Accessible Office
For Sale
$399,900
102 N Park Dr, Columbia City, IN 46725
A multi-room layout combines private offices, meeting space, kitchen facilities, restrooms, and storage.
Property Size2,896 SF
Price / SF$138.09
Days on Market10
Property Features for 102 N Park Dr
General Information
Standard status
Active
Size
2,896 SF
Building Details
Year Built
1957
Listing Agency:
Minear Real Estate
(260) 609-6001
Listed By:
Brad Minear · License #RB14035806
Source:
Spencerchildersgroup
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 11:47AM
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 Minear Real Estate
Investment Insights
Based on property information with market context.
This office building offers a structured layout with 10 private offices, 2 conference rooms, 2 restrooms, a full kitchen, and storage throughout the property. The arrangement provides multiple enclosed work areas alongside dedicated meeting space for office operations.
A wheelchair-accessible entrance and bathroom are included. Built in 1957, the property is located at 102 N Park Dr in Columbia City, Indiana, and is identified as an office building suitable for professional business use.
A wheelchair-accessible entrance and bathroom are included. Built in 1957, the property is located at 102 N Park Dr in Columbia City, Indiana, and is identified as an office building suitable for professional business use.
Key Highlights
- 10 private offices
- 2 conference rooms
- 2 restrooms and a full kitchen
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
$31,955
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
7.99%
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%
$639,100
$639.1K
Cap Rate 7%
$456,500
$456.5K
Cap Rate 9%
$355,056
$355.1K
Market Conditions
NOI Build-Up for 2,896 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
$49.3K $17.04/SF
− Vacancy
−$6.7K −$2.33/SF
EGI
$42.6K $14.71/SF
− OpEx
−$10.7K −$3.68/SF
NOI
$32.0K $11.03/SF
Area
Whitley County, IN
Vacancy
13.66%
Lease Rate
$17.04 /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%
$639,100
Cap Rate 7%
$456,500
Cap Rate 9%
$355,056
Alternative Uses
Best Use
Office B
$456.5K
$399.4K – $532.6K
NOI $31,955 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.42M
$2.12M – $2.82M
NOI $169,348 @ 7.0% cap · market cap 42.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
448
Businesses Nearby
Explore this area
Business Placement
Demographics for 46725, IN
23,917
Population
10,435
Households
2.3
Avg Household Size
42
Median Age
25%
College-Educated
93%
High-School Grad
202.8 sq mi
ZIP Area
118
Density / Sq Mi
$76,214
Median Household Income
$47,059
Median Earnings
$907
Median Rent
$216,700
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 - A multi-room layout combines private offices, meeting space, kitchen facilities, restrooms, and storage.
Where is this office building located?
The property is located at 102 N Park Dr Columbia City, IN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 10 private offices; 2 conference rooms; 2 restrooms and a full kitchen
