Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    515 3rd Ave Evansville, IN 47710

    • Warehouses
    • 37,992 SF
    • 2.18 lot acres
    OFF-MARKET
    Value Estimations
    $775,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1275933
    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

    • Warehouses

    Property Details for 515 3rd Ave

    Year built
    1965
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.18 lot acres
    Property size
    37,992 SF
    Property type
    Warehouses
    APN
    82-06-30-029-116.002-029
    APU
    820630029116002029

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $630,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $916,000
      Market price range: $288k - $2.05M

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5772
    Latitude
    37.9752
    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
    $15,330
    $71,300
    $382,000
    $453,300
    -
    $71,300
    $382,000
    $453,300

    Comparable in this City

    • Value Estimation
      $260,000
      225 SF

      615 10th St

      STORAGE YARD, OPEN STORAGE • 225 SF
      615 10th St, Evansville, IN 47710
      View Details
    • Value Estimation
      $240,000
      6,720 SF

      600 Fulton Ave

      STORAGE YARD, OPEN STORAGE • 6,720 SF
      600 Fulton Ave, Evansville, IN 47710-1573
      View Details
    • Value Estimation
      $795,000
      109,600 SF

      600 6th Ave

      WAREHOUSE, STORAGE • 109,600 SF
      600 6th Ave, Evansville, IN 47710-1414
      View Details
    • Value Estimation
      $500,000
      184,725 SF

      Morgan Ave

      WAREHOUSE, STORAGE • 184,725 SF
      Morgan Ave, Evansville, IN 47710
      View Details
    • Value Estimation
      $290,000
      638 SF

      304 Oakley St

      STORAGE YARD, OPEN STORAGE • 638 SF
      304 Oakley St, Evansville, IN 47710
      View Details
    • Value Estimation
      $600,000
      103,018 SF

      1400 Park St

      WAREHOUSE, STORAGE • 103,018 SF
      1400 Park St, Evansville, IN 47710-2258
      View Details

    Similar Nearby for Sale

    • $540,000
      9,800 SF

      Evansville Warehouse Building For Sale

      9,800 SF warehouse near Deaconess Hospital Midtown.
      921 Park St, Evansville, IN 47710
      View Details
    • $2,619,000
      43,650 SF

      Evansville Industrial Facility For Sale

      43,650 SF industrial facility with office and warehouse space.
      1414 Baker Ave, Evansville, IN 47710
      View Details
    • $1,849,000
      4,740 SF

      Industrial Building with Buildable Lot

      4800 SF industrial building with M-3 zoning and buildable lot.
      1501 Fountain Ave, Evansville, IN 47710
      View Details
    • $9,000,000
      100,000 SF

      Evansville Industrial Building For Sale

      Multi-tenant industrial building in the heart of Evansville.
      820 Columbia St, Evansville, IN 47710
      View Details
    • $225,000
      0.34 Acres

      Evansville Commercial Opportunity

      Multi-use property with two buildings, ideal for various businesses.
      1119 N Fulton Ave, Evansville, IN 47710
      View Details
    • $250,000

      Evansville Industrial Property for Sale

      Industrial property available for purchase in Evansville, Indiana.
      116 Garfield Ave, Evansville, IN 47710
      View Details

    Similar Nearby for Lease

    • $7 SF/Yr
      3,000 SF

      Royal Plaza Warehouse Space

      3,000 SF Warehouse, Prime Location
      1210 Fulton Ave, Evansville, IN 47710
      View Details
    • $7 SF/Yr
      59,739 SF

      Evansville Industrial Property

      59,739 SF R&D/Manufacturing Space
      900 Indiana St, Evansville, IN 47710
      View Details
    • $3,400,000
      4,454 SF

      Industrial Space with Shared Docks

      Industrial property featuring overhead doors and shared loading docks.
      1315 Read St, Evansville, IN 47710
      View Details
    • $5 SF/Yr
      16,800 SF

      Evansville Industrial Warehouse - 16,800 SF

      Spacious Evansville warehouse, ideal for various uses.
      917 Indiana St, Evansville, IN 47710
      View Details
    • $11 SF/Yr
      18,060 SF

      Evansville Industrial/Office Space

      18,060 SF, 6,440 SF Vacant
      1501 Allens Ln, Evansville, IN 47710
      View Details
    • $4 SF/Yr
      9,256 SF

      Evansville Warehouse/Manufacturing Space Available

      9,256 SF warehouse/manufacturing space with convenient access.
      909 E Franklin St, Evansville, IN 47710
      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.
    515 3rd Ave
    Evansville, IN 47710
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.