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    Property profile & analytics

    864 S Green River Rd Evansville, IN 47715

    • Retail space
    • 4,184 SF
    • 0.85 lot acres
    For Sale
    View listing
    Last Sale
    Mar 04, 2025
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2644729
    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

    • Retail space

    Property Details for 864 S Green River Rd

    Year built
    1984
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.85 lot acres
    Property size
    4,184 SF
    Property type
    Retail space
    APN
    82-06-25-014-219.003-027
    APU
    820625014219003027

    Description

    This exceptional 4,000 square foot single-tenant office space is ideally situated at 864 S Green River Rd in Evansville, Indiana, 47715. The property is part of a grocery-anchored outparcel, benefiting from high visibility and convenient access. Located in the thriving city of Evansville, the largest in Southern Indiana and the Illinois-Indiana-Kentucky tri-state area, this property offers a strategic location within a robust economic hub. Evansville boasts a diverse economy, including three NYSE-listed companies, and serves as a regional center for both public and private enterprises. The area's strong population base of over 911,000 provides a substantial market for businesses. The property's convenient location is further enhanced by its proximity to major attractions such as the Tropicana Evansville casino and the Mesker Park Zoo and Botanic Garden, as well as several educational institutions including the University of Evansville and the University of Southern Indiana. Its strategic position also offers easy access to four major U.S. cities within a 200-mile radius: Indianapolis, Nashville, Louisville, and St. Louis. This presents a unique opportunity for businesses seeking a high-profile location in a dynamic and growing market. The property is classified as a traditional office space and is suitable for a variety of uses. The single-tenant occupancy provides stability and ease of management. This is a prime opportunity for businesses seeking a well-located and functional office space in a thriving community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $240,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $289,000
      Market price range: $183k - $434k
      AI Estimate
      $160,000
      Market price range: $96.9k - $262k

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.4922
    Latitude
    37.9644
    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
    $7,133
    $92,600
    $132,300
    $224,900
    -
    $92,600
    $132,300
    $224,900

    Comparable in this City

    • Value Estimation
      $250,000
      1,160 SF

      325 Grn Riv Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,160 SF
      325 Grn Riv Rd, Evansville, IN 47715-7311
      View Details
    • Value Estimation
      $595,000
      14,913 SF

      5721 Virginia St

      RETAIL STORES (PERSONAL SERVICES) • 14,913 SF
      5721 Virginia St, Evansville, IN 47715-2674
      View Details
    • Value Estimation
      $290,000
      3,393 SF

      4001 Morgan Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,393 SF
      4001 Morgan Ave, Evansville, IN 47715-2245
      View Details
    • Value Estimation
      $315,000
      13,500 SF

      5705 Morgan Ave

      RETAIL STORES (PERSONAL SERVICES) • 13,500 SF
      5705 Morgan Ave, Evansville, IN 47715-2319
      View Details
    • Value Estimation
      $310,000
      15,308 SF

      1650 Morgan Ctr Dr

      RETAIL STORES (PERSONAL SERVICES) • 15,308 SF
      1650 Morgan Ctr Dr, Evansville, IN 47715-1986
      View Details
    • Value Estimation
      $420,000
      7,436 SF

      4900 Spg Vly Rd

      RETAIL STORES (PERSONAL SERVICES) • 7,436 SF
      4900 Spg Vly Rd, Evansville, IN 47715
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,612 SF

      High-Visibility Retail Opportunity on Burkhardt

      Class A retail space with high traffic and prime location.
      944 N Burkhardt Rd, Evansville, IN 47715
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    • $230,000
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      Corner lot ideal for retail or office with storage.
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    • Contact for pricing
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      Retail Space in Lawndale Center

      Retail space with high traffic and ample parking.
      864 S Green River Rd, Evansville, IN 47715
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    • $1,131,000

      Evansville Costco Outlot Land

      Prime Evansville land, Costco adjacency, high-end development.
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      Two-story building suitable for office, retail, or industrial use.
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    • $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

    Similar Nearby for Lease

    • $7 SF/Yr
      1,350 SF

      Evansville Flex, Retail, Office Space

      Three spaces available for lease: flex, retail, and office.
      4824 Lincoln Ave, Evansville, IN 47715
      View Details
    • $12 SF/Yr
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      Prime Retail Space in Evansville

      High-traffic retail space across from Eastland Mall.
      1320 North Green River Rd, Evansville, IN 47715
      View Details
    • $18 SF/Yr
      26,550 SF

      High-Traffic Office/Retail Complex For Rent

      26,480 SF office/retail complex with high visibility and ample parking.
      2200 N Burkhardt Rd, Evansville, IN 47715
      View Details
    • $1,050,000
      11,616 SF

      Retail Space Available For Rent

      Retail space with a history of successful furniture sales.
      3830 E Morgan Ave, Evansville, IN 47715
      View Details
    • Contact for pricing
      3,172 SF

      Retail Space in Evansville

      Retail space available in Shoe Carnival Towne Centre.
      503-943 N Green River Rd, Evansville, IN 47715
      View Details
    • $300 /Mo
      500 SF

      Retail Space with Manicure Stations

      Retail space featuring manicure and pedicure stations for rent.
      4019 E Morgan Ave, Evansville, IN 47715
      View Details
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    864 S Green River Rd
    Evansville, IN 47715
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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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