221 5Th StEvansville, IN 47708

Property Details for 221 5Th St

Year built

1909

Construction

TYPE NOT SPECIFIED

Lot size

0.74 AC

Property size (Sq ft)

29,784 SF

Property type

Office properties

APN

82-06-30-020-035.003-029

APU

820630020035003029

Description

This exceptional three-story, 32,270-square-foot office building at 221 NW 5th St, Evansville, IN 47708, is available for lease or sale. Originally constructed in 1909 and extensively renovated in 1994 and 2022, this property offers a blend of historic charm and modern amenities. The building is divisible, with spaces ranging from 6,558 square feet to the entire 32,270 square feet. The layout includes a lower level (12,894 sq ft), first floor (12,809 sq ft), and second floor (6,558 sq ft), each with multiple restrooms. Ample parking is provided with 73 surface spaces, plus overflow parking at 409 Ingle Street. The building features one elevator and two stairwells. Zoned C-3 (General Business), this property presents a unique opportunity in Evansville's vibrant downtown area. The lease rate is $10.00 per square foot annually, on a triple-net (NNN) lease. The property's APN is 82-06-30-020-035.003-029

• CAP approach

  CAP return

  Valuation

  6%

  $5,145,248

  6.5%

  $4,749,460

  7%

  $4,410,212

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,563,807

  Geo Method

  $2,563,807

• Alternative Use

  Use

  Valuation

  Residential

  $5,889,330

  Hospitality

  $5,394,594

  Educational

  $4,488,239

  Medical

  $4,642,596

  Retail

  $6,981,706

Location Insight

City

Evansville

County

Vanderburgh

State

Indiana

Latitude

37.9745

Longitude

-87.5715

CBSA code

21780

CBSA name

EVANSVILLE, IN-KY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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