Office Building with 20 Parking
For Sale
$569,000
1015 E Center Street, Warsaw, IN 46580
COMMERCIAL, Warsaw, IN
Property Size4,400 SF
Lot Size0.55 Acres
Price / SF$129.32
Days on Market163
Property Features for 1015 E Center Street
General Information
Property type
Commercial Sale
Property subtype
Office
Rooms
Basement
Parking features
Off Street
Fencing
Chain Link
Lot features
City
Directions
From Warsaw, E on Center St to sign on North side of street
Subdivision
Kosciusko County
Standard status
Active
APN
43-11-09-300-672.000-032
Lot size
0.55 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
004-047-075 Lot 2 Exc N 120' Boss Add
Tax Annual Amount
6169
Legal Description
004-047-075 Lot 2 Exc N 120' Boss Add
Utilities
Cooling system
Central Air
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
Building Details
Year built
1860
Flooring type
Vinyl, Carpet, Laminate, Wood
Roof type
Shake
Listing Agency:
RE/MAX Results · RE/MAX International
(574) 269-6911
Listed By:
Phillip Kuhn · License #RB18000061
(574) 386-9271
Added: Mar 18
Changed: Aug 26
Last Checked: Aug 27 at 1:06AM
MLS# 202608993
Copyright © 2026 Kosciusko Board of Realtors MLS. 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 4,400+ square foot brick property was built in 1860 and has operated as a professional office for approximately 50 years. Three front entrances, two front staircases, a rear staircase, and three possible four half baths support a flexible floor plan. Interior finishes include wood, laminate, vinyl, and carpet. A partial basement provides storage, while the detached maintenance garage includes office space.
The building is configured with separate HVAC systems for each side, including dedicated air conditioning for a north room, along with Cat 5 wiring, in-room speaker wiring, underground Metronet fiber, and a security system serving both structures. A natural gas whole-building generator with automatic transfer switch adds operational support. The R-2-zoned 0.55-acre property offers 20 private parking spaces, shared circular-drive access from East Center Street, and a private gravel egress on the west side. The layout has been identified for professional office, retail, live-work, residential, and multi-family possibilities, subject to applicable approvals.
The building is configured with separate HVAC systems for each side, including dedicated air conditioning for a north room, along with Cat 5 wiring, in-room speaker wiring, underground Metronet fiber, and a security system serving both structures. A natural gas whole-building generator with automatic transfer switch adds operational support. The R-2-zoned 0.55-acre property offers 20 private parking spaces, shared circular-drive access from East Center Street, and a private gravel egress on the west side. The layout has been identified for professional office, retail, live-work, residential, and multi-family possibilities, subject to applicable approvals.
Key Highlights
- 4,400+ square feet on a 0.55‑acre parcel
- Built in 1860; used as a professional office for approximately 50 years
- 20 private parking spaces with shared circular‑drive access from East Center Street
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
$41,081
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
7.22%
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%
$821,620
$821.6K
Cap Rate 7%
$586,871
$586.9K
Cap Rate 9%
$456,456
$456.5K
Market Conditions
NOI Build-Up for 4,400 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
$70.2K $15.96/SF
− Vacancy
−$15.4K −$3.51/SF
EGI
$54.8K $12.45/SF
− OpEx
−$13.7K −$3.11/SF
NOI
$41.1K $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 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%
$821,620
Cap Rate 7%
$586,871
Cap Rate 9%
$456,456
Alternative Uses
Best Use
Office B
$586.9K
$513.5K – $684.7K
NOI $41,081 @ 7.0% cap · market cap 7.22%
Second Best
Mixed Use
$394.6K
$345.3K – $460.4K
NOI $27,621 @ 7.0% cap · market cap 4.85%
Theoretical Best
Office A
$766.5K
$670.7K – $894.3K
NOI $53,658 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
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
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 - Brick professional property with flexible interior access, separate building systems, and R-2 zoning.
Where is this office building located?
The property is located at 1015 E Center Street 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: 4,400+ square feet on a 0.55‑acre parcel; Built in 1860; used as a professional office for approximately 50 years; 20 private parking spaces with shared circular‑drive access from East Center Street
