1449 Kimber LnEvansville, IN 47715

Property Details for 1449 Kimber Ln

Year built

1999

Construction

WOOD

Lot size

1.99 AC

Property size (Sq ft)

18,760 SF

Property type

Office properties

APN

82-06-24-016-135.009-027

APU

820624016135009027

Description

Exceptional investment opportunity in Evansville, Indiana. This Class A, 17,916 square foot office building, known as Waterford Plaza, is situated on a 1.99-acre lot (APN: 09-635-16-135-009) at 1449 Kimber Ln, Evansville, IN 47715. Built in 1999, the single-story building features a C-2 zoning designation. The property boasts a strong rent roll with actual and proforma income statements available, showcasing longer-term triple net (NNN) leases with built-in rent increases. Currently (as of March 19, 2024), there are two vacancies presenting a significant value-add opportunity for a new owner. The building's prime location on Evansville's east side offers convenient access to dining, shopping, housing, and entertainment. Recent capital improvements include a complete roof, fascia, and gutter replacement in 2024, and four HVAC rooftop units were replaced in 2023. The asking price is $2,800,000, translating to $156.28 per square foot. This property is ideal for investors seeking a stable, income-producing asset with immediate upside potential. The property is suitable for medical and traditional office uses, as well as financial businesses.

• CAP approach

  CAP return

  Valuation

  6%

  $3,240,829

  6.5%

  $2,991,534

  7%

  $2,777,853

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,614,861

  Geo Method

  $1,614,861

• Alternative Use

  Use

  Valuation

  Residential

  $3,709,502

  Hospitality

  $3,397,884

  Educational

  $2,827,000

  Medical

  $2,924,225

  Retail

  $4,397,556

Location Insight

City

Evansville

County

Vanderburgh

State

Indiana

Latitude

37.9899

Longitude

-87.4768

CBSA code

21780

CBSA name

EVANSVILLE, IN-KY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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