Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    1505 1509th S Governor St Evansville, IN 47713
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1505 1509th S Governor St Evansville, IN 47713

    View on Map
    • Retail space
    • 1,116 SF
    • 0.05 lot acres
    Off-Market
    Property ID
    US31-0537544
    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

    • China Express / Restaurant

    Property Details for 1505 1509th S Governor St

    Year built
    1912
    Construction
    WOOD
    Lot size
    0.05 lot acres
    Property size
    1,116 SF
    Property type
    Retail space
    APN
    82-06-32-022-048.024-029
    APU
    820632022048024029

    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
    -87.5597
    Latitude
    37.9564
    CBSA code
    21780
    CBSA name
    EVANSVILLE, IN-KY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $650
    $3,500
    $17,000
    $20,500
    -
    $3,500
    $17,000
    $20,500

    Comparable in this City

    • Value Estimation by Request
      2,000 SF

      672 Lincoln Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,000 SF
      672 Lincoln Ave, Evansville, IN 47713
      View Details
    • Value Estimation by Request
      4,056 SF

      1201 Bedford Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,056 SF
      1201 Bedford Ave, Evansville, IN 47713-2612
      View Details
    • Value Estimation by Request
      4,624 SF

      840 John St

      RETAIL STORES (PERSONAL SERVICES) • 4,624 SF
      840 John St, Evansville, IN 47713-2757
      View Details
    • Value Estimation by Request
      9,672 SF

      20 Sycamore St

      RETAIL STORES (PERSONAL SERVICES) • 9,672 SF
      20 Sycamore St, Evansville, IN 47713-1930
      View Details
    • Value Estimation
      $1,215,000
      13,040 SF

      767 Walnut St

      RETAIL STORES (PERSONAL SERVICES) • 13,040 SF
      767 Walnut St, Evansville, IN 47713-2566
      View Details
    • Value Estimation by Request
      1,694 SF

      326 Riverside Dr

      RETAIL STORES (PERSONAL SERVICES) • 1,694 SF
      326 Riverside Dr, Evansville, IN 47713
      View Details

    Similar Nearby for Sale

    • $550,000

      Established Skin Care Business Opportunity

      Thriving skin care business with real estate for sale.
      2805 Lincoln Ave, Evansville, IN 47713
      View Details
    • $199,000
      2,844 SF

      Mixed-Use Investment Portfolio

      Five-unit portfolio with mixed-use and residential income potential.
      512 E Riverside Dr, Evansville, IN 47713
      View Details
    • New
      $225,000
      0.23 Acres

      Versatile Commercial Building Near Downtown

      C4 Zoned building suitable for various business uses.
      15 E Riverside Dr, Evansville, IN 47713
      View Details
    • $950,000
      11,286 SF

      Restaurant Opportunity in Evansville

      Restaurant property for sale in Evansville.
      950 Parrett St, Evansville, IN 47713
      View Details
    • $125,000

      Community Market Store Opportunity

      2000 SF building with parking, near school and pool.
      672 Lincoln Ave, Evansville, IN 47713
      View Details
    • $1,027,000
      1.31 Acres

      Evansville Commercial Land - $1M

      Prime Evansville commercial lot, Costco visibility.
      0 The Promenade - Section 4, Evansville, IN 47713
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr

      Evansville Retail Opportunity Near Sam's

      High-visibility shopping center location in front of Sam's Club.
      619 N Burkhardt Rd, Evansville, IN 47713
      View Details
    • Contact for pricing

      Evansville Office Suites For Rent

      Four office suites available near downtown Evansville with private entrances.
      711 John St, Evansville, IN 47713
      View Details
    • Contact for pricing
      1,800 SF

      Evansville Office Space For Lease

      Professional office spaces with exclusive entrances, ranging from 1,800-16,654 SF.
      711 John St, Evansville, IN 47713
      View Details
    • $12 SF/Yr
      2,975 SF

      Office Suites Available For Rent

      Office suites available in secured building with ample parking.
      610 E Walnut St, Evansville, IN 47713
      View Details
    • Contact for pricing
      936 SF

      Downtown Evansville Office Space Available

      Office suites for lease in downtown Evansville, Indiana.
      201 NW 4Th St, Evansville, IN 47713
      View Details
    • $269 SF/Yr
      40,000 SF

      Prime Executive Office Suite

      Walnut Center, Lloyd Expressway Frontage
      815 John St, Evansville, IN 47713
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1505 1509th S Governor St
    Evansville, IN 47713
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!