990 Green River RdEvansville, IN 47715

Property Details for 990 Green River Rd

Year built

1983

Construction

WOOD

Lot size

1.47 AC

Property size (Sq ft)

10,141 SF

Property type

Turn key restaurants

APN

82-06-25-014-219.001-027

APU

820625014219001027

Description

This exceptional investment opportunity presents a fee-simple ownership of a 11,565 square foot, single-story, Class A Hacienda Mexican Restaurant in Evansville, Indiana. Located on a 1.47-acre lot at a signalized intersection, the property boasts excellent visibility and high traffic counts. The absolute NNN lease with a corporate guarantee provides significant investor security, featuring a remaining term of 13 years expiring November 23, 2037. Rent increases are built in, with adjustments in year 2 and 3, and every 5 years thereafter. The tenant, Hacienda, has a 40-year operational history at this location, demonstrating strong market presence and brand loyalty. The property benefits from a strong retail co-tenancy including Big Lots, Home Outlet, Dollar Tree, Planet Fitness, and Schnucks, further enhancing its appeal and drawing significant customer traffic. The property includes 50 parking spaces and is zoned C-4. The annual net operating income (NOI) is $187,000, resulting in a 7.50% cap rate. The asking price is $2,493,333, translating to $215.59 per square foot. This property offers a compelling combination of long-term lease stability, strong tenant performance, and a prime location within a thriving retail environment. The tenant is responsible for maintaining the property, including the parking lot, HVAC, roof, and interior/exterior. The landlord's responsibilities are limited to taxes and insurance, which are reimbursed by the tenant. Evansville's robust demographics, including a population of 126,402 within a 5-mile radius and an average household income of $71,716, further solidify this investment's potential. The city's strong job market and presence of multiple colleges contribute to a positive economic outlook.

• CAP approach

  CAP return

  Valuation

  6%

  $2,575,262

  6.5%

  $2,377,165

  7%

  $2,207,367

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,199,802

  Geo Method

  $2,199,802

• Alternative Use

  Use

  Valuation

  Residential

  $2,005,227

  Hospitality

  $1,836,778

  Educational

  $1,528,177

  Medical

  $1,580,734

  Retail

  $2,377,165

Location Insight

City

Evansville

County

Vanderburgh

State

Indiana

Latitude

37.9628

Longitude

-87.492

CBSA code

21780

CBSA name

EVANSVILLE, IN-KY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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