Flex Space with Multiple Overhead
For Sale
$375,000
1057 E 350 N, Warsaw, IN 46582
COMMERCIAL - Warsaw, IN
Property Size4,500 SF
Lot Size0.61 Acres
Price / SF$83.33
Days on Market94
Property Features for 1057 E 350 N
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Off Street
Lot features
Rural
Directions
North on Husky Trail, becomes 100 E. East on 350 N, south side of the road.
Subdivision
Kosciusko County
Standard status
Active
APN
43-07-27-300-739.000-016
Lot size
0.61 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
029-107-005.AA PT NW NW SW 27-33-6 0.61A PER CALC
Tax Annual Amount
1456
Legal Description
029-107-005.AA PT NW NW SW 27-33-6 0.61A PER CALC
Utilities
Cooling system
Multi Units, Central Air
Building Details
Year built
1979
Flooring type
Concrete, Vinyl
Roof type
Metal
Listing Agency:
Blackwell Real Estate
(574) 267-6280
Listed By:
Dave Blackwell · License #RB14014777
(574) 453-8143
Added: May 11
Changed: Aug 4
Last Checked: Aug 12 at 8:06AM
MLS# 202617545
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.
Two multi-purpose flex buildings sit on 0.61 acres just northeast of Warsaw, IN. The east building is 40x63 and was constructed in 1979 (Morton Buildings). It includes two separate modern office suites: Unit A has a front reception area with a kitchen/break room, 2 private offices, and a full restroom; Unit B has a reception area, kitchen/break room, 3 private offices, and a full restroom.
The rear portion of the east building includes storage with large sliding doors at the front and rear, plus a loft area above the offices. The property is zoned commercial; a BZA Zoning Exception would be required to use the two office suites as apartments. Both suites have separately metered gas & electric, with newer Carrier high-efficiency furnaces and newer AC units.
A 30x66 south building was constructed in 1991 (Pacemaker) and is currently divided into 3 units (could be 5). The building features 5 overhead doors, with both end units having 2 overhead doors and a service/entrance door. The middle unit has an overhead door and can also be accessed through a service door from the east end unit. Ample gravel parking and site utilities include NIPSCO gas, REMC electric with fiber optic internet service available, a 4-inch well shared with the adjacent house to the east, and a private septic system.
The rear portion of the east building includes storage with large sliding doors at the front and rear, plus a loft area above the offices. The property is zoned commercial; a BZA Zoning Exception would be required to use the two office suites as apartments. Both suites have separately metered gas & electric, with newer Carrier high-efficiency furnaces and newer AC units.
A 30x66 south building was constructed in 1991 (Pacemaker) and is currently divided into 3 units (could be 5). The building features 5 overhead doors, with both end units having 2 overhead doors and a service/entrance door. The middle unit has an overhead door and can also be accessed through a service door from the east end unit. Ample gravel parking and site utilities include NIPSCO gas, REMC electric with fiber optic internet service available, a 4-inch well shared with the adjacent house to the east, and a private septic system.
Key Highlights
- 0.61‑acre property just northeast of Warsaw, IN
- East building 40x63 built in 1979 (Morton Buildings) with two modern office suites
- Unit A offices: reception with kitchen/break room, 2 private offices, full restroom
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
$25,843
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
6.89%
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%
$516,860
$516.9K
Cap Rate 7%
$369,186
$369.2K
Cap Rate 9%
$287,144
$287.1K
Market Conditions
NOI Build-Up for 4,500 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
$42.7K $9.48/SF
− Vacancy
−$2.9K −$0.64/SF
EGI
$39.8K $8.84/SF
− OpEx
−$13.9K −$3.09/SF
NOI
$25.8K $5.74/SF
Area
Kosciusko County, IN
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
35.00%
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%
$516,860
Cap Rate 7%
$369,186
Cap Rate 9%
$287,144
Alternative Uses
Best Use
Office B
$600.2K
$525.2K – $700.3K
NOI $42,015 @ 7.0% cap · market cap 11.20%
Second Best
Flex RnD
$369.2K
$323.0K – $430.7K
NOI $25,843 @ 7.0% cap · market cap 6.89%
Theoretical Best
Office A
$784.0K
$686.0K – $914.6K
NOI $54,878 @ 7.0% cap · market cap 14.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46582, IN
14,151
Population
7,064
Households
2
Avg Household Size
38
Median Age
35%
College-Educated
91%
High-School Grad
57.6 sq mi
ZIP Area
246
Density / Sq Mi
$67,161
Median Household Income
$43,031
Median Earnings
$1,085
Median Rent
$231,900
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?
Flex space - Two flex buildings offer office suites plus warehouse/storage space with ample gravel parking and separately metered utilities.
Where is this flex space located?
The property is located at 1057 E 350 N Warsaw, IN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 0.61‑acre property just northeast of Warsaw, IN; East building 40x63 built in 1979 (Morton Buildings) with two modern office suites; Unit A offices: reception with kitchen/break room, 2 private offices, full restroom
