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    1001 N Royal Ave Evansville, IN 47715
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    1001 N Royal Ave Evansville, IN 47715

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    • Commercial real estate
    • 0.71 lot acres
    For Sale
    $49,950
    View Listing →
    Evansville Commercial Land for Sale For Sale
    $49,950
    0.71 Acres

    Evansville Commercial Land for Sale

    Commercial land in growing retail area with all utilities.

    1001 N Royal Ave, Evansville, IN
    View Listing
    Property ID
    US31-0837184
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1001 N Royal Ave

    Lot size
    0.71 lot acres
    Property type
    Commercial real estate
    APN
    82-06-24-016-129.006-027

    Description

    This exceptional 0.71-acre commercial land parcel, identified as Lot 17 in Vogel Commercial Park II, presents a compelling investment opportunity in Evansville, Indiana. Located at 1001 N Royal Ave, 47715, this property boasts a highly desirable C-4 zoning designation, opening doors to a wide range of commercial development possibilities. The asking price is $49,950. Situated in a thriving retail and commercial area on Evansville's East Side, this lot benefits from its proximity to a VA clinic located directly to the east. All essential utilities are readily available, simplifying the development process. The parcel's size and zoning make it particularly well-suited for projects such as an apartment complex, capitalizing on the area's growth and demand. The property's APN is 82-06-24-016-129.006-027. This is a rare opportunity to acquire a strategically located commercial lot in a rapidly developing area of Evansville. Don't miss this chance to secure a prime piece of real estate with significant potential for future returns. The lease expiration date for any prior lease is October 25, 2022.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.482202301697
    Latitude
    37.985895558136

    Comparable in this City

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      Evansville Commercial Land - $131,262

      Prime Commercial Land: Retail, Restaurant Ready
      5017 Theater Dr, Evansville, IN 47715
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    • $842,000
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      Evansville Commercial Land - $842,000

      Costco Outlot, 1.38 Acres
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      Evansville Commercial Lot For Sale

      Commercial lot with utilities, suitable for multiple uses.
      601 Metro Ave, Evansville, IN 47715
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      Corner Lot on Green River

      C-2 zoned land ready for development on Green River.
      4019 N Green River Rd, Evansville, IN 47715
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    • $525,000

      Corner Lot Ready for Development

      C-2 zoned corner lot with frontage on North Green River Road.
      4019 N Green River Rd, Evansville, IN 47715
      View Details

    Similar Nearby for Sale

    • $842,000
      1.38 Acres

      Evansville Commercial Land - $842,000

      Costco Outlot, 1.38 Acres
      0 The Promenade - Section 4, Evansville, IN 47715
      View Details
    • $131,262
      0.48 Acres

      Evansville Commercial Land - $131,262

      Prime Commercial Land: Retail, Restaurant Ready
      5017 Theater Dr, Evansville, IN 47715
      View Details
    • Contact for pricing

      Corner Lot on Green River

      C-2 zoned land ready for development on Green River.
      4019 N Green River Rd, Evansville, IN 47715
      View Details
    • Contact for pricing

      Evansville Commercial Lot For Sale

      Commercial lot with utilities, suitable for multiple uses.
      601 Metro Ave, Evansville, IN 47715
      View Details
    • $525,000

      Corner Lot Ready for Development

      C-2 zoned corner lot with frontage on North Green River Road.
      4019 N Green River Rd, Evansville, IN 47715
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Commercial Land at I-69

      Commercial land available at I-69 & Morgan Ave.
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      Evansville Land Lots For Sale

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      Burkhardt Rd, Evansville, IN 47715
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      Land Ready for Construction

      Commercial land available for immediate construction based on tenant needs.
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      Green River Road Build-to-Suit

      Commercial land for rent with high traffic frontage.
      49 N Green River Rd, Evansville, IN 47715
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      Commercial Lots For Sale

      Multiple build-ready lots available in mixed-use subdivision.
      6620 Interchange Rd N, Evansville, IN 47715
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      East Side Corner Commercial Lot

      Corner lot near businesses, apartments, restaurants, and a hotel.
      4949 Tippecanoe Dr, Evansville, IN 47715
      View Details
    View Listing
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    Evansville, IN 47715
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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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