South GRR Retail Center

Retail-Commercial for Sale
Sale Pending
Also listed as Shopping Center
Catylist Listing ID: 30798095
Property Subtypes: Garden Center, Street Retail
Status: Pending
Building Size (RSF): 12,241 SF
Gross Land Area: 0.94 Acres
Sale Price: $1,228,000
Unit Price: $100.32 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: South GRR Retail Center
Sale Terms: Cash to Seller
Cap Rate: 7.66%
Average Occupancy Rate: 100
Last Updated: 5/13/2022

Overview / Comments

Street Retail Center located along one of Evansville's busiest corridors, Green River Road. This well leased and positioned center is poised to take advantage of the recent retail renewal the area is currently experiencing. A new 55,000 square foot Schnucks Grocery Store, Complete renovation of the former Schnucks location, New Deaconess Urgent Care Center to name of few.

Location Overview: Situated alongside the Ohio River in Southwest Indiana, Evansville is the third largest city in Indiana and the county seat for Vanderburgh County. Evansville serves as the commercial, medical and cultural hub of Southwestern Indiana and the Illinois/Indiana/Kentucky tristate area.

Employment: The region’s broad economic base yields a strong, stable and diverse economy. Major employers in the area include Toyota, Deaconess Health System, Evansville-Vanderburgh School Corp., St. Vincent Healthcare, Berry Global, University of Southern Indiana, Koch Enterprises, TJ Maxx Distribution Center, Alcoa, SKANSKA, OneMain Financial, SABIC Innovative Plastics, CenterPoint Energy and Old National Bank.

-100% Occupancy
-Service Oriented Tenants
-Area undergoing complete transformation
-New Schnuck's Grocery Store across Street
-High Traffic Street Retail Center with corner location. Perfect for the local investor to self-manage and increase returns.
-Priced significantly less than replacement at $100.00 PSF

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $8,362 (Annual)
Tax Value Land $101,900
Tax Value Improvements $157,600
Assessed Value - Total($) $259,500 (Annual)
Potential Rental Income $120,527 (Annual)
Gross Operating Income $114,500 (Annual)
Net Operating Income $94,121 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Evansville
County: Vanderburgh
Taxing Authority: Vanderburgh
Tax ID/APN: 82-06-26-017-121.012-027
Zoning: C-4
Property Visibility: Excellent
Traffic/Vehicle Count: 28,737
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1973
Year Renovated: 2014
Construction/Siding: Brick
Parking Type: Surface
Legal Description: PT SE 26-6-10

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,630 70,603 126,806
Median Age: 39.55 37.94 38.22
Households: 4,607 31,203 54,104

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