Flex Space with Metal
For Sale
$299,900
10140 S US Highway 31, Elizabethtown, IN 47232
Commercial Sale, Elizabethtown, IN
Property Size3,000 SF
Lot Size1.44 Acres
Price / SF$99.97
Days on Market452
Property Features for 10140 S US Highway 31
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Elementary school district
Bartholomew Con School Corp
Middle school district
Bartholomew Con School Corp
High school district
Bartholomew Con School Corp
Directions
From Columbus: head S on US 31; go past Elizabethtown turn-off; shop on Rt. From Seymour: head N on US 31; go past Azalia turn-off; shop on Left
Subdivision
313 - Bartholomew - Sand Creek
Standard status
Active
APN
101400000000000000
Lot size
1.44 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
A Part of the East Half of the Northeast Quarter of section 27, Township 8 North, Range 6 East.
Legal Description
A Part of the East Half of the Northeast Quarter of section 27, Township 8 North, Range 6 East.
Utilities
Utilities
Cable Available
Amenities
kitchenette
half bathroom
Building Details
Year built
1999
Roof type
Metal
Listing Agency:
Berkshire Hathaway Home · Berkshire Hathaway HomeServices
(812) 378-3331
Listed By:
Spring Parsons · License #RB14039039
(812) 378-3331
Added: Jun 3, 2025
Changed: Aug 28
Last Checked: Aug 28 at 10:06PM
MLS# 22042699
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,000-square-foot flex property is a 1999 metal building on 1.44 acres with a durable metal roof and a flexible interior arrangement. The building includes a kitchenette, half bathroom, improved lighting, separate electric and water meters, and a septic system. Its configuration supports warehouse, retail, office, or mixed-use operations, as stated in the property information.
The property fronts US 31 between Columbus and Seymour. A recently sealed parking area serves the front of the building, while a gravel lane extends to the rear for additional access. Commercial zoning further supports the property's range of potential business applications.
The property fronts US 31 between Columbus and Seymour. A recently sealed parking area serves the front of the building, while a gravel lane extends to the rear for additional access. Commercial zoning further supports the property's range of potential business applications.
Key Highlights
- 3,000‑square‑foot metal building on 1.44 acres
- Commercial zoning with flexible warehouse, retail, office, or mixed‑use potential
- Separate electric and water meters with septic system
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,344
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$426,880
$426.9K
Cap Rate 7%
$304,914
$304.9K
Cap Rate 9%
$237,156
$237.2K
Market Conditions
NOI Build-Up for 3,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$27.0K $9.00/SF
− Vacancy
−$1.9K −$0.63/SF
EGI
$25.1K $8.37/SF
− OpEx
−$3.8K −$1.26/SF
NOI
$21.3K $7.11/SF
Area
Bartholomew County, IN
Vacancy
7.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$426,880
Cap Rate 7%
$304,914
Cap Rate 9%
$237,156
Alternative Uses
Best Use
Flex RnD
$559.6K
$489.7K – $652.9K
NOI $39,172 @ 7.0% cap · market cap 13.06%
Second Best
Warehouse
$304.9K
$266.8K – $355.7K
NOI $21,344 @ 7.0% cap · market cap 7.12%
Theoretical Best
Healthcare Medical
$580.0K
$507.5K – $676.6K
NOI $40,597 @ 7.0% cap · market cap 13.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 47232, IN
2,460
Population
912
Households
2.7
Avg Household Size
43
Median Age
21%
College-Educated
93%
High-School Grad
32.1 sq mi
ZIP Area
77
Density / Sq Mi
$81,875
Median Household Income
$54,526
Median Earnings
$850
Median Rent
$185,400
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Functional commercial building with updated lighting, separate utilities, and rear access for varied business operations.
Where is this flex space located?
The property is located at 10140 S US Highway 31 Elizabethtown, IN.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 3,000‑square‑foot metal building on 1.44 acres; Commercial zoning with flexible warehouse, retail, office, or mixed‑use potential; Separate electric and water meters with septic system
