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

    2848 Grn Riv Rd Evansville, IN 47715-1414

    • Turn key restaurants
    • 3,102 SF
    • 1.32 lot acres
    OFF-MARKET
    Last Sale
    May 27, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3203975
    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

    • Freddy's Frozen Custard & Steakburgers / Fast Food Restaurant

    Property Details for 2848 Grn Riv Rd

    Year built
    2015
    Construction
    WOOD
    Lot size
    1.32 lot acres
    Property size
    3,102 SF
    Property type
    Turn key restaurants
    APN
    82-06-14-015-170.010-027
    APU
    820614015170010027

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.4931
    Latitude
    38.0035
    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
    $23,776
    $373,700
    $375,900
    $749,600
    -
    $373,700
    $375,900
    $749,600

    Comparable in this City

    • Value Estimation
      $1,585,000
      3,580 SF

      1340 Grn Riv Rd

      RESTAURANT • 3,580 SF
      1340 Grn Riv Rd, Evansville, IN 47715-2427
      View Details
    • Value Estimation
      $535,000
      7,532 SF

      1000 Grn Riv Rd

      RESTAURANT • 7,532 SF
      1000 Grn Riv Rd, Evansville, IN 47715-2421
      View Details
    • Value Estimation by Request
      2,919 SF

      1100 Hirschland Rd

      RESTAURANT • 2,919 SF
      1100 Hirschland Rd, Evansville, IN 47715-8264
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    • Value Estimation by Request
      5,600 SF

      8335 Eagle Lk Dr

      RESTAURANT • 5,600 SF
      8335 Eagle Lk Dr, Evansville, IN 47715-8165
      View Details
    • Value Estimation by Request
      6,916 SF

      6550 Lloyd Expy

      RESTAURANT • 6,916 SF
      6550 Lloyd Expy, Evansville, IN 47715-2724
      View Details
    • Value Estimation
      $800,000
      22,616 SF

      6000 Old Boonville Hwy

      RESTAURANT • 22,616 SF
      6000 Old Boonville Hwy, Evansville, IN 47715-2140
      View Details

    Similar Nearby for Sale

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      Versatile Event Venue For Sale

      Turnkey event center suitable for retail, restaurant, or office.
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      Highly visible shopping center in Evansville's strongest retail corridor.
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    • $1,787,702
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      9,950 SF

      Retail Center in Prime Location

      Highly visible retail center with drive-thru, fronting Costco.
      1100 Cross Pointe Pl, Evansville, IN 47715
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      6,155 SF

      Restaurant in Retail Corridor

      Stand-alone restaurant in a high-traffic retail area.
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      4,184 SF

      Retail Space in Lawndale Center

      Retail space with high traffic and ample parking.
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    Similar Nearby for Lease

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      Evansville Retail Center Opportunity

      High-Visibility Strip Center, 5 Spaces Available
      1223 Hirschland Rd, Evansville, IN 47715
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    • $6 SF/Yr
      2,724 SF

      Evansville QSR Build-to-Suit

      Prime QSR location, Evansville, IN.
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      6,916 SF

      Freestanding Building on High-Traffic Corner

      Renovated restaurant space with high visibility and ample parking.
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    • Contact for pricing

      Evansville Retail Spaces Available

      Three retail suites, 1500-2400 sq ft.
      2421 Menards Dr, Evansville, IN 47715
      View Details
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    2848 Grn Riv Rd
    Evansville, IN 47715-1414
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    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
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