2418 1St AveEvansville, IN 47710

Property Details for 2418 1St Ave

Year built

1974

Construction

WOOD

Lot size

1.75 AC

Property size (Sq ft)

15,480 SF

Property type

Retail properties

Property subtype

Retail space

APN

82-06-18-034-157.003-020

APU

820618034157003020

Description

This exceptional Evansville, Indiana storefront presents a compelling net lease investment opportunity. The 16,000-square-foot property, built in 1983, sits on a 1.75-acre lot zoned C-4 General Commercial and boasts a strong 100% occupancy rate since November 30, 2021. Currently leased under a single, five-year NNN lease with two five-year renewal options, the property generates a substantial $60,000 annual net operating income (NOI), representing a 7.55% cap rate. The asking price is $795,000, or $49.69 per square foot. Annual rent increases of $125 are built into the lease, providing predictable growth. The property enjoys a high-visibility location on North First Avenue, a bustling commercial corridor near major retailers like Walmart and CVS, ensuring consistent foot traffic. Additional income potential exists through an on-site billboard and the ample space on the lot for potential future development. This investment offers a secure, stable income stream in a thriving commercial area, making it an attractive opportunity for investors seeking long-term returns. The property features one story and is located at 2418 N First Ave, Evansville, IN 47710 (APN: 82-06-18-034-157.003-020).

• CAP approach

  CAP return

  Valuation

  6%

  $3,931,077

  6.5%

  $3,628,686

  7%

  $3,369,494

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,357,946

  Geo Method

  $3,357,946

• Alternative Use

  Use

  Valuation

  Residential

  $3,060,933

  Hospitality

  $2,803,798

  Educational

  $2,332,727

  Medical

  $2,412,953

  Retail

  $3,628,686

Location Insight

City

Evansville

County

Vanderburgh

State

Indiana

Latitude

38.0007

Longitude

-87.5761

CBSA code

21780

CBSA name

EVANSVILLE, IN-KY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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