Brick Flex Space with Overhead
For Sale
$225,000
52 W Main Street, Westville, IN 46391
Commercial Sale, Westville, IN
Property Size1,095 SF
Lot Size0.20 Acres
Price / SF$205.48
Days on Market232
Property Features for 52 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
5
Parking features
Driveway
Security features
Security Lighting
Appliances
Water Heater
Subdivision
Clyburns Add 02
Lot features
Corner Lot
View
City
Directions
Located at the Corner of West Main Street and US 421
Standard status
Active
APN
460929287006000028
Size
1,095 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
49-09-29-287-006 CLYBURNS LT 6 BLK 8.
Tax Annual Amount
1312
Legal Description
49-09-29-287-006 CLYBURNS LT 6 BLK 8.
Utilities
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Amenities
overhead doors
Building Details
Year built
1940
Listing Agency:
RE/MAX Lifestyles · RE/MAX International
(219) 462-2121
Listed By:
Nicholas Blanusha · License #RB25000564
(312) 914-2549
Added: Feb 6
Changed: Sep 6
Last Checked: Sep 26 at 11:06AM
MLS# 833704
Copyright © 2026 Greater Northwest 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.
This 1,095-square-foot flex space occupies an approximately 0.1965-acre lot and dates to 1940. The brick building includes a versatile interior, two overhead doors, central heating, a water heater, and driveway parking. Public water and public sewer serve the property.
The building sits at the intersection of Main Street and US Highway 421 in Westville, providing direct access to both roadways. CBD-1 zoning applies, and the buyer should confirm zoning requirements and intended use with the Town of Westville.
The building sits at the intersection of Main Street and US Highway 421 in Westville, providing direct access to both roadways. CBD-1 zoning applies, and the buyer should confirm zoning requirements and intended use with the Town of Westville.
Key Highlights
- 1,095‑square‑foot flex space on an approximately 0.1965‑acre lot
- Brick building constructed in 1940
- Two overhead doors remain in the building
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
$14,159
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
6.29%
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%
$283,180
$283.2K
Cap Rate 7%
$202,271
$202.3K
Cap Rate 9%
$157,322
$157.3K
Market Conditions
NOI Build-Up for 1,095 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
$23.7K $21.60/SF
− Vacancy
−$1.9K −$1.71/SF
EGI
$21.8K $19.89/SF
− OpEx
−$7.6K −$6.96/SF
NOI
$14.2K $12.93/SF
Area
LaPorte County, IN
Vacancy
7.90%
Lease Rate
$21.60 /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%
$283,180
Cap Rate 7%
$202,271
Cap Rate 9%
$157,322
Alternative Uses
Best Use
Flex RnD
$202.3K
$177.0K – $236.0K
NOI $14,159 @ 7.0% cap · market cap 6.29%
Second Best
Industrial
$59.5K
$52.1K – $69.5K
NOI $4,167 @ 7.0% cap · market cap 1.85%
Theoretical Best
Specialty Retail
$304.4K
$266.4K – $355.2K
NOI $21,309 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46391, IN
9,077
Population
2,174
Households
4.2
Avg Household Size
38
Median Age
14%
College-Educated
83%
High-School Grad
39.7 sq mi
ZIP Area
229
Density / Sq Mi
$86,955
Median Household Income
$48,004
Median Earnings
$1,197
Median Rent
$254,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Brick commercial building with overhead-door access, central heating, and public utilities.
Where is this flex space located?
The property is located at 52 W Main Street Westville, IN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 1,095‑square‑foot flex space on an approximately 0.1965‑acre lot; Brick building constructed in 1940; Two overhead doors remain in the building
