519 Main St Evansville, IN 47708-1615

Property Details for 519 Main St

Year built

1904

Construction

TYPE NOT SPECIFIED

Lot size

0.21 lot acres

Property size

26,116 SF

Property type

Commercial real estate

APN

82-06-30-020-034.006-029

APU

820630020034006029

Description

This exceptional Class A executive office building, located at 519 Main St, Evansville, IN 47708, presents a compelling investment opportunity. The 26,116 square foot property, built in 1904, boasts a commanding presence in the heart of downtown, just two blocks from the Civic Center and less than a block from Ford Stadium. Its prime location offers proximity to The Children's Museum of Evansville (CMOE), Victory Theatre, and numerous shops and restaurants. Currently 100% occupied by two long-standing tenants, Pettinga Financial Advisor and Gerling Law Offices, Professional Corporation, the building benefits from a new five-year lease commencing October 1, 2024, with built-in rent increases of 2% in years one and two, and 5% annually thereafter. Each tenant also holds a five-year renewal option with 5% annual increases. The building features historic architecture creating a warm and inviting atmosphere. With a strong Net Operating Income (NOI) of $154,340 and an 8.23% cap rate, this four-story building represents a significant return on investment. The asking price is $1,874,517 ($71.78/sq ft). The property is zoned C3 and has an APN of 82-06-30-020-034.006-029. This is a rare opportunity to acquire a high-quality, fully occupied, and historically significant commercial property in a thriving downtown area.

Location Insight

City

Evansville

County

Vanderburgh

State

Indiana

Longitude

-87.5692

Latitude

37.9722

CBSA code

21780

CBSA name

EVANSVILLE, IN-KY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments