329 Main Street

Highlights:

• 65,812 SF building
• 50 units
• Built in 1916, renovated in 2012
• Zoned C-3 Central Business
• Located in Southwestern Indiana - Evansville, IN MSA area
• 92% occupancy

Description:

This historic property, often referred to as the "Hilliard Lyons Building," is located in downtown Evansville and is listed on the National Register of Historic Places. Constructed in 1916, 329 Main was Evansville's first skyscraper and built by Citizens National Bank and designed by Atlanta architect William Lee Stoddart in the Chicago School Style, which used steel and stone as fireproofing materials.

Now known as 329 on Main, it has been completely renovated (2012) and is home to 50 residential apartments in a mix of 1 and 2 bedroom floorplans. The building has classic charm with modern amenities such as sleek cabinetry, granite countertops, stainless steel appliances, luxury flooring, and stylish tile accents in the kitchens and bathrooms, along with upgraded lighting and fixtures.

In addition to the residential units, the building contains some commercial space on the ground and basement levels. A small area on the ground level was leased at one time by the local restaurant that operated a take out window serving downtown lunch patrons, particularly the students of nearby Signature High School. A portion of the basement is set up as a bar/restaurant and even operated a small brewery at one time known as Little Cheers. It has been not been in operation for several years but still has much of the kitchen equipment in place.

329 Main also includes an approximate 1/2 AC of gated surface parking in the rear of the building for its residents.

329 on Main is situated within Evansville's vibrant and growing downtown area. With employment, entertainment, shopping and dining all within walking distance, residents benefit from the full "live work play" experience. Main Street is the heart of the CBD and home to many restaurants and small businesses. The Ford Center, a multi-use indoor arena with seating capacity of 11,000 constructed in 2011 is 2 blocks to the NE. The same intersection of Main and 4th (north corner) will be home to a new mixed use project called The Vault on Main and include 161 residential units, ground floor retail and an underground parking garage.

Bowen National Research completed a Housing Needs Assessment in March 2024 for the Evansville Department of Metropolitan Development. This report categorized the CBD as part of the Central submarket and noted that Central was the only submarket to grow in population between 2020 and 2023 (grew by 3.5%), and is the only submarket expected to grown through 2028.

Within the Central submarket, the report further analyzed the CBD calling it the Downtown Study Area (DSA) and projects this area to grow its population by 72.5% over the next 5 years. In 2023, 28.6% of households in the DSA reported an income exceeding $100k, and this figure is projected to increase to 37.8% by 2028.

Tenants pay separately metered electric. Landlord provides warm/chilled water for unit heat pumps, hot and cold domestic water, high speed internet and trash.

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