Visiting Nurse Association of Southwestern Indiana, Inc.

Office for Sale
Sale Pending
Catylist Listing ID: 30044219
Property Subtypes: Executive Suites, Governmental, Institutional, Medical, Mixed Use, Office Building
Status: Pending
Building Status: Proposed
Building Size (RSF): 73,000 SF
Gross Land Area: 5.48 Acres
Sale Price: $2,950,000
Unit Price: $40.41 PSF
Ceiling: 12 ft.
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Visiting Nurses Association
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 85
Last Updated: 2/26/2021

Overview / Comments

This "Class A" Office/Medical facility was custom designed & constructed in 1994 for the current owner and is in excellent condition throughout !!!. The property currently has approximately 53,000 SF of net rentable area. The Charlier Hospice Center was remodeled at a cost of over a million dollars and was functioning as a medical office with seven in-patient rooms, family support areas and a private landscaped patio garden area. There is a partially finished poured concrete wall basement primarily used for storage and mechanicals that could be completely finished for more usable area if necessary. The property is well maintained and very functional for a single or multi-tenant office use. The property is located in a commercial & residential setting which lies east of the central district of Evansville. Just a few blocks west of the property is the $69.5 million, 170,000 SF IU School of Medicine campus. Evansville officials have estimated that the new IU School of Medicine facility could have an annual economic impact of as much as $340 million. Additionally, Deaconess has announced a new 3 story clinic that is scheduled to be completed this year. Also, just blocks from this location is the new land based Tropicana Casino and Hyatt Place Five Star Hotel. ***Please contact listing agent for financial, lease and floor plan information***

Additional Details

Nearest MSA: Evansville
County: Vanderburgh
Taxing Authority: Vanderburgh County
Tax ID/APN: 82-06-29-024-029.001-029
Zoning: M-1
Property Located Between: South Garvin Street and South Morton Avenue
Property Visibility: Excellent
Highway Access: Highway 41, Lloyd Expressway, I-69 and I-64
Airports: Evansville Regional Airport
Site Description: The site is a square shaped tract of land located at the northeast corner of Walnut and Garvin Streets in Walnut Centre. The site has 513.5' of frontage along Walnut Street and extends north 465' to the center line of the 14' vacated alley. It contains the entire city block bordered by Walnut, Garvin, Morton and former Olive Street and one-half of the block to the north bordered by the vacated Olive Street, Garvin, Morton and Sycamore Streets. The site contains 238,778 SF or 5.48 acres and is level and at grade with the surrounding land and slightly above the street grade for adequate drainage. Access to the subject property is provided by curb cuts from Walnut Street to the southwest and Morton Street to the southeast. Garvin Street is one way northbound street and does not have curb cut access to the subject property. Utilities available to the property include city water, city sewer, electricity, telephone and natural gas. Municipal services are available in the same quantity and quality as found elsewhere throughout Evansville. Site improvements include approximately 110,000 SF of asphalt parking striped for 300-310 cars. The parking lot surrounds on the east, west and north the subject building, which is located slightly west of the center of the southern portion of the subject site along Walnut Street. The lot is lighted with 10 double lamp light poles. Additional site improvements include two marquee signs along the Walnut Street entrance, six smaller single lamp light poles and landscaped area long the concrete walks surrounding the building. The northern part of the site, the area north of the vacated Olive Street, is currently grass and unimproved and available for future expansion. The northwest portion of the building occupied by Charlier Hospice Center has brick walled off garden and patio area that connect to the seven in-patient rooms. This site is adequate in size, shape, topography and access for a variety of uses including office, secondary retail, light industrial and parking.
Area Description: Evansville, IN--A CITY THAT'S TRANSFORMING! Situated on the Ohio River, Evansville, Indiana is the commercial, medical, and cultural hub of Southwestern Indiana and the Illinois-Indiana-Kentucky tri-state area. It is the third-largest city in the state of Indiana and the largest city in Southern Indiana. The broad economic base of the region has helped build an economy know for its stability, diversity, and vitality. Recent growth can be attributed to the economic development of Evansville and its metro area. As well as being the forefront of education and culture, Evansville has emerged as the tri-state's major center for medical science industries and health care that ranks among the region's largest employers.
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1994
Roof Type: Flat
Construction/Siding: Brick, Steel Frame
Exterior Description: The building is of steel frame and brick construction with tinted bronzed double glazed windows throughout the building. Also included are three surveillance entrance canopies.
Parking Ratio: 5.8 (per 1000 SF)
Parking Type: Surface
Parking Description: Large well lit paved lot with 310 dedicated parking spaces and security cameras.
Total Parking Spaces: 310
Passenger Elevators: 1
Freight Elevators: 1
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: The floors are resilient tile and carpet. There are acoustical tiled ceilings with florescent lighting.
Zoning Description: The property is zoned M-1, light industrial district. This zone allows retail stores, service stores, department stores, schools, supermarket, office buildings, automobile service stations, shopping centers, manufacturing facilities, packaging, finishing, processing and service uses. The subject is in conformance with the zone.
Lot Frontage: 501
Lot Depth: 458
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: Fee Simple
Legal Description: WALNUT ST ADD LOTS 1 THRU 4 & 9 THRU 40 BL 1 LOTS A B C D E BULLEN TRACT & PT VAC OLIVE ST & PT VAC ALLEY GARVIN & BROWERS ADD LOTS 21 THRU 40 BL 3.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,189 81,317 137,781
Median Age: 37.29 37.3 37.99
Households: 6,201 33,841 59,117
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