Prime Corner Redevelopment Opportunity

Retail-Commercial for Sale
Catylist Listing ID: 30790046
Property Subtypes: Free-Standing Building, Restaurant, Retail-Pad, Tavern/Bar/Nightclub
Building Size (RSF): 9,987 SF
Sale Price: $1,400,000
Unit Price: $140.18 PSF
Property Use Type: Vacant/Owner-User
Building Name: Former Acropolis Restaurant
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/16/2022

Overview / Comments

Available for redevelopment - Hard corner in the busiest retail district within 100 miles.
501 N Green River Road - This parcel is an outlot of Shoe Carnival Town Center, a 202k SF shopping center 94% leased as of February 2022. Anchors in Town Center are JoAnn Stores and Shoe Carnival, with junior anchor stores Chuck E Cheese, Buffalo Wild Wings, and Jason’s Deli. Other outlots in the center include Fazoli’s, McDonald's, Boot Barn, and GD Ritzy’s.

Eastland Regional Mall is directly across Green River Road. Eastland is a Macerich property with 1M SF, 110+ stores, and is the largest mall within a 2-hour drive.

The available parcel includes a building pad and parking rights. The building pad is 11k SF currently improved with a restaurant that was developed in 1983 for a national chain. The parking rights include a perpetual easement on the surrounding .7 AC parking lot with 73 spaces and overflow parking rights in the main portion of the shopping center.

The owner of this building operates it as a catering business, which will be relocated upon sale. This presents an opportunity for redevelopment of the site into something that will benefit from its prime location.

Attachments & Media

Financials

Finance Data Year 2015
Real Estate Taxes - Annual($) $17,155 (Annual)
Tax Value Land $112,900
Tax Value Improvements $425,200
Assessed Value - Total($) $538,100 (Annual)
Finance Data Year 2013
Real Estate Taxes - Annual($) $20,204 (Annual)
Tax Value Land $112,900
Tax Value Improvements $526,600
Assessed Value - Total($) $639,500 (Annual)
Finance Data Year 2011
Real Estate Taxes - Annual($) $19,248 (Annual)
Tax Value Land $112,900
Tax Value Improvements $557,700
Assessed Value - Total($) $670,600 (Annual)
Finance Data Year 2010
Real Estate Taxes - Annual($) $20,620 (Annual)
Tax Value Land $112,900
Tax Value Improvements $646,900
Assessed Value - Total($) $759,800 (Annual)
Finance Data Year 2009
Real Estate Taxes - Annual($) $19,328 (Annual)
Tax Value Land $112,900
Tax Value Improvements $646,900
Assessed Value - Total($) $759,800 (Annual)

Additional Details

Nearest MSA: Evansville
County: Vanderburgh
Tax ID/APN: 82-06-24-012-144.006-027
Zoning: C-4
Property Visibility: Excellent
Largest Nearby Street: N Green River Rd
Traffic/Vehicle Count: 35,000
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Average
Roof Type: Flat
Water Service: Municipal
Sewer Type: Municipal
Legal Description: EASTLAND PLACE PT OUTLOT B

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,005 74,933 133,668
Median Age: 37.75 37.9 38.47
Households: 2,734 32,558 56,778

Contact

Photograph of Listing Agent

Scott Edmond CCIM

SVN | The Martin Group ICREX Member
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