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    Property profile & analytics

    4245 N 1St Ave Evansville, IN 47710

    • Strip malls
    • 6,489 SF
    • 0.56 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Last Sale
    Jul 01, 2025
    Value Estimations
    $280,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1109177
    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

    • Strip malls

    Property Details for 4245 N 1St Ave

    Year built
    1964
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.56 lot acres
    Property size
    6,489 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    82-06-07-034-082.051-020
    APU
    820607034082051020

    Description

    This exceptional investment opportunity presents a 6,489 square foot, multi-tenant storefront located at 4245 N First Ave, Evansville, Indiana, 47710. The property, built in 1964, sits on a 0.56-acre lot (APN: 82-06-07-034-082.051-020) and is zoned C-4 & C-1, offering flexibility for various retail uses. The two-story building features five separate units, currently with one leased and the owner occupying the remainder. The owner is downsizing, creating immediate opportunities for new tenants. Each unit has its own electric meter, and two shared water meters service the entire center. This prime location within Evansville's "North Park" shopping district provides excellent visibility on First Avenue. The property is available for occupancy on October 1, 2024, and is offered at an asking price of $450,000. The building's configuration allows for four ground-floor retail spaces and a second-floor apartment, presenting a unique blend of retail and residential potential. This is a rare chance to acquire a well-situated, multi-tenant retail property in a thriving commercial area. Don't miss this chance to capitalize on a strong investment opportunity in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $280,000

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $215,000
      Current use
      RETAIL STORES
      $425,000
      Change: +98% Conversion: Easy
      RESTAURANT
      $425,000
      Change: +96% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $415,000
      Change: +93% Conversion: Easy
      MEDICAL BUILDING
      $300,000
      Change: +40% Conversion: Difficult
      WAREHOUSE, STORAGE
      $195,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5737
    Latitude
    38.0175
    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
    $9,051
    $158,600
    $132,600
    $291,200
    -
    $158,600
    $132,600
    $291,200

    Comparable in this City

    • Value Estimation
      $385,000
      4,650 SF

      737 Park Dr

      SHOPPING CENTER, STRIP CENTER • 4,650 SF
      737 Park Dr, Evansville, IN 47710-3654
      View Details
    • Value Estimation
      $310,000
      8,906 SF

      10 Fulton Ave

      SHOPPING CENTER, STRIP CENTER • 8,906 SF
      10 Fulton Ave, Evansville, IN 47710-1034
      View Details
    • Value Estimation
      $790,000
      101,217 SF

      4400 1st Ave

      SHOPPING CENTER, STRIP CENTER • 101,217 SF
      4400 1st Ave, Evansville, IN 47710-3622
      View Details
    • Value Estimation
      $255,000
      12,000 SF

      301 315th N 1st Ave

      SHOPPING CENTER, STRIP CENTER • 12,000 SF
      301 315th N 1st Ave, Evansville, IN 47710
      View Details
    • Value Estimation
      $415,000
      19,582 SF

      3710 3848th N 1st Ave

      SHOPPING CENTER, STRIP CENTER • 19,582 SF
      3710 3848th N 1st Ave, Evansville, IN 47710
      View Details
    • Value Estimation
      $790,000
      38,902 SF

      1st Ave

      SHOPPING CENTER, STRIP CENTER • 38,902 SF
      1st Ave, Evansville, IN 47710
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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    Similar Nearby for Lease

    • $12 SF/Yr
      2,675 SF

      Retail/Office Spaces on First Ave

      Retail or office spaces available in high-traffic area.
      4245 N 1St Ave, Evansville, IN 47710
      View Details
    • $7 SF/Yr
      3,000 SF

      Royal Plaza Warehouse Space

      3,000 SF Warehouse, Prime Location
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    • $8 SF/Yr
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      Retail Space in Target Center

      Large retail suite with high traffic and great exposure.
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    • $2.00 SF/Yr
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      Evansville Retail Space For Lease

      Retail spaces available in high-traffic Evansville shopping center.
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      View Details
    • $10 SF/Yr
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      Evansville Retail Space For Lease

      Retail spaces available in high-traffic shopping center with strong co-tenancy.
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      View Details
    • $2,500 /Mo
      1,920 SF

      Corner Retail Space Available

      Retail space in high-traffic area near downtown Evansville.
      311 N 1St Ave, Evansville, IN 47710
      View Details
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    4245 N 1St Ave
    Evansville, IN 47710
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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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