Brick Office Building with Live-Work
For Sale
$569,000
1015 E Center St, Warsaw, IN 46580
R-2 zoning, multiple entrances, and flexible office, residential, retail, and live-work potential define this adaptable property.
Property Size5,522 SF
Price / SF$103.04
Days on Market86
Property Features for 1015 E Center St
General Information
Standard status
Active
Size
5,522 SF
Total Parking Spaces
20
Zoning
R-2
Property Condition
Severity
Repairs Needed
Evidence
currently non-working
Site & Location
Road Access
Yes
Utilities to Site
Yes
Amenities
partial basement
detached maintenance garage with office space
natural gas whole-building generator
Cat 5 wiring
in-room speaker wiring
Metronet underground fiber
separate HVAC systems
security system
shared circular driveway
private gravel egress
three separate front entrances
Building Details
Year Built
1860
Buildings
2
Construction
brick
Listing Agency:
RE/MAX Results
Listed By:
Phillip Kuhn · License #RB18000061
(574) 386-9271
Source:
Kmsrealestategroup
Added: Jul 20
Changed: Oct 8
Last Checked: Oct 12 at 9:53PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
Built in 1860, this 5,522-square-foot brick property has operated as a professional office for approximately 50 years. The building includes three front entrances, two front staircases, a rear staircase, three possible four half baths, separate HVAC systems for each side, and a partial basement. A dedicated A/C system serves the west-side north room, which was previously used for server equipment. Interior wiring includes Cat 5 and in-room speaker connections, with Metronet underground fiber also in place.
The R-2-zoned property is located at 1015 E Center St in Warsaw and offers several configuration options identified in the property information, including professional office, retail, live-work, conversion to a single-family residence, and multifamily use with up to three units. Exterior improvements include a detached maintenance garage with office space, a shared circular driveway, 20 private parking spaces, and a private gravel egress on the west side. A natural gas whole-building generator with automatic transfer switch and security coverage for both structures are also included.
The R-2-zoned property is located at 1015 E Center St in Warsaw and offers several configuration options identified in the property information, including professional office, retail, live-work, conversion to a single-family residence, and multifamily use with up to three units. Exterior improvements include a detached maintenance garage with office space, a shared circular driveway, 20 private parking spaces, and a private gravel egress on the west side. A natural gas whole-building generator with automatic transfer switch and security coverage for both structures are also included.
Key Highlights
- 5,522 SF brick building constructed in 1860
- R‑2 zoning with office, retail, live‑work, single‑family, and up to three‑unit multifamily potential
- Three front entrances, two front staircases, and a rear staircase
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,557
Cap Rate
9.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,031,140
$1.0M
Cap Rate 7%
$736,529
$736.5K
Cap Rate 9%
$572,856
$572.9K
Market Conditions
NOI Build-Up for 5,522 SF
Gross rent
$88.1K $15.96/SF
− Vacancy
−$19.4K −$3.51/SF
EGI
$68.7K $12.45/SF
− OpEx
−$17.2K −$3.11/SF
NOI
$51.6K $9.34/SF
Area
Kosciusko County, IN
Vacancy
22.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,031,140
Cap Rate 7%
$736,529
Cap Rate 9%
$572,856
Alternative Uses
Best Use
Office B
$736.5K
$644.5K – $859.3K
NOI $51,557 @ 7.0% cap · market cap 9.06%
Second Best
Mixed Use
$495.2K
$433.3K – $577.7K
NOI $34,664 @ 7.0% cap · market cap 6.09%
Theoretical Best
Office A
$962.0K
$841.8K – $1.12M
NOI $67,341 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Explore this area
Business Placement
Demographics for 46580, IN
22,381
Population
8,873
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
71.1 sq mi
ZIP Area
315
Density / Sq Mi
$70,978
Median Household Income
$40,231
Median Earnings
$963
Median Rent
$175,700
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - R-2 zoning, multiple entrances, and flexible office, residential, retail, and live-work potential define this adaptable property.
Where is this office building located?
The property is located at 1015 E Center St Warsaw, IN.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: 5,522 SF brick building constructed in 1860; R‑2 zoning with office, retail, live‑work, single‑family, and up to three‑unit multifamily potential; Three front entrances, two front staircases, and a rear staircase
