Overview
900 E Diamond Avenue in Evansville, Indiana offers investors an exceptional sub‑$1M industrial flex opportunity featuring a strong in‑place yield, corporate‑guaranteed income, and meaningful rent‑growth upside.
Priced at $749,000 ($51/SF), the 14,700 SF single‑tenant flex building generates $104,075 of NOI—an attractive 13.9% cap rate—with 2.2 years of guaranteed rent backed by PT Holdings (Parts Town), a $2.5B‑revenue global parts distributor.
Located in the Evansville Airport Industrial submarket, which has a 1.2% vacancy rate and no recent flex development, the property benefits from exceptionally tight supply, strong regional connectivity via I‑69 and U.S. 41, and resilient demand from service, logistics, and light‑industrial users—positioning it as a high‑yield, low‑basis, and low‑vacancy‑risk industrial flex investment.
Investment Highlights
Lock in 11.6% yield for 2.2 years, then capture $35K annual rent upside at April 2028 rollover—a scheduled value-creation event.
Current rent of $7.25/SF is 24% below market($9.58/SF avg), providing clear mark-to-market potential backed by comparable lease data.
1.2% vacancy submarket with no new flex construction since 2022—supply constraints protect downside and ensure rapid backfill.
Guaranteed by Parts Town ($2.5B revenue)—annual rent is less than 0.005% of guarantor revenue. Investment-grade equivalent credit.
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