215 Martin Luther King Jr BlvdEvansville, IN 47708

Property Details for 215 Martin Luther King Jr Blvd

Year built

1962

Construction

WOOD

Lot size

0.54 AC

Property size (Sq ft)

8,274 SF

Property type

Office properties

APN

82-06-30-020-047.002-029

APU

820630020047002029

Description

This attractive 8,274 square-foot brick office building presents a rare opportunity in Evansville's central business district. Situated on a sizable 0.54-acre lot, the property boasts a significant advantage: 36 on-site parking spaces—a highly sought-after amenity in this location. The building is currently occupied by a single tenant, offering immediate income potential for investors. Recent upgrades enhance its value and efficiency. These include a new roof (installed 5 years ago), updated windows (3 years ago), recently sealed asphalt (1 year ago), a new HVAC system (1 year ago), and LED lighting (3 years ago). The building's excellent condition and prime location make it an ideal investment for those seeking a stable, high-return property in a thriving urban core. Showings are available after 5:00 PM or on weekends due to the current tenant's occupancy. The property is classified as a traditional office building with retail subtype and is located in Vanderburgh County. This single-tenant occupancy provides a streamlined management experience. The combination of modern updates, ample parking, and a desirable downtown location makes this property a compelling investment prospect.

• CAP approach

  CAP return

  Valuation

  6%

  $1,429,351

  6.5%

  $1,319,401

  7%

  $1,225,158

• Comparable approach

  Method

  Valuation

  Relative Method

  $712,226

  Geo Method

  $712,226

• Alternative Use

  Use

  Valuation

  Residential

  $1,636,057

  Hospitality

  $1,498,619

  Educational

  $1,246,834

  Medical

  $1,289,714

  Retail

  $1,939,519

Location Insight

City

Evansville

County

Vanderburgh

State

Indiana

Latitude

37.9754

Longitude

-87.5692

CBSA code

21780

CBSA name

EVANSVILLE, IN-KY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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