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    599 State Route 62 Boonville, IN 47601

    • Commercial real estate
    • 3,834 SF
    • 0.70 lot acres
    For Sale
    View listing
    $399,900
    Last Sale
    Jul 31, 2024
    Value Estimations
    Cap Rate Potential
    6.5%
    Commercial real estate
    Location Intelligence
    Property ID
    US31-1724416
    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

    • Commercial real estate

    Property Details for 599 State Route 62

    Year built
    1982
    Construction
    WOOD
    Lot size
    0.70 lot acres
    Property size
    3,834 SF
    Property type
    Commercial real estate
    APN
    87-09-36-300-058.000-003
    APU
    870936300058000003

    Description

    This exceptional 0.7-acre commercial property located at 599 W State Route 62, Boonville, IN, presents a unique investment opportunity for discerning entrepreneurs. Priced at $399,900, this versatile building offers a blank canvas for a wide range of business ventures. Imagine establishing your restaurant, office, or retail store in this highly convenient location. The property's adaptability makes it ideal for a variety of uses, allowing you to tailor the space to your specific business needs. The building boasts recently installed modern amenities, including a new mini-split heating and cooling system ensuring year-round comfort. Furthermore, the electrical and plumbing systems have been completely updated, providing peace of mind and operational efficiency. This turnkey solution eliminates the hassle and expense of significant renovations, allowing you to focus on establishing and growing your business. The property's prime location ensures high visibility and accessibility, attracting a steady stream of potential customers. Don't miss this chance to acquire a well-maintained, versatile commercial property in a thriving area. Contact us today to schedule a viewing and explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $260,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $280,000
      6.5%
      $260,000
      7%
      $240,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $248,000
      Market price range: $132k - $453k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $295,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $365,000
      Change: +24% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Boonville
    County
    Warrick
    State
    Indiana
    Longitude
    -87.2577
    Latitude
    38.0398
    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
    $2,376
    $37,000
    $42,200
    $79,200
    -
    $37,000
    $42,200
    $79,200

    Comparable in this City

    • Value Estimation
      $200,000
      1,440 SF

      Shelton Rd

      COMMERCIAL (GENERAL) • 1,440 SF
      Shelton Rd, Boonville, IN 47601
      View Details
    • Value Estimation
      $230,000
      3,141 SF

      5477 State Rte 62

      COMMERCIAL (GENERAL) • 3,141 SF
      5477 State Rte 62, Boonville, IN 47601-9517
      View Details
    • Value Estimation
      $250,000
      1,536 SF

      4th St

      COMMERCIAL (GENERAL) • 1,536 SF
      4th St, Boonville, IN 47601
      View Details
    • Value Estimation
      $205,000
      1,985 SF

      115 Locust St

      COMMERCIAL (GENERAL) • 1,985 SF
      115 Locust St, Boonville, IN 47601-1837
      View Details
    • Value Estimation
      $245,000
      1,871 SF

      950 Main St

      COMMERCIAL (GENERAL) • 1,871 SF
      950 Main St, Boonville, IN 47601-1886
      View Details
    • Value Estimation
      $260,000
      1,350 SF

      New Harmony Rd

      COMMERCIAL (GENERAL) • 1,350 SF
      New Harmony Rd, Boonville, IN 47601
      View Details

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      Boonville Commercial Building Opportunity

      Prime location, versatile space, new utilities.
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      Residential Land in Victoria Woods

      Buildable lot in a wooded subdivision with community amenities.
      1571 Victoria Wood Dr, Boonville, IN 47601
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    • $750,000

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    Similar Nearby for Lease

    • $5 SF/Yr
      90,000 SF

      Boonville Shopping Center Investment

      High-traffic retail center, multiple spaces available.
      802 Main St, Boonville, IN 47601
      View Details
    • $5 SF/Yr
      3,229 SF

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      Retail space available in Boonville Shopping Center.
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      View Details
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    Boonville, IN 47601
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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
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