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    Property profile & analytics

    501 Main St Evansville, IN 47708

    • Strip malls
    • 5,000 SF
    • 0.52 lot acres
    For Lease
    View listing
    $11 SF/Yr
    Last Sale
    Aug 08, 2024
    Value Estimations
    $235,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1007612
    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

    • Evansville Bar Association and Foundation / Non-Profit Organization
    • Kahn, Dees, Donovan & Kahn, LLP / Civil Law Attorney / Employment Attorney
    • Emergency Dentistry Evansville / Emergency Dental Service
    • Pocket City Foundation Repair Experts / Concrete Product Supplier
    • Boost Mobile / Cell Phone Store

    Property Details for 501 Main St

    Year built
    2003
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.52 lot acres
    Property size
    5,000 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    82-06-20-025-021.005-029
    APU
    820620025021005029

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $183,000
      Market price range: $99.4k - $234k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $380,000
      RETAIL STORES
      $370,000
      AUTO REPAIR, GARAGE
      $360,000
      COMMERCIAL (GENERAL)
      $330,000
      MEDICAL BUILDING
      $230,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5635
    Latitude
    37.9823
    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
    $10,848
    $44,900
    $297,100
    $342,000
    -
    $44,900
    $297,100
    $342,000

    Comparable in this City

    • Value Estimation
      $770,000
      135,117 SF

      580 Diamond Ave

      SHOPPING CENTER, STRIP CENTER • 135,117 SF
      580 Diamond Ave, Evansville, IN 47711-3716
      View Details
    • Value Estimation
      $210,000
      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
      $275,000
      9,760 SF

      2018 Maxwell Ave

      SHOPPING CENTER, STRIP CENTER • 9,760 SF
      2018 Maxwell Ave, Evansville, IN 47711
      View Details
    • Value Estimation
      $1,190,000
      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
      $300,000
      14,045 SF

      2006 Morgan Ave

      SHOPPING CENTER, STRIP CENTER • 14,045 SF
      2006 Morgan Ave, Evansville, IN 47711-4310
      View Details
    • Value Estimation
      $270,000
      4,254 SF

      2520 Morgan Ave

      SHOPPING CENTER, STRIP CENTER • 4,254 SF
      2520 Morgan Ave, Evansville, IN 47711-4489
      View Details

    Similar Nearby for Sale

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      0 SF

      C-Store Development Opportunity

      Corner lot near university and medical complex.
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      Prime 23-acre site, ideal for mixed-use development.
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      Mixed-Use Investment Portfolio For Sale

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      Evansville Bar and Restaurant Opportunity

      Bar and restaurant property for sale with liquor license.
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    • $299,000
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      Retail Space on Corner Lot

      Retail space on corner lot near Highway 41.
      1929 E Morgan Ave, Evansville, IN 47711
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    • $2,683,000
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      Historic Beaux Arts Building Downtown

      Four-story historic building in downtown Evansville with redevelopment potential.
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    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
    • $20 SF/Yr
      8,262 SF

      Retail Space Near Airport

      Customizable retail suites available near Evansville Regional Airport.
      4143 Highway 41 N, 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
    • $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
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    501 Main St
    Evansville, IN 47708
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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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