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Versatile Live-Work Brick Office

1015 E Center Street Warsaw, IN 46580

Claim this Listing
For Sale
$569,000

COMMERCIAL - Warsaw, IN

Type:Office
Property size:
4,400 SF
Lot size:
0.55 Acres
Price / SF:
$129/SF
Added:
Mar 18, 2026
Days on Market:
117
Last Refresh:
Jul 12 at 3:06 pm

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
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

Utilities

Cooling system
Central Air

Building Details

Year built
1860
Flooring type
Carpet, Wood, Vinyl, Laminate
Roof type
Shake

Listing agent Phillip Kuhn License #RB18000061

Listing office RE/MAX Results 358 Enterprise Drive, Warsaw, IN

Listing date Mar 18, 2026

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 distinctive brick property was originally constructed as a stately residence and has operated as a professional office for the past 50 years. It includes two front staircases, a rear staircase, and three half baths with the ability to convert one to a full bath. The layout offers multiple front entrances—three in total—supporting a live-work arrangement or other configurations. Separate HVAC systems serve each side of the building, and one west-side north room includes a dedicated A/C setup with its own thermostat, previously used for server equipment. Additional improvements include a partial basement for storage and a detached maintenance garage with office space. The property is equipped with a natural gas whole-building generator with an automatic transfer switch, Cat 5 wiring throughout, in-room speaker wiring, Metronet underground fiber, and a security system covering both the main building and garage. A private gravel egress is available on the west side.

Located at 1015 E Center Street in Warsaw, Indiana, the building provides easy ingress and egress via a shared circular driveway off Center Street. The site includes 20 private parking spaces, which can support a wide range of customer-facing or tenant needs. The property is zoned R-2.

With its multiple entrances, separate HVAC, and flexible layout, the building can accommodate office users such as insurance, legal, or real estate, while also aligning with retail or multi-family living with up to three units if converted. It also presents a straightforward pathway for a tenant seeking a live-work setup, occupying one side and operating a business, studio, or similar use in the other. Conversion back to a single-family home is also possible, including a grand staircase and a fireplace that is currently non-working.

Key Highlights

  • 4,400+ SF brick property built in 1860; has operated as a professional office for the past 50 years
  • Zoned R‑2 with multiple possible uses including office, retail, conversion to single‑family, or multi‑family up to three units
  • Three separate front entrances plus two front staircases and a rear staircase—suited for a live/work layout

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $70.2k $15.96
− Vacancy −$15.4k −$3.51
EGI $54.8k $12.45
− OpEx −$13.7k −$3.11
NOI $41.1k $9.34
4,400 SF · lease $15.96/SF/yr · vacancy 22.00% · expense 25.00%

Alternative Uses

Best Use
Office B
$586.9K
$513.5K – $684.7K (±1% cap)
NOI $41,081 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$476.9K
$417.3K – $556.4K (±1% cap)
NOI $33,384 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$766.5K
$670.7K – $894.3K (±1% cap)
NOI $53,658 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Live-work space

Suggested Use

Plumbing Service Electrical Service (Bike/Boat/Book/etc) Store Catering Service (Bike/Boat/Book/etc) Store Carpet & Flooring Store Pet Store Pet Store & Service Restaurant Bakery

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

FAQs

What type of property is this?
Live-work space - R-2 zoned brick building with multiple entrances, separate HVAC, private parking, and generator for flexible live-work or office use.
Where is this live-work space 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+ SF brick property built in 1860; has operated as a professional office for the past 50 years; Zoned R‑2 with multiple possible uses including office, retail, conversion to single‑family, or multi‑family up to three units; Three separate front entrances plus two front staircases and a rear staircase—suited for a live/work layout
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More about this property
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