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109 3rd St Evansville, IN 47708

OFF-MARKET Commercial real estate Google Maps
10,804 SF 1.65 ac lot Built 1976
Entity Owned 4-yr Hold ~ Est. High Equity
Estimated value (blended)
$315k
Range $284k – $347k (±10%)
Property ID US31-1184080

Property summary

AI-generated overview

This exceptional offering presents a unique opportunity to acquire two strategically located commercial lots in the heart of Evansville, Indiana. The first lot, encompassing 1.64 acres, includes a substantial 10,804 square foot building situated at 109 NW 3rd Street. This versatile structure is ideally suited for a variety of commercial uses, offering ample space for multiple businesses or the creation of valuable indoor parking facilities. Its prime downtown location ensures high visibility and accessibility, making it an attractive investment for developers seeking a ready-to-develop asset. The asking price for this lot and building is $1,700,000. A second, adjacent lot, also located at 109 NW 3rd Street, comprises one-quarter of a downtown city block and presents significant development potential. This lot is priced at $599,000. The sale of this second lot is contingent upon the simultaneous or prior sale of a separate property located at 20 NW 4th Street. This combined offering presents a compelling investment opportunity in a thriving downtown area, with the potential for substantial returns through redevelopment or lease income. The total asking price for both lots is $2,299,000. This is a rare chance to secure a significant footprint in Evansville's dynamic commercial landscape.

Property profile

Verified
Property type Commercial real estate
Use group COMMERCIAL (GENERAL)
Year built 1976
Construction WOOD
Total area 10,804 SF
Lot 1.65 ac (71,680 SF)
APN 82-06-30-020-024.005-029
UPID US31-1184080

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$923k
Blend (final) Blend
$315k

Owner & transaction history

since 2022
3 recorded transactions
2022
Price N/A
2021
$9.8M
2014
Price N/A

Zoning & alternative use

Top alternative use upside
Retail stores $800,000 +35.1%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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