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Property profile & analytics
FOR LEASE
Strip malls
5625 Pearl Dr Evansville, IN 47712
Entity Owned
21-yr Hold
Absentee Owner
Free & Clear
Property ID
US31-1185485
For Lease
1 / 10
$16 SF/Yr
5625 Pearl Dr, Evansville, IN 47712
View Listing →
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2001
Construction
WOOD
Total area
24,124 SF
Lot
1.96 ac (85,290 SF)
APN
82-05-28-007-452.012-024
UPID
US31-1185485
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
C Miles Construction, Inc. Construction Company General Contractor
-
Tri-State Orthopaedics - Evansville West Medical Clinic
-
ProRehab Physical & Occupational Therapy Evansville, Indiana - West Physician
-
Kaleb Hammersley Real Estate Agency
-
Total Hip & Knee Surgeon; Peter Knoll, M.D. Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$585k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.07M
Blend (final)
Blend
$825k
Owner & transaction history
H K Partners LLC · 21 yrs held
H K Partners LLC
since 2005
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.1M
+39.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Evansville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Evansville submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$585,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$800,000
Current use
MEDICAL BUILDING
$1,120,000
Change: +40% · Conversion: Difficult
WAREHOUSE, STORAGE
$675,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$825k
Range $743k – $908k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$34 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$42,671
Tax year 2023
Assessed value
$1,987,300
Assessed 2023
Previous assessed
$1,987,300
+0.0% YoY
Effective rate
2.15%
On assessed value
Assessed land
$852,900
Assessed improvement
$1,134,400
Land market value
$852,900
Improvement market value
$1,134,400
Total market value
$1,987,300
Applied tax rate
5.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
For Lease
Year built
2001
Construction
WOOD
Heating
NONE
Stories
1
Units
9
Total area
24,124 SF
Lot
1.96 ac (85,290 SF)
APN
82-05-28-007-452.012-024
UPID
US31-1185485
Jurisdiction
VANDERBURGH
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$800,000
MEDICAL BUILDING
Est. value
$1.1M
WAREHOUSE, STORAGE
Est. value
$675,000
NEIGHBORHOOD: SHOPPING CENTER Current
MEDICAL BUILDING
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2001
Construction
WOOD
Heating
NONE
Stories
1
Units
9
Lot
1.96 ac
Current owner
From public records · entity-resolved
H K Partners LLC
Entity
Free & Clear · 21 yrs held
Mailing address
225 CROSSLAKE DR, EVANSVILLE, IN 47715-8198
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 25, 2025
—
Hk Eagles LLC
—
Deed
related
$4,402,956 · First Federal Savings Bank
Mar 30, 2005
—
H K Partners LLC
Eagle Properties Of Southwestern In
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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