All-Window Downtown
For Sale
$199,900
112 W Market St, Warsaw, IN 46580
Historic commercial space in Warsaw’s downtown district, near several restaurants and retail shops.
Property Size1,179 SF
Price / SF$169.55
Days on Market28
Property Features for 112 W Market St
General Information
Standard status
Active
Size
1,179 SF
Building Details
Year Built
1880
Listing Agency:
Our House Real Estate
(574) 551-2601
Listed By:
Teresa Bakehorn · License #RB14022437
Source:
Spencerchildersgroup
Added: Aug 4
Changed: Aug 28
Last Checked: Aug 30 at 8:53PM
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 Our House Real Estate
Investment Insights
Based on property information with market context.
This 1,179-square-foot storefront occupies a downtown Warsaw location with an all-window front that places merchandise, services, or displays directly along the street. The building dates to 1880, adding historic character to the commercial setting.
The property is situated on W Market St in Warsaw’s downtown district, within walking distance of several restaurants and near other retail shops. The surrounding district is described as an active area with ongoing growth and additional parking anticipated.
The property is situated on W Market St in Warsaw’s downtown district, within walking distance of several restaurants and near other retail shops. The surrounding district is described as an active area with ongoing growth and additional parking anticipated.
Key Highlights
- 1,179 SF storefront property
- All‑window storefront for strong street‑facing display area
- Located in downtown Warsaw at 112 W Market St
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
$11,954
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
5.98%
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%
$239,080
$239.1K
Cap Rate 7%
$170,771
$170.8K
Cap Rate 9%
$132,822
$132.8K
Market Conditions
NOI Build-Up for 1,179 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
$17.8K $15.12/SF
− Vacancy
−$749 −$0.64/SF
EGI
$17.1K $14.48/SF
− OpEx
−$5.1K −$4.35/SF
NOI
$12.0K $10.14/SF
Area
Kosciusko County, IN
Vacancy
4.20%
Lease Rate
$15.12 /SF/Yr
Expense Ratio
30.00%
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%
$239,080
Cap Rate 7%
$170,771
Cap Rate 9%
$132,822
Alternative Uses
Best Use
Retail
$170.8K
$149.4K – $199.2K
NOI $11,954 @ 7.0% cap · market cap 5.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$205.4K
$179.7K – $239.6K
NOI $14,378 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
710
Businesses Nearby
80k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Dining 46%
McDonald's
Dining
24,588 visits/mo
0.4 miles
BP
Shops & Services
13,638 visits/mo
0.4 miles
Dollar General
Shops & Services
8,495 visits/mo
0.4 miles
KFC
Dining
7,547 visits/mo
0.5 miles
Marathon Petroleum
Shops & Services
5,319 visits/mo
0.2 miles
Demographics for 46580, IN
22,381
Population
8,873
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
71.1 sq mi
ZIP Area
315
Density / Sq Mi
$70,978
Median Household Income
$40,231
Median Earnings
$963
Median Rent
$175,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Storefront property - Historic commercial space in Warsaw’s downtown district, near several restaurants and retail shops.
Where is this storefront property located?
The property is located at 112 W Market St Warsaw, IN.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: 1,179 SF storefront property; All‑window storefront for strong street‑facing display area; Located in downtown Warsaw at 112 W Market St
