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
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2300 East Morgan Ave Evansville, IN 47711

    • Outlet malls
    • 114,149 SF
    • 16.17 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1027264
    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

    • Rural King Guns / Gun Shop
    • Minute Key / Key Duplication Service / Emergency Locksmith Service
    • Rural King / Farm Equipment Supplier

    Property Details for 2300 East Morgan Ave

    Year built
    1965
    Construction
    TYPE NOT SPECIFIED
    Lot size
    16.17 lot acres
    Property size
    114,149 SF
    Property type
    Outlet malls
    APN
    82-06-15-017-011.015-027
    APU
    820615017011015027

    Description

    This exceptional retail investment opportunity, the Morgan Shopping Center, is strategically located at the highly visible intersection of Morgan Avenue (SR 62) and Boeke Road in Evansville, Indiana. The property boasts a total of 162,394 square feet across three buildings, offering a diverse range of retail spaces. Currently, there is 11,550 square feet of vacant space available, divisible into units as small as 2,550 square feet and with a maximum contiguous space of 11,550 square feet, providing flexibility for various business needs. Built in 1966 and renovated in 1995, the center benefits from ample parking with 1055 spaces. The property is zoned C-4, allowing for a variety of commercial uses. Its prime location, just one mile from the Lloyd Expressway and Highway 41, ensures high visibility and accessibility for customers. The property's APN is 82-06-15-017-011.015-027. This well-established shopping center presents a compelling opportunity for investors seeking a strong foothold in a thriving Evansville market. The property's diverse tenant mix and significant available space offer potential for immediate income generation and long-term growth. The convenient location and ample parking make it an attractive destination for shoppers and businesses alike. This is a rare chance to acquire a substantial retail property in a desirable area with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,298,000
      Market price range: $4.99M - $11.8M
      AI Estimate
      $8,265,000
      Market price range: $5.17M - $12.3M

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5215
    Latitude
    37.993
    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
    $109,272
    $2,058,600
    $1,386,500
    $3,445,100
    -
    $2,058,600
    $1,386,500
    $3,445,100

    Comparable in this City

    • Value Estimation
      $1,730,000
      135,117 SF

      580 Diamond Ave

      SHOPPING CENTER, STRIP CENTER • 135,117 SF
      580 Diamond Ave, Evansville, IN 47711-3716
      View Details
    • Value Estimation by Request
      8,414 SF

      417 Weinbach Ave Ste, Unit 201

      SHOPPING CENTER, STRIP CENTER • 8,414 SF
      417 Weinbach Ave Ste, Evansville, IN 47711-6083
      View Details
    • Value Estimation by Request
      9,760 SF

      2018 Maxwell Ave

      SHOPPING CENTER, STRIP CENTER • 9,760 SF
      2018 Maxwell Ave, Evansville, IN 47711
      View Details
    • Value Estimation
      $1,290,000
      41,472 SF

      4209 Hwy 41st N

      SHOPPING CENTER, STRIP CENTER • 41,472 SF
      4209 Hwy 41st N, Evansville, IN 47711-2889
      View Details
    • Value Estimation by Request
      5,000 SF

      501 Main St, Unit 511

      SHOPPING CENTER, STRIP CENTER • 5,000 SF
      501 Main St, Evansville, IN 47711-5441
      View Details
    • Value Estimation by Request
      14,045 SF

      2006 Morgan Ave

      SHOPPING CENTER, STRIP CENTER • 14,045 SF
      2006 Morgan Ave, Evansville, IN 47711-4310
      View Details

    Similar Nearby for Sale

    • $1,000,000
      23.77 Acres

      Evansville Land: 23 Acres Development Ready

      Prime 23-acre site, ideal for mixed-use development.
      2600 Oak Hill Rd, Evansville, IN 47711
      View Details
    • $1,500,000

      Mixed-Use Investment Portfolio For Sale

      Four-property portfolio with restaurant, retail, apartments, and parking.
      605-617 N Main St, Evansville, IN 47711
      View Details
    • $225,000
      2,499 SF

      Evansville Bar and Restaurant Opportunity

      Bar and restaurant property for sale with liquor license.
      907 N Fares Ave, Evansville, IN 47711
      View Details
    • $299,000
      1,934 SF

      Retail Space on Corner Lot

      Retail space on corner lot near Highway 41.
      1929 E Morgan Ave, Evansville, IN 47711
      View Details
    • $2,683,000
      45,218 SF

      Historic Beaux Arts Building Downtown

      Four-story historic building in downtown Evansville with redevelopment potential.
      524-530 Main St, Evansville, IN 47711
      View Details
    • $275,000
      0 SF

      C-Store Development Opportunity

      Corner lot near university and medical complex.
      101 S Boeke Rd, Evansville, IN 47711
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Evansville Retail Space on Morgan

      Prime retail location in Evansville, Indiana with high visibility.
      2300 East Morgan Ave, Evansville, IN 47711
      View Details
    • $7 SF/Yr
      9,760 SF

      Evansville Retail Building Opportunity

      9,760 SF Office/Retail Space Available
      2018 Maxwell Ave, Evansville, IN 47711
      View Details
    • $6 SF/Yr
      35,000 SF

      The Crossing: Evansville Office Suites

      Prime Evansville office space, multiple suites available.
      701 Weinbach Ave, Evansville, IN 47711
      View Details
    • $190 SF/Yr
      3,966 SF

      Evansville Creative Office Space

      Renovated 3,966 SF Office/Retail Space
      2303 Morgan Ave, Evansville, IN 47711
      View Details
    • $10 SF/Yr
      2,780 SF

      Evansville Retail Building - 2780 SF

      Prime Evansville location, single-tenant retail space.
      2230 Fares Ave, Evansville, IN 47711
      View Details
    • $150,000
      4,329 SF

      Fenced Lot with Storage Building

      Fenced gravel lot with storage building for lease.
      600 N Heidelbach Ave, Evansville, IN 47711
      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.
    2300 East Morgan Ave
    Evansville, IN 47711
    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.