Columbia City Office Space
For Sale
Contact for pricing
119 W Market St, Columbia City, IN
8,255 SF office space in the heart of Columbia City.
Property Size8,255 SF
Lot Size0.21 Acres
Price / SF$99.94
Days on Market270
Property Features for 119 W Market St
General Information
Standard status
Active
Size
8,255 SF
Lot size
0.21 Acres
Property subtype
OFFICE
Lease Type
Modified Gross
Properties For Sale
at 119 W Market St Contact us- Size
- 8,255 SF
- Type
- OFFICE
- Lease Type
- MODIFIED_GROSS
- Availability
- AVAILABLE
119 Market Street
Located in the heart of Columbia City, directly across from the court house, this...
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Listing Agency:
BND Commercial, LLC
(260) 410-3627
Listed By:
Karl Behrens · License #RB20001057
(260) 410-3627
Source:
Moodyscre
Added: Nov 26, 2025
Changed: Aug 19
Last Checked: Aug 22 at 1:44PM
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 BND Commercial, LLC
Investment Insights
Based on property information with market context.
Located in the heart of Columbia City, directly across from the court house, this well-maintained 8,255 square feet office space is available for rent. The property features parking spaces, including indoor lower level parking, plus street parking. It is located less than one mile to US Hwy 30. The property is also for sale.
Key Highlights
- Large office space with 8,255 square feet.
- Prime location in the heart of Columbia City, directly across from the court house.
- Ample parking includes indoor lower level parking plus street parking.
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
$49,406
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
5.99%
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%
$988,120
$988.1K
Cap Rate 7%
$705,800
$705.8K
Cap Rate 9%
$548,956
$549.0K
Market Conditions
NOI Build-Up for 8,255 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
$74.3K $9.00/SF
− Vacancy
−$3.7K −$0.45/SF
EGI
$70.6K $8.55/SF
− OpEx
−$21.2K −$2.56/SF
NOI
$49.4K $5.98/SF
Area
Whitley County, IN
Vacancy
5.00%
Lease Rate
$9.00 /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%
$988,120
Cap Rate 7%
$705,800
Cap Rate 9%
$548,956
Alternative Uses
Best Use
Office B
$1.30M
$1.14M – $1.52M
NOI $91,088 @ 7.0% cap · market cap 11.04%
Second Best
Retail
$1.13M
$991.4K – $1.32M
NOI $79,310 @ 7.0% cap · market cap 9.61%
Theoretical Best
Multifamily LT 5
$6.90M
$6.03M – $8.05M
NOI $482,724 @ 7.0% cap · market cap 58.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
487
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 8,255 SF office space in the heart of Columbia City.
Where is this office building located?
The property is located at 119 W Market St Columbia City, IN.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Large office space with 8,255 square feet.; Prime location in the heart of Columbia City, directly across from the court house.; Ample parking includes indoor lower level parking plus street parking.
