1016 Weinbach Ave Evansville, IN 47714-2967

Property Details for 1016 Weinbach Ave

Year built

1963

Construction

TYPE NOT SPECIFIED

Lot size

1.21 lot acres

Property size

12,884 SF

Property type

Strip malls

Property subtype

Neighborhood centers

APN

82-06-34-017-076.020-027

APU

820634017076020027

Description

This exceptional investment opportunity presents a fully occupied, 12,884 square foot retail shopping center in Evansville, Indiana. Located on a high-traffic corner with over 25,000 cars daily, the property boasts eight tenants, all currently operating under double net (NN) leases. The 1-story, 1963-built building sits on a 1.22-acre lot and benefits from below-market rents, presenting a significant opportunity for future income growth. Projected rental increases are anticipated by the second quarter of 2025, further enhancing the property's already strong 8% pro-forma cap rate and $94,001 NOI. The strategic location near the University of Evansville and Benjamin Bosse High School ensures a consistent flow of customers and a stable tenant base. The property's strong tenant mix, including local businesses and national chains, creates excellent retail synergy. The current owner is motivated to sell this prime retail asset, offering a compelling return on investment in a thriving market with a 5-mile population exceeding 120,000 and an average household income of $59,828. This is a rare chance to acquire a well-established, high-performing retail center in a desirable location with significant upside potential. The asking price is $1,175,000, representing a price per square foot of $91.20.