Flex Building with
For Sale
$449,000
Pending
10844 Stahl Road, Newburgh, IN 47630
COMMERCIAL, Newburgh, IN
Property Size2,400 SF
Lot Size0.48 Acres
Days on Market133
Property Features for 10844 Stahl Road
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Stahl Road Business Park
Directions
From Lloyd Expressway, go North on Epworth, left on Stahl, building is down on the right.
Standard status
Pending
APN
87-12-20-304-002.000-019
Lot size
0.48 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Lot 2 Stahl Road Business Park
Tax Annual Amount
5073
Legal Description
Lot 2 Stahl Road Business Park
Amenities
covered porch
training room
coffee station
refrigerator
Building Details
Year built
2022
Flooring type
Laminate, Concrete
Roof type
Metal
Listing Agency:
RE/MAX REVOLUTION · RE/MAX International
(812) 573-0030
Listed By:
Donovan Wilkins · License #RB14028554
(812) 430-4851
Added: May 4
Changed: Sep 13
Last Checked: Sep 13 at 4:06AM
MLS# 202616544
Copyright © 2026 Southwest Indiana Association of Realtors. 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.
Completed in 2022, this 2,400-square-foot flex building combines finished office space with a substantial warehouse area. The 800-square-foot office component includes three offices, a training room with sink, refrigerator, and coffee station, plus one full bathroom and one half bathroom. Flooring includes concrete and laminate, and mini-split systems provide heating and air conditioning.
The 1,600-square-foot warehouse area is unfinished and features 23-foot ceilings, two exterior doors, and a 10' x 12' garage door. The aluminum structure has a brick front, covered porch, and metal roof. The building sits on a 0.48-acre lot within Stahl Road Business Park, with parking on a concrete lot. The property is identified as a C/1 Building and is located in Newburgh, Indiana.
The 1,600-square-foot warehouse area is unfinished and features 23-foot ceilings, two exterior doors, and a 10' x 12' garage door. The aluminum structure has a brick front, covered porch, and metal roof. The building sits on a 0.48-acre lot within Stahl Road Business Park, with parking on a concrete lot. The property is identified as a C/1 Building and is located in Newburgh, Indiana.
Key Highlights
- 2,400‑square‑foot flex building completed in 2022
- 800‑square‑foot finished office area with 3 offices and a training room
- 1,600‑square‑foot unfinished warehouse with 23‑foot ceilings
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
$29,074
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
6.48%
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%
$581,480
$581.5K
Cap Rate 7%
$415,343
$415.3K
Cap Rate 9%
$323,044
$323.0K
Market Conditions
NOI Build-Up for 2,400 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
$48.1K $20.04/SF
− Vacancy
−$3.4K −$1.40/SF
EGI
$44.7K $18.64/SF
− OpEx
−$15.7K −$6.52/SF
NOI
$29.1K $12.11/SF
Area
Warrick County, IN
Vacancy
7.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
35.00%
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%
$581,480
Cap Rate 7%
$415,343
Cap Rate 9%
$323,044
Alternative Uses
Best Use
Flex RnD
$415.3K
$363.4K – $484.6K
NOI $29,074 @ 7.0% cap · market cap 6.48%
Second Best
Office B
$356.4K
$311.9K – $415.8K
NOI $24,948 @ 7.0% cap · market cap 5.56%
Theoretical Best
Specialty Retail
$474.9K
$415.5K – $554.0K
NOI $33,241 @ 7.0% cap · market cap 7.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
23 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,085
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 47630, IN
38,309
Population
15,620
Households
2.5
Avg Household Size
41
Median Age
44%
College-Educated
97%
High-School Grad
47.0 sq mi
ZIP Area
815
Density / Sq Mi
$101,462
Median Household Income
$53,105
Median Earnings
$1,108
Median Rent
$255,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Sweetwater Event Center — 8335 Eagle Lake Dr, Evansville, IN 47715
Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse components combine in a recently built commercial facility with dedicated training space and covered entry.
Where is this flex space located?
The property is located at 10844 Stahl Road Newburgh, IN.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 2,400‑square‑foot flex building completed in 2022; 800‑square‑foot finished office area with 3 offices and a training room; 1,600‑square‑foot unfinished warehouse with 23‑foot ceilings
