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    Property profile & analytics

    5115 Oak Grove Rd Evansville, IN 47715

    • Retail space
    • 13,502 SF
    • 2.18 lot acres
    For Sale
    View listing
    $995,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0741758
    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

    • Riecken's Foot Comfort World / Orthopedic Shoe Store
    • Kinder / Warehouse

    Property Details for 5115 Oak Grove Rd

    Year built
    1973
    Construction
    WOOD
    Lot size
    2.18 lot acres
    Property size
    13,502 SF
    Property type
    Retail space
    APN
    82-06-24-017-159.017-027
    APU
    820624017159017027

    Description

    This exceptional 22,132-square-foot flex space presents a remarkable investment opportunity in Evansville's thriving Eastside. Strategically located between Green River Road and Burkhardt Road, off Morgan Avenue, this property boasts high visibility and traffic flow. Originally configured as a warehouse with office space, it was later adapted for retail use and even served as classroom space. The building features a single-story and a second story, encompassing a total of 22,132 square feet, with 18,000 square feet currently vacant. A dock-high loading door and bay are conveniently situated on the west side, providing easy access to a freight elevator. The property includes a robust 800-amp, 3-phase electrical service, ensuring ample power for diverse business needs. Parking is readily available with 60 spaces. The building's classification is C, and it was constructed in 1973. Its convenient location offers easy access to major transportation arteries, sitting just 1.2 miles from the intersection of I-69 and IN-62. The property sits on 2.19 acres of land and is zoned M-2. The property's address is 5115 Oak Grove Road, Evansville, MSA, with the APN 82-06-24-017-159.017-027 and cross street Morgan Ave. This versatile property is perfect for a variety of uses and represents a compelling opportunity for investors seeking a high-return asset in a prime location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $375,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $387,000
      Market price range: $313k - $845k

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.4884
    Latitude
    37.9911
    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
    $17,172
    $223,600
    $317,800
    $541,400
    -
    $223,600
    $317,800
    $541,400

    Comparable in this City

    • Value Estimation
      $250,000
      1,160 SF

      325 Grn Riv Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,160 SF
      325 Grn Riv Rd, Evansville, IN 47715-7311
      View Details
    • Value Estimation
      $595,000
      14,913 SF

      5721 Virginia St

      RETAIL STORES (PERSONAL SERVICES) • 14,913 SF
      5721 Virginia St, Evansville, IN 47715-2674
      View Details
    • Value Estimation
      $290,000
      3,393 SF

      4001 Morgan Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,393 SF
      4001 Morgan Ave, Evansville, IN 47715-2245
      View Details
    • Value Estimation
      $315,000
      13,500 SF

      5705 Morgan Ave

      RETAIL STORES (PERSONAL SERVICES) • 13,500 SF
      5705 Morgan Ave, Evansville, IN 47715-2319
      View Details
    • Value Estimation
      $310,000
      15,308 SF

      1650 Morgan Ctr Dr

      RETAIL STORES (PERSONAL SERVICES) • 15,308 SF
      1650 Morgan Ctr Dr, Evansville, IN 47715-1986
      View Details
    • Value Estimation
      $420,000
      7,436 SF

      4900 Spg Vly Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,436 SF
      4900 Spg Vly Rd, Evansville, IN 47715
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,612 SF

      High-Visibility Retail Opportunity on Burkhardt

      Class A retail space with high traffic and prime location.
      944 N Burkhardt Rd, Evansville, IN 47715
      View Details
    • $230,000
      3,198 SF

      Retail/Office Space with Warehouse

      Corner lot ideal for retail or office with storage.
      5139 Old Boonville Hwy, Evansville, IN 47715
      View Details
    • Contact for pricing
      4,184 SF

      Retail Space in Lawndale Center

      Retail space with high traffic and ample parking.
      864 S Green River Rd, Evansville, IN 47715
      View Details
    • $1,131,000

      Evansville Costco Outlot Land

      Prime Evansville land, Costco adjacency, high-end development.
      1200 Cross Pointe Pl, Evansville, IN 47715
      View Details
    • $995,000
      22,132 SF

      Two-Story Building on Oak Grove

      Two-story building suitable for office, retail, or industrial use.
      5115 Oak Grove Rd, Evansville, IN 47715
      View Details
    • $1,787,702
      8.64 Acres

      Galleria Subdivision Land

      8.64 Acres, Prime Evansville Location
      0 Grn Riv Rd & Theater Dr, Evansville, IN 47715
      View Details

    Similar Nearby for Lease

    • $7 SF/Yr
      1,350 SF

      Evansville Flex, Retail, Office Space

      Three spaces available for lease: flex, retail, and office.
      4824 Lincoln Ave, Evansville, IN 47715
      View Details
    • $28 SF/Yr
      26,000 SF

      Retail/Fitness Space in Louis Pointe

      Retail or fitness space in a premier mixed-use development.
      6432 E Florida St, Evansville, IN 47715
      View Details
    • $25 SF/Yr
      1,100 SF

      Retail Space in Evansville, Indiana

      Retail space available for lease in Evansville, Indiana.
      848 S Green River Rd, Evansville, IN 47715
      View Details
    • $1,350,000
      6,365 SF

      Retail Space with Interstate Visibility

      Retail space available immediately with excellent visibility and ample parking.
      8301 Eagle Lake Dr, Evansville, IN 47715
      View Details
    • $900 /Mo
      700 SF

      Retail/Office Space on Bellemeade Avenue

      Retail/Office space available in an attractive strip center.
      4918-4918 Bellemeade Ave, Evansville, IN 47715
      View Details
    • $10 SF/Yr
      3,000 SF

      Retail Space with High Visibility

      Retail space with high traffic and excellent visibility.
      4816-4818 W Lloyd Expy, Evansville, IN 47715
      View Details
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    Evansville, IN 47715
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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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