1305 Grn Riv Rd Evansville, IN 47715-5615
- Medical offices
- 6,338 SF
- 0.27 lot acres
Current Use by Public Records
- Bakowski Laura DVM / Veterinarian
- Koliker R Patk DVM / Veterinarian
- Smith Max DVM / Veterinarian
- Village East Animal Hospital / Veterinarian / Pet Boarding Service
- Kemp Gillian DVM / Veterinarian / Animal Hospital
Property Details for 1305 Grn Riv Rd
- Year built
- 1948
- Construction
- WOOD
- Lot size
- 0.27 lot acres
- Property size
- 6,338 SF
- Property type
- Medical offices
- Property subtype
- Medical centers
- APN
- 82-06-35-015-111.001-027
- APU
- 820635015111001027
Description
This exceptional investment opportunity presents a fee-simple interest in a 6,028 square foot, single-story, freestanding animal hospital in Evansville, Indiana. The property, built in 2005, boasts a strong 8.25% cap rate and a substantial net operating income (NOI) of $129,415. Currently 100% occupied by a national veterinary hospital operator under a triple-net (NNN) lease with over 2.9 years remaining on the initial 7-year term, expiring October 31, 2027. The lease includes two five-year renewal options, demonstrating the tenant's long-term commitment. Rent increases annually at 2%, providing inflation protection and consistent NOI growth. The property features 30 parking spaces and is situated on a high-traffic thoroughfare (20,158 vehicles daily), with excellent visibility due to significant street frontage and a large pylon sign. Its prime location is surrounded by major retailers including The Home Depot, Target, Macy's, Kohl's, and Walgreens, benefiting from a dense population and high average household income within a 5-mile radius. The roof was replaced in May 2020. The property's proximity to several large apartment complexes and a major hospital further enhances its appeal and potential for sustained success. The asking price is $1,568,666 ($260.23/sq ft). This is a low-management, passive investment opportunity with significant upside potential. APN: 82-06-35-015-111.001-027.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,350,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,250,000
- 6.5%
- $1,140,000
- 7%
- $1,275,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,265,000
- Geo Method
- $1,375,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,165,000
- Retail
- $1,110,000
- Mixed-Use
- $1,030,000
- Hospitality
- $1,265,000
- Educational
- $1,385,000
- Residential Income
- $1,185,000
- Energy
- $1,340,000
- Income-Based Land
- $1,310,000
- Food Service
- $1,155,000
Location Insight
- Map
- Local Demand
- City
- Evansville
- County
- Vanderburgh
- State
- Indiana
- Longitude
- -87.4932
- Latitude
- 37.9582
- CBSA code
- 21780
- CBSA name
- EVANSVILLE, IN-KY METROPOLITAN STATISTICAL AREA
