Flex Space with
For Sale
$1,300,000
114 South Main Street, Goshen, IN 46526
The property combines private offices with warehouse functionality and a full basement.
Property Size10,454 SF
Price / SF$124.35
Days on Market435
Property Features for 114 South Main Street
General Information
Standard status
Active
Size
10,454 SF
Property subtype
Commercial / Mixed Use
Taxes and HOA fees
Annual Taxes
$21,827
Amenities
Central Air
2
Yes
Mixed
Gas
Full Basement
Aluminum, Brick
Rubber
Building Details
Year Built
1837
Buildings
4
Listing Agency:
Century 21 Affiliated
(574) 534-1421
Listed By:
Patricia Miller · License #RB14033480
(574) 534-1421
Source:
Compass
Added: Jun 23, 2025
Changed: Aug 30
Last Checked: Aug 31 at 12:36AM
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 Century 21 Affiliated
Investment Insights
Based on property information with market context.
This commercial property at 114 South Main Street combines an office-oriented main building with a separate warehouse component. The office area includes multiple private offices, six restrooms, a conference room, and a staff break room, with a layout that has served professional, creative, coworking, and institutional functions. Central air and a full basement are also identified among the property features.
The separate warehouse includes two overhead doors, two restrooms, office space, and loft space. The property is situated on a high-traffic street in downtown Goshen and previously housed The Goshen News. Built in 1837, the building offers a combination of office and warehouse improvements at a central Goshen address.
The separate warehouse includes two overhead doors, two restrooms, office space, and loft space. The property is situated on a high-traffic street in downtown Goshen and previously housed The Goshen News. Built in 1837, the building offers a combination of office and warehouse improvements at a central Goshen address.
Key Highlights
- Separate warehouse includes two overhead doors, two restrooms, office space, and loft space
- Main building provides multiple private offices, six restrooms, a conference room, and a staff break room
- Office and warehouse components support a range of commercial layouts and functions
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
$107,980
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
8.31%
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%
$2,159,600
$2.2M
Cap Rate 7%
$1,542,571
$1.5M
Cap Rate 9%
$1,199,778
$1.2M
Market Conditions
NOI Build-Up for 10,454 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
$197.0K $18.84/SF
− Vacancy
−$53.0K −$5.07/SF
EGI
$144.0K $13.77/SF
− OpEx
−$36.0K −$3.44/SF
NOI
$108.0K $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%
$2,159,600
Cap Rate 7%
$1,542,571
Cap Rate 9%
$1,199,778
Alternative Uses
Best Use
Office B
$1.54M
$1.35M – $1.80M
NOI $107,980 @ 7.0% cap · market cap 8.31%
Second Best
Warehouse
$1.09M
$950.8K – $1.27M
NOI $76,067 @ 7.0% cap · market cap 5.85%
Theoretical Best
Specialty Retail
$1.94M
$1.69M – $2.26M
NOI $135,484 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
934
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46526, IN
33,170
Population
12,570
Households
2.6
Avg Household Size
36
Median Age
24%
College-Educated
82%
High-School Grad
67.1 sq mi
ZIP Area
494
Density / Sq Mi
$65,864
Median Household Income
$36,446
Median Earnings
$1,061
Median Rent
$192,900
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 - The property combines private offices with warehouse functionality and a full basement.
Where is this flex space located?
The property is located at 114 South Main Street Goshen, IN.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Separate warehouse includes two overhead doors, two restrooms, office space, and loft space; Main building provides multiple private offices, six restrooms, a conference room, and a staff break room; Office and warehouse components support a range of commercial layouts and functions
