Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    223 Main St Evansville, IN 47708-1445

    • Retail space
    • 5,292 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $285,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0799219
    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

    • River City Coffee + Goods / Gift Shop / Cafe
    • Steadfast Media / Graphic Designer / Stationery Manufacturer

    Property Details for 223 Main St

    Year built
    1889
    Construction
    WOOD
    Lot size
    0.06 lot acres
    Property size
    5,292 SF
    Property type
    Retail space
    APN
    82-06-30-020-016.003-029
    APU
    820630020016003029

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $275,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $432,000
      Market price range: $137k - $507k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5723
    Latitude
    37.9706
    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
    $5,294
    $24,300
    $133,000
    $157,300
    -
    $24,300
    $133,000
    $157,300

    Comparable in this City

    • Value Estimation by Request
      41,052 SF

      121 Walnut St

      Day care centers • 41,052 SF
      121 Walnut St, Evansville, IN 47708
      View Details
    • Value Estimation
      $260,000
      1,905 SF

      100 4th St

      RETAIL STORES (PERSONAL SERVICES) • 1,905 SF
      100 4th St, Evansville, IN 47708-1324
      View Details
    • Value Estimation
      $250,000
      0.01 Acres

      303 Main St, Unit U-303

      RETAIL STORES (PERSONAL SERVICES) • 0.01 Acres
      303 Main St, Evansville, IN 47708-1443
      View Details
    • Value Estimation
      $320,000
      8,370 SF

      327 Main St

      RETAIL STORES (PERSONAL SERVICES) • 8,370 SF
      327 Main St, Evansville, IN 47708-2402
      View Details
    • Value Estimation
      $270,000
      2,100 SF

      920 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,100 SF
      920 Main St, Evansville, IN 47708-1827
      View Details
    • Value Estimation
      $255,000
      2,375 SF

      504 Main St

      RETAIL STORES (PERSONAL SERVICES) • 2,375 SF
      504 Main St, Evansville, IN 47708-1616
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,755 SF

      Prime Retail/Office Space Downtown

      4,755 SF retail/office space in Downtown Evansville for sale.
      424 Main St, Evansville, IN 47708
      View Details
    • $750,000
      Pending

      Renovated Meeting Hall with Rooftop Deck

      Versatile commercial property in downtown Evansville with high visibility.
      212 Main St, Evansville, IN 47708
      View Details
    • Contact for pricing
      16,810 SF

      Historic Downtown Evansville Commercial Space

      Flexible commercial space in a growing downtown corridor.
      101 Southeast 4Th St, Evansville, IN 47708
      View Details
    • $2,683,000
      45,218 SF

      American Trust Building: Historic Downtown Evansville

      Iconic Evansville Office Building, Net Lease Opportunity
      528 Main St, Evansville, IN 47708
      View Details
    • $540,000
      Pending

      Renovated Mixed-Use Space on Main

      Renovated mixed-use space with exposed brick and versatile layout.
      327 Main St, Evansville, IN 47708
      View Details
    • $625,000
      0.20 Acres

      Historic Building in Central Evansville

      Turn-of-the-century building with versatile space in a prime location.
      112 Clark St, Evansville, IN 47708
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      21,888 SF

      Downtown Evansville Retail Space

      Prime Main Street location, multiple units available
      313 Main St, Evansville, IN 47708
      View Details
    • $3,038 /Mo
      2,700 SF

      Renovated Retail/Office Space on Main

      Versatile, renovated retail or office space in downtown Evansville.
      327 Main St, Evansville, IN 47708
      View Details
    • $1.33 SF/Yr
      1,329 SF

      Evansville Office Space for Lease

      Prime Downtown Evansville Offices Available
      220 4Th St, Evansville, IN 47708
      View Details
    • $16 SF/Yr
      178,000 SF

      Downtown Evansville Executive Suites

      Class A Office Space, 6 Suites Available
      20 3Rd St, Evansville, IN 47708
      View Details
    • $1,380 /Mo
      1,275 SF

      Historic Downtown Evansville Office Space

      Renovated office space in a historic downtown building.
      124 SE 1St St, Evansville, IN 47708
      View Details
    • $11 SF/Yr
      100,138 SF

      Historic Downtown Evansville Office Space

      Prime Evansville office suites, 936-1824 sq ft.
      201 4Th St, Evansville, IN 47708
      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.
    223 Main St
    Evansville, IN 47708-1445
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.