Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    5115 Washington Ave Evansville, IN 47715-4813
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    5115 Washington Ave Evansville, IN 47715-4813

    View on Map
    • Office properties & Spaces
    • 17,780 SF
    • 1.50 lot acres
    Off-Market
    Property ID
    US31-1107256
    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
    $850,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • EVPL McCollough / Public Library

    Property Details for 5115 Washington Ave

    Year built
    1984
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.50 lot acres
    Property size
    17,780 SF
    Property type
    Office properties & Spaces
    APN
    82-06-36-017-134.010-027
    APU
    820636017134010027

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $977,000
      Market price range: $484k - $1.52M
      AI Estimate
      $724,000
      Market price range: $435k - $1.21M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $980,000
      Current use
      RETAIL STORES
      $1,320,000
      Change: +35% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.4886
    Latitude
    37.962
    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
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      8,290 SF

      6724 Morgan Ave

      Office properties & Spaces • 8,290 SF
      6724 Morgan Ave, Evansville, IN 47715
      View Details
    • Value Estimation by Request
      476,862 SF

      4800 Washington Sq

      Restaurants • 476,862 SF
      4800 Washington Sq, Evansville, IN 47715
      View Details
    • Value Estimation by Request
      3,950 SF

      4500 Theater Dr

      OFFICE (GENERAL) • 3,950 SF
      4500 Theater Dr, Evansville, IN 47715-3902
      View Details
    • Value Estimation
      $540,000
      8,039 SF

      6215 Florida St

      OFFICE (GENERAL) • 8,039 SF
      6215 Florida St, Evansville, IN 47715-2877
      View Details
    • Value Estimation
      $4,385,000
      51,150 SF

      3701 Communications Way

      OFFICE (GENERAL) • 51,150 SF
      3701 Communications Way, Evansville, IN 47715-8929
      View Details
    • Value Estimation
      $2,060,000
      23,720 SF

      8020 Covert Ave

      OFFICE (GENERAL) • 23,720 SF
      8020 Covert Ave, Evansville, IN 47715-6293
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,198 SF

      Mixed-Use Property Near Morgan Avenue

      Corner lot ideal for office, retail, or warehouse use.
      5139 Old Boonville Hwy, Evansville, IN 47715
      View Details
    • Contact for pricing

      Evansville Flex Industrial Space

      Flex industrial space for sale with convenient highway access.
      2510-2512 N Cullen Ave, Evansville, IN 47715
      View Details
    • $420,000

      Evansville Commercial Space For Sale

      Versatile commercial space in high-traffic Evansville location.
      2526 N Burkhardt Rd, Evansville, IN 47715
      View Details
    • $525,000
      3,353 SF

      Evansville Office Space For Sale

      Office space available for purchase in Evansville, Indiana.
      2616 S Green River Rd, Evansville, IN 47715
      View Details
    • Contact for pricing
      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
    • $420,000

      Evansville Commercial Property with Warehouse

      Mixed-use property with retail, office, and warehouse space.
      2526 N Burkhardt Rd, Evansville, IN 47715
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Eastside Evansville Multi-Purpose Office Space

      Eastside Evansville office space with ample parking and outdoor area.
      5130 Vogel Rd, Evansville, IN 47715
      View Details
    • $8 SF/Yr
      16,380 SF

      Prime East Side Office Building

      16,380 SF Office Space Available
      4004 Morgan Ave, Evansville, IN 47715
      View Details
    • Contact for pricing

      Retail and Office Space Available

      Convenient retail and service businesses in Evansville, Indiana.
      1731 N Green River Rd, Evansville, IN 47715
      View Details
    • Contact for pricing

      Promenade Shopping Center Retail Space

      Highly visible shopping center space for lease in Evansville.
      1223 Hirschland Rd, Evansville, IN 47715
      View Details
    • Contact for pricing
      2,248 SF

      Class A Office Space Available

      Class A office space in Lloyd Office Park available 12-1-2024.
      7516 Eagle Crest Blvd, Evansville, IN 47715
      View Details
    • $1,125 /Mo
      675 SF

      Remodeled Office Space For Rent

      Newly remodeled office space with utilities included near Washington Square.
      5011 Washington Ave, Evansville, IN 47715
      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.
    5115 Washington Ave
    Evansville, IN 47715-4813
    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!