15001 Foundation Ave Evansville, IN 47725-7707
- Warehouses
- 75,000 SF
- 11.72 lot acres
Current Use by Public Records
- Frito-Lay - Evansville Distribution Center / Warehouse
- Frito-Lay - Evansville North DC / Warehouse
Property Details for 15001 Foundation Ave
- Year built
- 2021
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 11.72 lot acres
- Property size
- 75,000 SF
- Property type
- Warehouses
- APN
- 82-04-01-009-277.015-030
- APU
- 820401009277015030
Description
This exceptional investment opportunity presents a 75,000-square-foot, single-tenant industrial distribution center in Evansville, Indiana. The property, built in 2021, is situated on an 11.72-acre lot within the Vanderburgh Industrial Park, boasting 17 dock-high doors and ample parking (69 spaces). Currently leased to Frito-Lay, a credit tenant with an "A+" S&P Global Credit Rating, the property features a NNN lease with just under seven years remaining on the primary ten-year term, including three five-year renewal options. The first renewal option includes a CPI increase. The building is of concrete tilt construction, including the access drive, employee parking, and truck loading areas. Its strategic location offers excellent interstate access via I-69 and I-64, placing major Midwest cities within a three-hour drive. The property's strong location within an established industrial corridor, alongside companies like Amazon and Graham Packaging, contributes to its high value and low vacancy potential. The asking price is $11,000,000, representing a 6.50% cap rate. The property is zoned M-2. This is an ideal investment for passive investors seeking minimal landlord responsibilities and strong returns. The property features a large concrete fenced/gated trailer parking area.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $440,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $410,000
- 6.5%
- $390,000
- 7%
- $370,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $445,000
- Geo Method
- $380,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $370,000
- Retail
- $450,000
- Mixed-Use
- $420,000
- Hospitality
- $385,000
- Educational
- $420,000
- Residential Income
- $455,000
- Energy
- $435,000
- Income-Based Land
- $410,000
- Food Service
- $455,000
Location Insight
- Map
- Local Demand
- City
- Evansville
- County
- Vanderburgh
- State
- Indiana
- Longitude
- -87.4834
- Latitude
- 38.1137
- CBSA code
- 21780
- CBSA name
- EVANSVILLE, IN-KY METROPOLITAN STATISTICAL AREA
