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Property profile & analytics
OFF-MARKET
Estimated value
$595,000
Strip malls
6240 Virginia St Evansville, IN 47715-9126
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US31-1224938
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2007
Construction
TYPE NOT SPECIFIED
Total area
19,796 SF
Lot
1.88 ac (81,742 SF)
APN
82-06-24-014-186.001-027
UPID
US31-1224938
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
-
Affordable Insurance Agency INC Insurance Agency
-
Evansville East BMV Branch Department Of Motor Vehicles Government Office
-
Poke River Restaurant
-
BMV Connect Kiosk Department Of Motor Vehicles Kiosk
-
BenchMark Physical Therapy Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$470k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$722k
Blend (final)
Blend
$595k
Owner & transaction history
Melmar Commerical LLC · 6 yrs held
Melmar Commerical LLC
since 2020
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$960,000
+37.3%
Auto repair, garage
$870,000
+24.0%
Retail stores
$815,000
+16.6%
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
$470,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$700,000
Current use
MEDICAL BUILDING
$960,000
Change: +37% · Conversion: Difficult
AUTO REPAIR, GARAGE
$870,000
Change: +24% · Conversion: Difficult
RETAIL STORES
$815,000
Change: +17% · Conversion: Easy
COMMERCIAL (GENERAL)
$805,000
Change: +15% · Conversion: Easy
INDUSTRIAL (GENERAL)
$675,000
Change: -3% · Conversion: Difficult
WAREHOUSE, STORAGE
$635,000
Change: -9% · Conversion: Difficult
Blend value · Realmo final
$595k
Range $536k – $655k · ±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
$30 / 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
$36,933
Tax year 2023
Assessed value
$1,712,000
Assessed 2023
Previous assessed
$1,712,000
+0.0% YoY
Effective rate
2.16%
On assessed value
Assessed land
$531,300
Assessed improvement
$1,180,700
Land market value
$531,300
Improvement market value
$1,180,700
Total market value
$1,712,000
Applied tax rate
9.0000
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
Off-Market
Year built
2007
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Units
8
Total area
19,796 SF
Lot
1.88 ac (81,742 SF)
APN
82-06-24-014-186.001-027
UPID
US31-1224938
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
$700,000
MEDICAL BUILDING
Est. value
$960,000
AUTO REPAIR, GARAGE
Est. value
$870,000
RETAIL STORES
Est. value
$815,000
COMMERCIAL (GENERAL)
Est. value
$805,000
INDUSTRIAL (GENERAL)
Est. value
$675,000
WAREHOUSE, STORAGE
Est. value
$635,000
NEIGHBORHOOD: SHOPPING CENTER Current
MEDICAL BUILDING
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
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
2007
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Units
8
Lot
1.88 ac
Current owner
From public records · entity-resolved
Melmar Commerical LLC
Entity
Mailing address
1524 KIMBER LN, EVANSVILLE, IN 47715-2872
Ownership since
2020
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
Jun 17, 2024
—
Melmar Commercial LLC
—
Deed
related
$786,853 · Banterra Bank
Mar 9, 2020
—
Melmar Commerical LLC
Melannie K Hutchinson
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.
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