Multi Tenant Office Investment/ #2279

Office for Sale
Catylist Listing ID: 30100563
Property Subtypes: Office Building, Other
Building Size (RSF): 9,699 SF
Gross Land Area: 1.13 Acres
Sale Price: $1,070,000
Unit Price: $110.32 PSF
Property Use Type: Investment
Building Name: Multi Tenant Office Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 9.22%
Last Updated: 12/15/2017

Overview / Comments

- 100% Leased (9.22% Cap Rate)

- Located within the highest density commercial trade area in the Evansville, IN MSA

- Shadows Eastland Mall (largest indoor mall in SW Indiana, western KY & SE Illinois)

- Strategically located between shopping, dining, entertainment & residential

- Convenient access to major commercial corridors and thoroughfares

Financials

Finance Data Year 2016
Real Estate Taxes - Annual($) $23,977 (Annual)
Potential Rental Income $137,167 (Annual)
Net Operating Income $98,640 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Evansville
County: Vanderburgh
Tax ID/APN: 82-06-24-012-165.001-027
Zoning: C-4
Property Located Between: Green River Road & Burkhardt Road
Property Visibility: Excellent
Highway Access: SR 66 (Lloyd Expressway); I-69
Airports: Evansville Regional Airport
Area Description: The City of Evansville is located in the southwest corner of Indiana and has a population of nearly 121,000 people. With more than 300,000 people in the metropolitan area, Evansville is the third-largest city in Indiana. Evansville is the commercial, medical, and cultural hub of Southwestern Indiana and the Illinois-Indiana-Kentucky tri-state area. The broad economic base of the region has helped to build an economy, which is known for its stability, diversity, and vitality. The largest industry sectors by size in Evansville are health care, finance, education, and manufacturing. The city has several well-known educational institutions. The University of Evansville is a private school located on the city’s east side, while the University of Southern Indiana (formerly Indiana State University-Evansville) is a larger public institution located just outside of the city’s west side limits. Other local educational institutions have also garnered praise and attention, including nationally ranked Signature School and the Evansville Vanderburgh Public Library. In 2008, Evansville was voted the best city in the country in which “to live, work, and play” by the readers of Kiplinger, and in 2009 the 11th best.
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1996
Roof Type: Flat
Construction/Siding: Brick
Parking Ratio: 5.6 (per 1000 SF)
Parking Type: Surface
Parking Description: 54 exclusive parking spaces located north of the building.
Total Parking Spaces: 54
Lot Frontage: 114
Lot Depth: 435
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Leased Fee
Legal Description: EASTLAND PLACE MINOR REPLAT OF L1A

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,253 73,996 132,418
Median Age: 35.08 38.17 38.53
Households: 2,471 32,395 56,186
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