec 7 -

      Land • 1.82 Acres
      0 The Promenade -Sec 7 -, Evansville, IN 47715
      View Details
    • Value Estimation by Request
      0.48 Acres

      4925 Theater Dr

      Land • 0.48 Acres
      4925 Theater Dr, Evansville, IN 47715
      View Details
    • Value Estimation by Request
      1.05 Acres

      5030 Theater Dr

      Farms • 1.05 Acres
      5030 Theater Dr, Evansville, IN 47715
      View Details

    Similar Nearby for Sale

    • $1,650,000
      1.34 Acres

      High-Visibility Commercial Land, Evansville

      Prime 1.34-acre lot, high traffic count.
      5415 Lloyd Expy, Evansville, IN 47715
      View Details
    • $129,000
      1.04 Acres

      Evansville Commercial Land - 1 Acre

      Prime Commercial Lot, C-4 Zoning, $129,000
      0 Cullen Ave, Evansville, IN 47715
      View Details
    • Contact for pricing

      Evansville Pad Site Investment Opportunity

      High-traffic location, prime commercial land.
      6770 Virginia St, Evansville, IN 47715
      View Details
    • $320,000
      4.26 Acres

      East Pointe Business Park Land

      4.26 acres Commercial Land in Evansville, IN
      0 Marco Dr, Evansville, IN 47715
      View Details
    • $141,764
      1.05 Acres

      Galleria Subdivision Commercial Land

      1.05-Acre Commercial Lot in Evansville, IN
      4925 Theater Dr, Evansville, IN 47715
      View Details
    • $131,262
      0.48 Acres

      Evansville Commercial Land Parcel

      0.48-acre lot, ideal retail/restaurant
      5009 Theater Dr, Evansville, IN 47715
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Evansville Industrial Land

      0.62-4.41 Acres, M-2 Zoning, Single Tenant
      0 Enterprise Park Dr, Evansville, IN 47715
      View Details
    • $2 SF/Yr

      Green River Road Build-to-Suit

      0.6-Acre Commercial Land, High Traffic
      49 Green River Rd, Evansville, IN 47715
      View Details
    • Contact for pricing

      Mixed-Use Development Land Available

      Land available for lease, sale, or build-to-suit in Evansville.
      530 Bentee Wes Ct, Evansville, IN 47715
      View Details
    • Contact for pricing

      Land Ready For Construction

      Level lots available for immediate construction based on tenant needs.
      Burkhardt Rd, Evansville, IN 47715
      View Details
    • $13 SF/Yr
      55,000 SF

      Eastwood Plaza Retail Space Available

      Evansville Retail Center, 2,600 sq ft.
      1731 Green River Rd, Evansville, IN 47715
      View Details
    • $4 SF/Yr
      100,063 SF

      800 Green River Rd

      Restaurants
      800 Green River Rd, Evansville, IN 47715
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    806 Royal Ave
    Evansville, IN 47715
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.