Commercial Property with Flexible
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1015 S A Street, Richmond, IN 47374
3000 sq ft commercial property with multiple office spaces.
Property Size3,000 SF
Price / SF$73.30
Days on Market197
Property Features for 1015 S A Street
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Special Purpose
Zoning
GC
Listing Agency:
Better Homes and Gardens Real Estate First Realty Group
Listed By:
Chris Kovach · License #IN
Source:
Crexi
Added: Jan 31
Changed: Aug 8
Last Checked: Aug 8 at 6:32AM
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 Better Homes and Gardens Real Estate First Realty Group
Investment Insights
Based on property information with market context.
This commercial property offers 3000 square feet of space with two separate entrances, providing additional flexibility. The layout includes several office space options, two front desk areas, and a large meeting room. The property is located on S A Street and features several parking spaces. It is suitable for various commercial uses.
Key Highlights
- 3000 sq. ft. commercial property
- Two separate entrances
- Great S A street location
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
$8,092
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
3.68%
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%
$161,840
$161.8K
Cap Rate 7%
$115,600
$115.6K
Cap Rate 9%
$89,911
$89.9K
Market Conditions
NOI Build-Up for 3,000 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
$14.8K $4.92/SF
− Vacancy
−$4.0K −$1.32/SF
EGI
$10.8K $3.60/SF
− OpEx
−$2.7K −$0.90/SF
NOI
$8.1K $2.70/SF
Area
Wayne County, IN
Vacancy
26.90%
Lease Rate
$4.92 /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%
$161,840
Cap Rate 7%
$115,600
Cap Rate 9%
$89,911
Alternative Uses
Best Use
Office B
$115.6K
$101.2K – $134.9K
NOI $8,092 @ 7.0% cap · market cap 3.68%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$376.1K
$329.1K – $438.8K
NOI $26,325 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,006
Businesses Nearby
Explore this area
Business Placement
Demographics for 47374, IN
45,304
Population
21,553
Households
2.1
Avg Household Size
41
Median Age
22%
College-Educated
88%
High-School Grad
119.8 sq mi
ZIP Area
378
Density / Sq Mi
$52,566
Median Household Income
$34,168
Median Earnings
$816
Median Rent
$121,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - 3000 sq ft commercial property with multiple office spaces.
Where is this office units located?
The property is located at 1015 S A Street Richmond, IN.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: 3000 sq. ft. commercial property; Two separate entrances; Great S A street location
