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Property profile & analytics
FOR LEASE
Office Spaces
3701 Communications Way Evansville, IN 47715
Entity Owned
15-yr Hold
Free & Clear
Property ID
US31-2922016
For Lease
1 / 25
$16 SF/Yr
3701 Communications Way, Evansville, IN 47715
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Property summary
AI-generated overview
This exceptional Class A medical office building, located at 3701 Communications Way, Evansville, IN 47715, offers multiple tenancy options within a 51,150 square foot facility. Suites range from 4,500 to 13,270 square feet, providing flexibility for various medical practices. The building boasts a prime location near the intersection of Davis Lant Dr and Lynch and Green River Rd, situated within the A.E. Cinelli Technology Center. Recent upgrades include a new HVAC system, a new roof, and a fresh coat of paint throughout the building. Tenants enjoy access to ample common areas, including a lunch and break room, and multiple conference rooms. The property is zoned C-4 and features a convenient walking path encompassing the entire building. Technological infrastructure is robust, including triple redundancy in electric service. This property presents a unique opportunity for medical professionals seeking modern, well-maintained office space in a thriving technology center. The Vanderburgh County location offers easy access to major roadways and amenities. Parcel number is 82-06-12-013-241.007-027.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
2005
Construction
TYPE NOT SPECIFIED
Total area
51,150 SF
Lot
7.51 ac (327,136 SF)
APN
82-06-12-013-241.007-027
UPID
US31-2922016
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
MetroNet Inc. Corporate Headquarters Telecommunications Service Data Center
-
ISeeYouCare, Inc (Bike/Boat/Book/etc) Store Corporate Office
-
ICUCare Corporate Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.37M
Blend (final)
Blend
$4.39M
Owner & transaction history
Tech Center LLC · 15 yrs held
Tech Center LLC
since 2011
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.8M
+35.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Evansville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Evansville submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,810,000
Current use
RETAIL STORES
$3,800,000
Change: +35% · Conversion: Easy
Blend value · Realmo final
$4.39M
Range $3.95M – $4.82M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$86 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$167,284
Tax year 2023
Assessed value
$5,274,100
Assessed 2023
Previous assessed
$5,274,100
+0.0% YoY
Effective rate
3.17%
On assessed value
Assessed land
$815,800
Assessed improvement
$4,458,300
Land market value
$815,800
Improvement market value
$4,458,300
Total market value
$5,274,100
Applied tax rate
9.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
For Lease
Year built
2005
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
2
Total area
51,150 SF
Lot
7.51 ac (327,136 SF)
APN
82-06-12-013-241.007-027
UPID
US31-2922016
Jurisdiction
VANDERBURGH
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$2.8M
RETAIL STORES
Est. value
$3.8M
COMMERCIAL (GENERAL) Current
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2005
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
2
Lot
7.51 ac
Current owner
From public records · entity-resolved
Tech Center LLC
Entity
Free & Clear · 15 yrs held
Mailing address
3701 COMMUNICATIONS WAY, EVANSVILLE, IN 47715-8929
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 12, 2019
—
Tech Center LLC
—
Deed
related
$1,406,995 · Old National Bank
Mar 3, 2011
—
Tech Center LLC
Aec Dataco INC
Quit Claim Deed
related
—
Nov 30, 2010
—
Aec Dataco INC
Norlight INC
Special Warranty Deed
$5,013,000 · Old National Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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