Two-Story Office
For Sale
$475,000
1154 Conner Street, Noblesville, IN 46060
Flexible layout includes private offices, open work areas, a kitchenette, and multiple entrances.
Property Size3,306 SF
Price / SF$143.68
Days on Market233
Property Features for 1154 Conner Street
General Information
Standard status
Active
Size
3,306 SF
Property subtype
Office
Additional Details
Road Access
Yes
Amenities
kitchenette
3
Guest Parking, Gravel.
Building Details
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
Carpenter, REALTORS
(317) 490-3735
Listed By:
Jamie Carmosino
(317) 490-3735
Source:
Xome
Added: Jan 9
Changed: Aug 30
Last Checked: Aug 30 at 1:39PM
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 Carpenter, REALTORS
Investment Insights
Based on property information with market context.
This 3,306-square-foot office property is arranged across two stories with 8 private offices and multiple open work areas. Interior features include a kitchenette and 2 bathrooms, while 3 entrances provide access to the building. Constructed in 1900, the property offers a combination of enclosed rooms and adaptable workspace for office operations.
The building is located at 1154 Conner Street in Noblesville, Indiana, with business exposure along Conner Street. A parking area is available off the alley, and the exterior parking includes gravel guest parking.
The building is located at 1154 Conner Street in Noblesville, Indiana, with business exposure along Conner Street. A parking area is available off the alley, and the exterior parking includes gravel guest parking.
Key Highlights
- 3,306 SF office building constructed in 1900
- 8 private offices plus multiple open work areas
- Two‑story layout with kitchenette and 2 bathrooms
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
$43,526
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
9.16%
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%
$870,520
$870.5K
Cap Rate 7%
$621,800
$621.8K
Cap Rate 9%
$483,622
$483.6K
Market Conditions
NOI Build-Up for 3,306 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
$64.3K $19.44/SF
− Vacancy
−$6.2K −$1.89/SF
EGI
$58.0K $17.55/SF
− OpEx
−$14.5K −$4.39/SF
NOI
$43.5K $13.17/SF
Area
Hamilton County, IN
Vacancy
9.70%
Lease Rate
$19.44 /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%
$870,520
Cap Rate 7%
$621,800
Cap Rate 9%
$483,622
Alternative Uses
Best Use
Office B
$621.8K
$544.1K – $725.4K
NOI $43,526 @ 7.0% cap · market cap 9.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$762.0K
$666.7K – $889.0K
NOI $53,339 @ 7.0% cap · market cap 11.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,056
Businesses Nearby
Explore this area
Business Placement
Demographics for 46060, IN
45,073
Population
18,887
Households
2.4
Avg Household Size
35
Median Age
46%
College-Educated
95%
High-School Grad
80.6 sq mi
ZIP Area
559
Density / Sq Mi
$91,141
Median Household Income
$50,557
Median Earnings
$1,215
Median Rent
$292,400
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 - Flexible layout includes private offices, open work areas, a kitchenette, and multiple entrances.
Where is this office building located?
The property is located at 1154 Conner Street Noblesville, IN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 3,306 SF office building constructed in 1900; 8 private offices plus multiple open work areas; Two‑story layout with kitchenette and 2 bathrooms
