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    Property profile & analytics

    923 1st Ave Evansville, IN 47710

    • Assisted living facilities
    • 32,361 SF
    • 1.31 lot acres
    OFF-MARKET
    Last Sale
    Feb 28, 2024
    Value Estimations
    $555,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0953315
    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

    • Assisted living facilities

    Property Details for 923 1st Ave

    Year built
    1962
    Construction
    WOOD
    Lot size
    1.31 lot acres
    Property size
    32,361 SF
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    82-06-19-027-037.005-029
    APU
    820619027037005029

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $555,000

    • Alternative Use

      Use
      Estimation
      HOMES (RETIRED, HANDICAP, REST, CONVALESCENT, NURSING)
      $420,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Vanderburgh
    State
    Indiana
    Longitude
    -87.5743
    Latitude
    37.9865
    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
    $16,186
    $156,000
    $589,300
    $745,300
    -
    $156,000
    $589,300
    $745,300

    Comparable in this City

    • Value Estimation
      $620,000
      70,910 SF

      621 Columbia St

      HOMES (RETIRED, NURSING) • 70,910 SF
      621 Columbia St, Evansville, IN 47710-1619
      View Details
    • Value Estimation
      $245,000
      2,691 SF

      819 Franklin St

      HOMES (RETIRED, NURSING) • 2,691 SF
      819 Franklin St, Evansville, IN 47710-1137
      View Details
    • Value Estimation
      $265,000
      3,164 SF

      413 3rd Ave

      HOMES (RETIRED, NURSING) • 3,164 SF
      413 3rd Ave, Evansville, IN 47710
      View Details
    • Value Estimation
      $650,000
      38,440 SF

      650 Fairway Dr

      HOMES (RETIRED, NURSING) • 38,440 SF
      650 Fairway Dr, Evansville, IN 47710-3306
      View Details
    • Value Estimation
      $250,000
      12,190 SF

      1100 Read St

      HOMES (RETIRED, NURSING) • 12,190 SF
      1100 Read St, Evansville, IN 47710-2162
      View Details
    • Value Estimation
      $665,000
      69,749 SF

      1201 Buena Vis Rd

      HOMES (RETIRED, NURSING) • 69,749 SF
      1201 Buena Vis Rd, Evansville, IN 47710-3336
      View Details

    Similar Nearby for Sale

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      Evansville Warehouse Building For Sale

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      Residential Land in Evansville, IN

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      Residential Land on Evansville's Northside

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    • $160,000
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      Retail Office with Garage

      Retail office with garage on a 10,000 SF lot.
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    • $75,000
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      Mixed-Use Building with Apartment

      Vacant mixed-use building with apartment, off-street parking, C-2 zoning.
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    • Contact for pricing
      0.10 Acres

      Evansville Industrial Land For Sale

      Industrial land in Enterprise Zone, light manufacturing or residential.
      1503 W Missouri St, Evansville, IN 47710
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    Similar Nearby for Lease

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      3,000 SF Warehouse, Prime Location
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    • $7 SF/Yr
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    • $500 /Mo
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      Office Space Available For Rent

      Multi-tenant office space available in a convenient location.
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    • $3,400,000
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      Industrial Space with Shared Docks

      Industrial property featuring overhead doors and shared loading docks.
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    • $2,500 /Mo
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      Corner Retail Space Available

      Retail space in high-traffic area near downtown Evansville.
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      View Details
    • $395,000
      2,375 SF

      Desirable West Side Office Space

      Office space available on the desirable west side.
      1035 W Franklin St, Evansville, IN 47710
      View Details
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    923 1st Ave
    Evansville, IN 47710
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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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