1305 Green River RdEvansville, IN 47714

Property Details for 1305 Green River Rd

Year built

1948

Construction

WOOD

Lot size

0.27 AC

Property size (Sq ft)

6,338 SF

Property type

Medical offices

Property subtype

Medical centers

APN

82-06-35-015-111.001-027

APU

820635015111001027

Description

This exceptional investment opportunity presents a fee-simple interest in a 6,028 square foot, single-story, freestanding animal hospital in Evansville, Indiana. The property, built in 2005, boasts a strong 8.25% cap rate and a substantial net operating income (NOI) of $129,415. Currently 100% occupied by a national veterinary hospital operator under a triple-net (NNN) lease with over 2.9 years remaining on the initial 7-year term, expiring October 31, 2027. The lease includes two five-year renewal options, demonstrating the tenant's long-term commitment. Rent increases annually at 2%, providing inflation protection and consistent NOI growth. The property features 30 parking spaces and is situated on a high-traffic thoroughfare (20,158 vehicles daily), with excellent visibility due to significant street frontage and a large pylon sign. Its prime location is surrounded by major retailers including The Home Depot, Target, Macy's, Kohl's, and Walgreens, benefiting from a dense population and high average household income within a 5-mile radius. The roof was replaced in May 2020. The property's proximity to several large apartment complexes and a major hospital further enhances its appeal and potential for sustained success. The asking price is $1,568,666 ($260.23/sq ft). This is a low-management, passive investment opportunity with significant upside potential. APN: 82-06-35-015-111.001-027.

• CAP approach

  CAP return

  Valuation

  6%

  $1,094,903

  6.5%

  $1,010,679

  7%

  $938,488

• Comparable approach

  Method

  Valuation

  Relative Method

  $545,575

  Geo Method

  $545,575

• Alternative Use

  Use

  Valuation

  Residential

  $1,253,242

  Hospitality

  $1,147,963

  Educational

  $955,092

  Medical

  $987,939

  Retail

  $1,485,699

Location Insight

City

Evansville

County

Vanderburgh

State

Indiana

Latitude

37.9582

Longitude

-87.4932

CBSA code

21780

CBSA name

EVANSVILLE, IN-KY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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