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    The Largest CRE Database in the US with Over 1 Million Listings

    310 N Michigan St Plymouth, IN 46563

    Sponsored
    For Lease
    $1,500 /Mo ($0.56 SF/Yr)

    Office - Plymouth, IN

    Type:Office
    Property size:
    32,216 SF
    Lot size:
    0.23 Acres
    Days on Market:
    109
    Last Refresh:
    Feb 15 at 9:06 am

    Property Features for 310 N Michigan St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    Rooms
    Office
    APN
    50-32-93-102-910.000-019
    Interior features
    Block, Drywall, Office Space, Public Restrooms, Reception Area
    Size
    32,216 SF
    Lot size
    0.23 Acres

    Taxes and HOA fees

    Expense value
    1500
    Expense
    Security Deposit

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1908
    Floors in Building
    5
    Flooring type
    Carpet, Laminate
    Building materials
    Block
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Leah Zellers
    Leah Zellers

    RE/MAX OAK CREST REALTY (PLYMOUTH BREMEN CULVER) (574) 936-7616

    Listing agent Leah Zellers (574) 936-7616

    Listing date Oct 30, 2025

    MLS# 202544019 Listing URL

    Copyright © 2026 North Central 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.

    Learn more

    Property Insight Report

    Overview

    Downtown Plymouth Commercial Space Available

    Located in downtown Plymouth, Indiana, this commercial space offers approximately 2,920 square feet of neutrally renovated second-floor space. The layout includes five private offices, a large central open area suitable for a waiting area or collaborative workspace, men's and women's restrooms, and a kitchen area for employee use. There are also two storage areas available for office supplies. The space provides views overlooking Main Street Plymouth. Convenient front-street parking is available for clients, with additional employee parking located behind the building. An elevator is currently being repaired and is expected to be fully operational within the first quarter of 2026. Exterior signage may be considered or negotiated with acceptable lease terms, offering visibility in a high-traffic area. The lease term is preferred for two or more years. Tenant is responsible for electric and internet costs. The property is situated on a lot of 0.23 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Plymouth
    County
    Marshall
    State
    Indiana
    Longitude
    -86.308988373016
    Latitude
    41.342209

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    FAQs

    What type of property is this?
    Office space - Renovated office space in downtown Plymouth, Indiana for lease.
    Where is this office space located?
    The property is located at 310 N Michigan St Plymouth, IN.
    What is the lease rate?
    The lease rate is $0.56 SF/Yr.
    What are key features of this property?
    This property features: - Prime downtown Plymouth location with high-traffic visibility.; - Spacious 2,920 sq ft second-floor commercial space.; - Five private offices and a large central open area.
    (574) 936-7616
    Request Owner's contact information
    310 N Michigan St Plymouth, IN 46563
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    Plymouth, IN 46563
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    310 N Michigan St Plymouth, IN 46563
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    We can help!
    Listing Contact
    Leah Zellers
    Leah Zellers
    Real Estate License ID: RB14048676
    (574) 936-7616 (574) 933-4890
    Learn more
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