Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    3524 1st Ave Evansville, IN 47710-3320

    Property Lookup

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

    3524 1st Ave Evansville, IN 47710-3320

    View on Map
    • Medical Office Space
    • 10,753 SF
    • 1.66 lot acres
    Off-Market
    Last Sale Jun 20, 2023
    Property ID
    US31-0792134
    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

    • Sun spa / Alternative Medicine Practice / Spa & Massage Center
    • St Mary's Pediatrics / Pediatrician / Medical Clinic

    Property Details for 3524 1st Ave

    Year built
    1997
    Construction
    WOOD
    Lot size
    1.66 lot acres
    Property size
    10,753 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    82-06-07-034-290.004-020
    APU
    820607034290004020

    Description

    This single-tenant, 2,200 square foot medical office suite is located at 3524 N First Ave STE B, Evansville, IN 47710. Situated in a Class B building constructed in 1997 and renovated in 2024, this space offers a fresh and functional layout. The suite boasts nine individual offices, each conveniently equipped with sinks, perfect for a variety of medical practices or professional services. A welcoming reception area and a separate entry/exit enhance both patient and staff experience. An ADA-compliant bathroom is included for accessibility. The building offers ample parking with 44 total spaces. The property is zoned C-4 and features a single-story design within an 8,865 square foot building. The suite's recent renovation includes new paint and commercial-grade carpeting, creating a modern and inviting atmosphere. This prime location in the Evansville MSA offers easy access to First Avenue and provides a convenient setting for any business seeking a well-maintained and updated workspace. The APN is 82-06-07-034-290.004-020. This is a fantastic opportunity for a medical practice or other professional business seeking a move-in ready space.

    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
    -87.5763
    Latitude
    38.0111
    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
    $20,490
    $158,700
    $487,300
    $646,000
    -
    $158,700
    $487,300
    $646,000

    Comparable in this City

    • Value Estimation by Request

      350 Columbia St Ste, Unit 240

      MEDICAL BUILDING
      350 Columbia St Ste, Evansville, IN 47710-1782
      View Details
    • Value Estimation by Request
      6,985 SF

      1020 Buena Vis Rd

      MEDICAL BUILDING • 6,985 SF
      1020 Buena Vis Rd, Evansville, IN 47710-5150
      View Details
    • Value Estimation by Request
      3,921 SF

      550 Virginia St

      MEDICAL BUILDING • 3,921 SF
      550 Virginia St, Evansville, IN 47710-1614
      View Details
    • Value Estimation by Request

      350 Columbia St, Unit LL-A

      MEDICAL BUILDING
      350 Columbia St, Evansville, IN 47710-1782
      View Details
    • Value Estimation by Request

      350 Columbia St, Unit 4-D

      MEDICAL BUILDING
      350 Columbia St, Evansville, IN 47710-1782
      View Details
    • Value Estimation by Request
      13,239 SF

      1151 Buena Vis Rd

      MEDICAL BUILDING • 13,239 SF
      1151 Buena Vis Rd, Evansville, IN 47710-3334
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      North Park Shopping Center Suites

      Retail and office suites available in high-traffic shopping center.
      4400 North 1St Ave, Evansville, IN 47710
      View Details
    • $395,000
      7,978 SF

      Desirable West Side Office Space

      Office space available on the desirable west side.
      1035 W Franklin St, Evansville, IN 47710
      View Details
    • $550,000
      8,442 SF

      North Park Office/Retail Building

      Well-maintained building suitable for office, retail, or training purposes.
      701 Fairway Dr, Evansville, IN 47710
      View Details
    • $199,000
      9.82 Acres

      Residential Land in Evansville, IN

      9.82 acre residential land parcel for sale.
      1 Bradley Dr, Evansville, IN 47710
      View Details
    • $540,000

      Evansville Warehouse Building For Sale

      9,800 SF warehouse near Deaconess Hospital Midtown.
      921 Park St, Evansville, IN 47710
      View Details
    • Contact for pricing
      0.09 Acres

      Vacant City Lot Near Downtown

      Cleared residential land near downtown and the Ohio River.
      1014 N 2Nd Ave, Evansville, IN 47710
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      900 W Indiana St, Evansville, IN 47710

      Flex space
      900 W Indiana St, Evansville, IN 47710
      View Details
    • $600 /Mo
      200 SF

      Office Space Available For Rent

      Multi-tenant office space available in a convenient location.
      3030 N Fulton Ave, Evansville, IN 47710
      View Details
    • Contact for pricing
      424 SF

      Well-Maintained Office Building Available

      Office space for rent in a convenient multi-tenant building.
      1133 W Mill Rd, Evansville, IN 47710
      View Details
    • Contact for pricing
      3,060 SF

      West Franklin Street Office Space

      Office space near W Franklin Entertainment District, Evansville's West side.
      1011 W Franklin St, Evansville, IN 47710
      View Details
    • Contact for pricing

      Well-Maintained Office Building For Rent

      Conveniently located office building available for rent.
      1133 W Mill Rd, Evansville, IN 47710
      View Details
    • Contact for pricing
      2,773 SF

      Professional Office Space For Lease

      2,773 SF office space with frontage on Morgan Ave.
      2916 E Morgan Ave, Evansville, IN 47710
      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.
    3524 1st Ave
    Evansville, IN 47710-3320
    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!