1331 W Franklin St
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1331 W Franklin St
6,228 SF Retail Building Evansville, IN 47710 $550,000 ($88/SF) 8.73% Cap Rate
Investment Highlights
- - Business Under New Management with celebrated chef
- - Prime location on W Franklin Street entertainment area
- - Zoned C-4 for flexible commercial use
- - Established destination for the local community
Executive Summary
Introducing 1331 W Franklin St, a meticulously renovated historic building offering a prime opportunity for restaurant or retail investors. This 6,228 SF property, originally constructed in 1919 and thoughtfully restored in 2014, exudes charm and character. With C-4 zoning, the space offers flexibility for a variety of commercial uses. Currently boasting 100% occupancy with reliable long-term tenants, this property also presents the potential for future expansion. The modernized infrastructure ensures low maintenance, providing a stable and attractive investment for those seeking a well-established destination in the heart of Evansville.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$48,000
|
$7.71
|
| Other Income |
$16,289
|
$2.62
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$64,289
|
$10.32
|
| Taxes |
$8,460
|
$1.36
|
| Operating Expenses |
$7,828
|
$1.26
|
| Total Expenses |
$16,288
|
$2.62
|
| Net Operating Income |
$48,001
|
$7.71
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $48,000 |
| Annual Per SF | $7.71 |
| Other Income | |
|---|---|
| Annual | $16,289 |
| Annual Per SF | $2.62 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $64,289 |
| Annual Per SF | $10.32 |
| Taxes | |
|---|---|
| Annual | $8,460 |
| Annual Per SF | $1.36 |
| Operating Expenses | |
|---|---|
| Annual | $7,828 |
| Annual Per SF | $1.26 |
| Total Expenses | |
|---|---|
| Annual | $16,288 |
| Annual Per SF | $2.62 |
| Net Operating Income | |
|---|---|
| Annual | $48,001 |
| Annual Per SF | $7.71 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
6,228 SF
Building Class
C
Year Built
1800
Price
$550,000
Price Per SF
$88
Cap Rate
8.73%
NOI
$48,015
Tenancy
Single
Building Height
2 Stories
Building FAR
0.49
Lot Size
0.29 AC
Opportunity Zone
Yes
Zoning
C - C4 Commercial
Parking
23 Spaces (3.69 Spaces per 1,000 SF Leased)
Frontage
218 FT on West Franklin Street
Amenities
- Air Conditioning
Nearby Major Retailers
1 of 2
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1331 W Franklin St
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