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    5435 Pearl Dr Evansville, IN 47712

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    5435 Pearl Dr Evansville, IN 47712

    View on Map
    • Strip malls
    • 24,854 SF
    • 2.12 lot acres
    For Lease
    $895,000
    View Listing →
    Thriving Shopping Center Retail Space For Lease
    $895,000

    Thriving Shopping Center Retail Space

    Retail space available in a busy Evansville shopping center.

    5435 Pearl Dr, Evansville, IN 47712
    View Listing
    Property ID
    US31-1074087
    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
    $895,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Crumbl - Evansville Westside / Bakery / Specialty Food Shop
    • Dr. Jason Lewis, Anesthesiology / Physician
    • Dr. Jenna Dismore, Anesthesiology / Physician
    • Dr. James Jackson, Anesthesiology / Physician
    • Westside Smoke Shop / (Bike/Boat/Book/etc) Store

    Property Details for 5435 Pearl Dr

    Year built
    2000
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.12 lot acres
    Property size
    24,854 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    82-05-28-007-452.027-024
    APU
    820528007452027024

    Description

    This single-story, 25,159 square foot strip center, built in 2000, is located at 5435 Pearl Drive, Evansville, Indiana, across from AMC Theaters. The property, zoned C-4, features nine suites with a minimum divisible space of 2,272 square feet and a maximum contiguous space of 2,272 square feet. Currently, 2,272 square feet are vacant, offering immediate occupancy opportunities. The center boasts a strong tenant mix including Palm Beach Tan, Crumbl Cookies, Osaka Japanese Hibachi & Sushi, Commonwealth Pain & Spine, Pearle Vision, Pretty Nails, and Buffalo Wild Wings, establishing a vibrant and successful retail environment. This property presents a unique opportunity for businesses seeking high visibility and access to a dense consumer base in Evansville's Westside retail district. The property's address is 5435 Pearl Drive, Evansville, IN 47712, with a cross street of Red Bank Road and APN 82-05-28-007-452.027-024 in Vanderburgh County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $625,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,162,000
      Market price range: $494k - $1.16M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $825,000
      Current use
      INDUSTRIAL (GENERAL)
      $1,470,000
      Change: +78% Conversion: Difficult
      MEDICAL BUILDING
      $1,150,000
      Change: +40% Conversion: Difficult
      WAREHOUSE, STORAGE
      $695,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.6414
    Latitude
    37.9748
    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
    $51,975
    $923,000
    $1,497,600
    $2,420,600
    -
    $923,000
    $1,497,600
    $2,420,600

    Comparable in this City

    • Value Estimation
      $520,000
      12,648 SF

      5301 Pearl Dr

      SHOPPING CENTER, STRIP CENTER • 12,648 SF
      5301 Pearl Dr, Evansville, IN 47712-8111
      View Details
    • Value Estimation
      $500,000
      17,962 SF

      4402 Lloyd Expy

      SHOPPING CENTER, STRIP CENTER • 17,962 SF
      4402 Lloyd Expy, Evansville, IN 47712
      View Details
    • Value Estimation by Request
      4,590 SF

      2804 Mt Vernon Ave, Unit 2806

      SHOPPING CENTER, STRIP CENTER • 4,590 SF
      2804 Mt Vernon Ave, Evansville, IN 47712-6753
      View Details
    • Value Estimation by Request
      10,458 SF

      2013 Franklin St, Unit 2023

      SHOPPING CENTER, STRIP CENTER • 10,458 SF
      2013 Franklin St, Evansville, IN 47712-5112
      View Details
    • Value Estimation by Request
      10,000 SF

      5310 Pearl Dr

      SHOPPING CENTER, STRIP CENTER • 10,000 SF
      5310 Pearl Dr, Evansville, IN 47712-8105
      View Details
    • Value Estimation
      $825,000
      24,124 SF

      5625 Pearl Dr

      SHOPPING CENTER, STRIP CENTER • 24,124 SF
      5625 Pearl Dr, Evansville, IN 47712-8106
      View Details

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      West-side Industrial Space For Sale

      Industrial space currently operating as Napa Auto Parts.
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    • $1,199,000
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      W Franklin Street Retail Building

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    • Contact for pricing
      0.81 Acres

      Lakefront Lot in Fawn Creek

      0.8-acre lakefront lot in Fawn Creek Estates.
      8307 Buck Ridge Trl, Evansville, IN 47712
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    • Contact for pricing
      0.10 Acres

      Residential Land in Evansville, IN

      Residential land available on a quiet dead end street.
      1924 S Helfrich Ave, Evansville, IN 47712
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    • $185,000
      1,584 SF

      Evansville Office Space For Sale

      Office property featuring 1584 square feet of space.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Thriving Shopping Center Retail Space

      Retail space available in a busy Evansville shopping center.
      5435 Pearl Dr, Evansville, IN 47712
      View Details
    • $17 SF/Yr
      2,272 SF

      Retail Space in Eagle Plaza

      Retail space in a busy shopping center near Lloyd Expressway.
      5435 Pearl Dr, Evansville, IN 47712
      View Details
    • $17 SF/Yr

      Evansville Retail Space For Lease

      Thriving shopping center in Evansville's Westside retail district.
      5435 Pearl Dr, Evansville, IN 47712
      View Details
    • $14 SF/Yr

      Retail Space in High-Traffic Area

      1,900 SF retail space in Evansville's thriving west side.
      5225 Pearl Dr, Evansville, IN 47712
      View Details
    • $16 SF/Yr
      24,124 SF

      Prime Retail Space on Pearl

      High-visibility retail space near Lloyd Expressway and USI campus.
      5625 Pearl Dr, Evansville, IN 47712
      View Details
    View Listing
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    Evansville, IN 47712
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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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