High-Visibility Corner Office
For Sale
$665,000
102 W Market St, Nappanee, IN 46550
Well-maintained office building currently built out as a dental office with reception, private rooms, and ADA-compliant restroom.
Property Size4,644 SF
Price / SF$143.20
Days on Market96
Property Features for 102 W Market St
General Information
Standard status
Active
Size
4,644 SF
Building Details
Year Built
1937
Listing Agency:
Keller Williams Realty Group
Listed By:
Chad Martin · License #RB16000735
(574) 333-3972
Source:
Spencerchildersgroup
Added: Jun 16
Changed: Sep 16
Last Checked: Sep 19 at 2:36PM
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 Keller Williams Realty Group
Investment Insights
Based on property information with market context.
102 W Market St is a well-maintained commercial building with a high-visibility corner position and attached exterior signage. The interior is currently built out for a dental office, including a welcoming reception and waiting area, multiple private rooms, and dedicated work areas. The property also features an ADA-compliant restroom, updated plumbing, fiber optic internet service, and two 200-amp electrical panels, supported by a modern floor structure.
The building’s corner presence provides strong street-facing visibility for business signage and professional image. The roof is less than five years old, and the rooftop HVAC units are approximately 10 years old, supporting ongoing comfort and operational continuity.
While the space is currently configured as a dental office, the seller will require a rent-back period until completion of their new building nearby. Importantly, a deed restriction will prohibit dental office use at this location for 30 years. Beyond that limitation, the layout and improvements can support many other service-based uses such as professional or medical-style office, counseling and therapy, chiropractic or wellness services, financial and insurance services, legal and real estate activities, title-related services, and boutique retail, salon, or spa operations.
The building’s corner presence provides strong street-facing visibility for business signage and professional image. The roof is less than five years old, and the rooftop HVAC units are approximately 10 years old, supporting ongoing comfort and operational continuity.
While the space is currently configured as a dental office, the seller will require a rent-back period until completion of their new building nearby. Importantly, a deed restriction will prohibit dental office use at this location for 30 years. Beyond that limitation, the layout and improvements can support many other service-based uses such as professional or medical-style office, counseling and therapy, chiropractic or wellness services, financial and insurance services, legal and real estate activities, title-related services, and boutique retail, salon, or spa operations.
Key Highlights
- Built in 1959 commercial office building currently built out as a dental office with reception and waiting area
- Multiple private rooms plus work areas, ADA‑compliant restroom, and updated plumbing
- Fiber optic internet service and two 200‑amp electrical panels
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
$47,968
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
7.21%
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%
$959,360
$959.4K
Cap Rate 7%
$685,257
$685.3K
Cap Rate 9%
$532,978
$533.0K
Market Conditions
NOI Build-Up for 4,644 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
$87.5K $18.84/SF
− Vacancy
−$23.5K −$5.07/SF
EGI
$64.0K $13.77/SF
− OpEx
−$16.0K −$3.44/SF
NOI
$48.0K $10.33/SF
Area
Elkhart County, IN
Vacancy
26.90%
Lease Rate
$18.84 /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%
$959,360
Cap Rate 7%
$685,257
Cap Rate 9%
$532,978
Alternative Uses
Best Use
Office B
$685.3K
$599.6K – $799.5K
NOI $47,968 @ 7.0% cap · market cap 7.21%
Second Best
Healthcare Medical
$518.7K
$453.9K – $605.2K
NOI $36,312 @ 7.0% cap · market cap 5.46%
Theoretical Best
Specialty Retail
$859.8K
$752.3K – $1.00M
NOI $60,186 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46550, IN
12,679
Population
4,656
Households
2.7
Avg Household Size
32
Median Age
9%
College-Educated
72%
High-School Grad
71.6 sq mi
ZIP Area
177
Density / Sq Mi
$80,403
Median Household Income
$42,843
Median Earnings
$867
Median Rent
$232,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Medical Office Space - Well-maintained office building currently built out as a dental office with reception, private rooms, and ADA-compliant restroom.
Where is this medical office space located?
The property is located at 102 W Market St Nappanee, IN.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Built in 1959 commercial office building currently built out as a dental office with reception and waiting area; Multiple private rooms plus work areas, ADA‑compliant restroom, and updated plumbing; Fiber optic internet service and two 200‑amp electrical panels
