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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6240 Virginia St Evansville, IN 47715-9126

    • Strip malls
    • 19,796 SF
    • 1.88 lot acres
    OFF-MARKET
    Last Sale
    Mar 09, 2020
    Value Estimations
    $595,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1224938
    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

    • Affordable Insurance Agency INC / Auto Insurance Agency
    • Evansville East BMV Branch / Department Of Motor Vehicles / Government Office
    • Poke River / Japanese Restaurant / Hawaiian Restaurant
    • BMV Connect Kiosk / Department Of Motor Vehicles / Kiosk
    • BenchMark Physical Therapy / Physical Therapy Clinic

    Property Details for 6240 Virginia St

    Year built
    2007
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.88 lot acres
    Property size
    19,796 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    82-06-24-014-186.001-027
    APU
    820624014186001027

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $470,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $721,000
      Market price range: $393k - $1.03M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.4755
    Latitude
    37.9818
    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
    $36,933
    $531,300
    $1,180,700
    $1,712,000
    -
    $531,300
    $1,180,700
    $1,712,000

    Comparable in this City

    • Value Estimation by Request
      5,525 SF

      939 Burkhardt Rd

      SHOPPING CENTER, STRIP CENTER • 5,525 SF
      939 Burkhardt Rd, Evansville, IN 47715-2743
      View Details
    • Value Estimation
      $845,000
      51,710 SF

      1801 Grn Riv Rd

      SHOPPING CENTER, STRIP CENTER • 51,710 SF
      1801 Grn Riv Rd, Evansville, IN 47715-1905
      View Details
    • Value Estimation
      $780,000
      42,498 SF

      111 Grn Riv Rd

      SHOPPING CENTER, STRIP CENTER • 42,498 SF
      111 Grn Riv Rd, Evansville, IN 47715-7314
      View Details
    • Value Estimation
      $1,615,000
      19,838 SF

      900 Tutor Ln

      SHOPPING CENTER, STRIP CENTER • 19,838 SF
      900 Tutor Ln, Evansville, IN 47715-7295
      View Details
    • Value Estimation
      $2,380,000
      24,000 SF

      5720 Virginia St

      SHOPPING CENTER, STRIP CENTER • 24,000 SF
      5720 Virginia St, Evansville, IN 47715-2673
      View Details
    • Value Estimation by Request
      18,640 SF

      6219 Vogel Rd

      SHOPPING CENTER, STRIP CENTER • 18,640 SF
      6219 Vogel Rd, Evansville, IN 47715-4058
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      12,316 SF

      Promenade Retail Center For Sale

      Highly visible shopping center in Evansville's strongest retail corridor.
      1223 Hirschland Rd, Evansville, IN 47715
      View Details
    • Contact for pricing
      9,950 SF

      Retail Center in Prime Location

      Highly visible retail center with drive-thru, fronting Costco.
      1100 Cross Pointe Pl, Evansville, IN 47715
      View Details
    • Contact for pricing
      4,184 SF

      Retail Space in Lawndale Center

      Retail space with high traffic and ample parking.
      864 S Green River Rd, Evansville, IN 47715
      View Details
    • $230,000
      3,198 SF

      Retail/Office Space with Warehouse

      Corner lot ideal for retail or office with storage.
      5139 Old Boonville Hwy, Evansville, IN 47715
      View Details
    • $1,787,702
      8.64 Acres

      Galleria Subdivision Land

      8.64 Acres, Prime Evansville Location
      0 Grn Riv Rd & Theater Dr, Evansville, IN 47715
      View Details
    • $4,727,619

      New Retail Construction NNN Lease

      New construction retail property with a 20-year absolute NNN lease.
      2801 N Green River Rd, Evansville, IN 47715
      View Details

    Similar Nearby for Lease

    • $7 SF/Yr
      26,729 SF

      Prime Retail Space Available

      Retail space in established shopping center with high visibility.
      4901 Pollack Ave, Evansville, IN 47715
      View Details
    • $10 SF/Yr
      3,000 SF

      Retail Space with High Visibility

      Retail space with high traffic and excellent visibility.
      4816-4818 W Lloyd Expy, Evansville, IN 47715
      View Details
    • $17 SF/Yr
      12,316 SF

      Evansville Retail Center Opportunity

      High-Visibility Strip Center, 5 Spaces Available
      1223 Hirschland Rd, Evansville, IN 47715
      View Details
    • $900 /Mo
      700 SF

      Retail/Office Space on Bellemeade Avenue

      Retail/Office space available in an attractive strip center.
      4918-4918 Bellemeade Ave, Evansville, IN 47715
      View Details
    • $10 SF/Yr
      23,865 SF

      Evansville Retail Center - Prime Location

      High-traffic retail space, multiple suites available.
      8601 Kentucky Ave, Evansville, IN 47715
      View Details
    • $5 SF/Yr
      9,000 SF

      Evansville Creative Office Space

      9,000 SF Multi-Tenant Office/Retail
      4816 Tippecanoe Dr, Evansville, IN 47715
      View Details
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    6240 Virginia St
    Evansville, IN 47715-9126
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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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