Downtown Mixed-Use Investment
New
For Sale
$1,675,000
118-120 N Main St, Hebron, IN 46341
Fully leased commercial and residential property with renovated tenant spaces, rear parking, and an unfinished unit for future buildout.
Property Size13,400 SF
Price / SF$125
Days on Market3
Property Features for 118-120 N Main St
General Information
Standard status
Active
Size
13,400 SF
Financials
Cap Rate
8.5%
Gross Income
$163,800
Units
Unit Mix
4 x 2BDRM, 1 x 1BDRM, 1 x STUDIO
Multifamily Units
6
Building Details
Year Built
1927
Buildings
1
Tenancy
Multi
Listing Agency:
BHHS Executive Realty
(219) 313-1669
Listed By:
David Harkabus · License #RB14042838
Source:
Realtopiare
Added: Aug 29
Changed: Aug 31
Last Checked: Aug 31 at 5:17AM
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 BHHS Executive Realty
Investment Insights
Based on property information with market context.
This 1927 mixed-use property combines two commercial spaces with six apartments and an additional unfinished Unit 7. The commercial component includes a functioning restaurant and a school, while the residential units include updated kitchens, bathrooms, luxury vinyl plank flooring, air-conditioning equipment, and stainless-steel appliances in Apartments 2–6. Unit 1 has new stainless-steel appliances, and Unit 7 remains unfinished with an opportunity for kitchen and bathroom installation.
Located at 118-120 N Main St in downtown Hebron, the property includes a large rear parking lot and additional street parking. Improvements include new electrical panels and boxes, refinished exterior work, steel rear stairs and railings, concrete work, gutters, doors, locks, serviced HVAC systems, and substantial plumbing work. Three-quarters of the roof has been replaced, while the remaining portion was inspected and determined not to require replacement. The property is fully leased and reports an 8.5 cap rate.
Located at 118-120 N Main St in downtown Hebron, the property includes a large rear parking lot and additional street parking. Improvements include new electrical panels and boxes, refinished exterior work, steel rear stairs and railings, concrete work, gutters, doors, locks, serviced HVAC systems, and substantial plumbing work. Three-quarters of the roof has been replaced, while the remaining portion was inspected and determined not to require replacement. The property is fully leased and reports an 8.5 cap rate.
Key Highlights
- Mixed‑use property at 118‑120 N Main St in downtown Hebron
- Two commercial spaces and six apartments, plus unfinished Unit 7
- Unfinished 1,800 sq. ft. Unit 7 requires kitchen and bathroom installation
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
$122,811
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
7.33%
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%
$2,456,220
$2.5M
Cap Rate 7%
$1,754,443
$1.8M
Cap Rate 9%
$1,364,567
$1.4M
Market Conditions
NOI Build-Up for 13,400 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
$209.0K $15.60/SF
− Vacancy
−$12.5K −$0.94/SF
EGI
$196.5K $14.66/SF
− OpEx
−$73.7K −$5.50/SF
NOI
$122.8K $9.17/SF
Area
Porter County, IN
Vacancy
6.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$2,456,220
Cap Rate 7%
$1,754,443
Cap Rate 9%
$1,364,567
Alternative Uses
Best Use
Specialty Retail
$3.74M
$3.27M – $4.36M
NOI $261,853 @ 7.0% cap · market cap 15.63%
Second Best
Mixed Use
$1.75M
$1.54M – $2.05M
NOI $122,811 @ 7.0% cap · market cap 7.33%
Theoretical Best
Healthcare Medical
$5.08M
$4.44M – $5.93M
NOI $355,510 @ 7.0% cap · market cap 21.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Explore this area
Business Placement
Demographics for 46341, IN
10,518
Population
4,179
Households
2.5
Avg Household Size
42
Median Age
20%
College-Educated
94%
High-School Grad
95.5 sq mi
ZIP Area
110
Density / Sq Mi
$99,444
Median Household Income
$55,298
Median Earnings
$897
Median Rent
$248,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased commercial and residential property with renovated tenant spaces, rear parking, and an unfinished unit for future buildout.
Where is this mixed-use property located?
The property is located at 118-120 N Main St Hebron, IN.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: Mixed‑use property at 118‑120 N Main St in downtown Hebron; Two commercial spaces and six apartments, plus unfinished Unit 7; Unfinished 1,800 sq. ft. Unit 7 requires kitchen and bathroom installation
