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    Property profile & analytics

    221 5th St Evansville, IN 47708-1303

    • Office Properties & Spaces
    • 29,784 SF
    • 0.74 lot acres
    OFF-MARKET
    Value Estimation
    $630,000
    Location Intelligence
    Property ID
    US31-1078164
    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.

    Current Use by Public Records

    • Jackson Kelly, PLLC / Law Firm
    • Angela L. Freel / Attorney
    • Griner Justin L / Attorney
    • Lockyear Title, LLC / Title Company
    • Dimmitt Lauren E / Attorney

    Property Details for 221 5th St

    Year built
    1909
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.74 lot acres
    Property size
    29,784 SF
    Property type
    Office Properties & Spaces
    APN
    82-06-30-020-035.003-029
    APU
    820630020035003029

    Description

    This exceptional three-story, 32,270-square-foot office building at 221 NW 5th St, Evansville, IN 47708, is available for lease or sale. Originally constructed in 1909 and extensively renovated in 1994 and 2022, this property offers a blend of historic charm and modern amenities. The building is divisible, with spaces ranging from 6,558 square feet to the entire 32,270 square feet. The layout includes a lower level (12,894 sq ft), first floor (12,809 sq ft), and second floor (6,558 sq ft), each with multiple restrooms. Ample parking is provided with 73 surface spaces, plus overflow parking at 409 Ingle Street. The building features one elevator and two stairwells. Zoned C-3 (General Business), this property presents a unique opportunity in Evansville's vibrant downtown area. The lease rate is $10.00 per square foot annually, on a triple-net (NNN) lease. The property's APN is 82-06-30-020-035.003-029

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $590,000

    • CAP approach

      CAP return
      Estimation
      6%
      $795,000
      6.5%
      $715,000
      7%
      $800,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $755,000
      Geo Method
      $740,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $810,000
      Retail
      $685,000
      Mixed-Use
      $915,000
      Hospitality
      $780,000
      Educational
      $850,000
      Residential Income
      $735,000
      Energy
      $870,000
      Income-Based Land
      $870,000
      Food Service
      $840,000

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5715
    Latitude
    37.9745
    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
    $27,058
    $288,300
    $511,800
    $800,100
    -
    $288,300
    $511,800
    $800,100

    Comparable in this City

    • Value Estimation by Request
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      201 4th St

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      201 4th St, Evansville, IN 47708-1350
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    • Value Estimation by Request
      1,147 SF

      515 Walnut St, Unit UN302

      OFFICE (GENERAL) • 1,147 SF
      515 Walnut St, Evansville, IN 47708-1621
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    • Value Estimation by Request
      909 SF

      515 Walnut St, Unit UN203

      OFFICE (GENERAL) • 909 SF
      515 Walnut St, Evansville, IN 47708-1621
      View Details
    • Value Estimation by Request
      86,113 SF

      915 Main St, Unit 919

      OFFICE (GENERAL) • 86,113 SF
      915 Main St, Evansville, IN 47708-1851
      View Details
    • Value Estimation
      $830,000
      39,753 SF

      401 1st St

      OFFICE (GENERAL) • 39,753 SF
      401 1st St, Evansville, IN 47708-1001
      View Details

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    Similar Nearby for Lease

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    221 5th St
    Evansville, IN 47708-1303
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    Realmo Value Estimation

    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.

    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.

    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
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