Office Building with Teller
For Sale
Contact for pricing
1010 E Monroe Street, Goshen, IN 46528
Office property with three private offices, an entry reception area, and on-site parking.
Property Size1,637 SF
Price / SF$122.17
Days on Market144
Property Features for 1010 E Monroe Street
General Information
Standard status
Active
Size
1,637 SF
Total Parking Spaces
24
Property subtype
Office, Retail
Zoning
B2 - Central Business
Building Details
Year Built
1965
Year Renovated
2025
Buildings
1
Stories
1
Units
1
Listing Agency:
Sturges Property Group
Listed By:
Robert Doyle · License #RB 14049693
Source:
Crexi
Added: Apr 11
Changed: Aug 30
Last Checked: Aug 8 at 4:00AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Sturges Property Group
Investment Insights
Based on property information with market context.
This office building includes three offices, one full bathroom, and a reception desk area positioned at the entrance. Five teller workstations remain in place, reflecting the property's former bank training center configuration.
The property is located on the east side of Goshen at 1010 E Monroe Street. On-site parking includes 24 spaces, supporting staff and visitor access.
The property is located on the east side of Goshen at 1010 E Monroe Street. On-site parking includes 24 spaces, supporting staff and visitor access.
Key Highlights
- Three offices and one full bathroom
- Five teller workstations remain in place
- Reception desk area at the entry
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
$16,909
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
8.45%
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%
$338,180
$338.2K
Cap Rate 7%
$241,557
$241.6K
Cap Rate 9%
$187,878
$187.9K
Market Conditions
NOI Build-Up for 1,637 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
$30.8K $18.84/SF
− Vacancy
−$8.3K −$5.07/SF
EGI
$22.5K $13.77/SF
− OpEx
−$5.6K −$3.44/SF
NOI
$16.9K $10.33/SF
Area
Elkhart County, IN
Vacancy
26.90%
Lease Rate
$18.84 /SF/Yr
Expense Ratio
25.00%
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%
$338,180
Cap Rate 7%
$241,557
Cap Rate 9%
$187,878
Alternative Uses
Best Use
Office B
$241.6K
$211.4K – $281.8K
NOI $16,909 @ 7.0% cap · market cap 8.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$303.1K
$265.2K – $353.6K
NOI $21,216 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
247
Businesses Nearby
Explore this area
Business Placement
Demographics for 46528, IN
27,223
Population
8,495
Households
3.2
Avg Household Size
34
Median Age
25%
College-Educated
80%
High-School Grad
72.5 sq mi
ZIP Area
375
Density / Sq Mi
$77,620
Median Household Income
$40,539
Median Earnings
$1,056
Median Rent
$237,600
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Office property with three private offices, an entry reception area, and on-site parking.
Where is this office building located?
The property is located at 1010 E Monroe Street Goshen, IN.
What is the asking price?
The asking price for this property is $199,999.
What are key features of this property?
This property features: Three offices and one full bathroom; Five teller workstations remain in place; Reception desk area at the entry
