Versatile Building in Prime
For Sale
Contact for pricing
12555 Adams Rd., Granger, IN 46530
Nearly 8,000 SF building suitable for medical or office uses.
Property Size7,973 SF
Price / SF$134.83
Days on Market410
Property Features for 12555 Adams Rd.
General Information
Standard status
Active
Size
7,973 SF
Class
C
Total Parking Spaces
25
Property subtype
Office
Zoning
County B: Business
Investment Type
Owner/User
Building Details
Year Built
1991
Buildings
1
Stories
2
Listing Agency:
Coldwell Banker Commercial Roth Wehrly Graber South Bend
(574) 277-8000
Listed By:
John Piraccini · License #RB14045659
Source:
Crexi
Added: Jul 8, 2025
Changed: Aug 8
Last Checked: Aug 19 at 11:31PM
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 Coldwell Banker Commercial Roth Wehrly Graber South Bend
Investment Insights
Based on property information with market context.
This nearly 8,000 SF building presents an opportunity for various medical, health, or office uses. It benefits from access to both IN-23/Adams Rd and Bittersweet Rd, with the intersection of Bittersweet Rd and SR 23 seeing 30,000 cars daily. The building features a reception/entrance area leading to numerous offices and exam rooms on the first floor. The main level also includes a larger exam/washing area with sinks, a former kennel area, a kitchenette, and a storage area. The second level offers additional offices and an overlook to the reception area, which could be converted into another office. Ample parking is available. The property is located on the main highway in Granger, a residential area with strong demographics. It is 1.5 miles from the Indiana/Michigan State Line, less than 3 miles to the IN-Toll Road interchange at IN-331/Capital Ave, 4.5 miles to the Grape Rd/Main St shopping corridor, 7.5 miles to the University of Notre Dame, and 10 miles from Downtown Mishawaka, South Bend, and Elkhart. The property is zoned County B: Business. Taxes are $7,486.00 for the tax year 2024. The seller will consider short term financing or a short-term lease with an option to purchase.
Key Highlights
- High‑traffic location on IN‑23/Adams Rd and Bittersweet Rd (30,000 cars daily) in Granger.
- Versatile 8,000 SF building suitable for medical, health, or office uses.
- Proximity to major shopping corridor (Grape Rd/Main St) including UP Mall, Costco, and Super Target (4.5 miles).
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
$66,045
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
6.14%
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%
$1,320,900
$1.3M
Cap Rate 7%
$943,500
$943.5K
Cap Rate 9%
$733,833
$733.8K
Market Conditions
NOI Build-Up for 7,973 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
$112.9K $14.16/SF
− Vacancy
−$24.8K −$3.12/SF
EGI
$88.1K $11.04/SF
− OpEx
−$22.0K −$2.76/SF
NOI
$66.0K $8.28/SF
Area
St. Joseph County, IN
Vacancy
22.00%
Lease Rate
$14.16 /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%
$1,320,900
Cap Rate 7%
$943,500
Cap Rate 9%
$733,833
Alternative Uses
Best Use
Office B
$943.5K
$825.6K – $1.10M
NOI $66,045 @ 7.0% cap · market cap 6.14%
Second Best
Healthcare Medical
$775.4K
$678.5K – $904.7K
NOI $54,279 @ 7.0% cap · market cap 5.05%
Theoretical Best
Retail
$1.58M
$1.38M – $1.84M
NOI $110,673 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
579
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46530, IN
31,805
Population
11,939
Households
2.7
Avg Household Size
41
Median Age
54%
College-Educated
97%
High-School Grad
24.3 sq mi
ZIP Area
1,309
Density / Sq Mi
$114,684
Median Household Income
$58,102
Median Earnings
$1,594
Median Rent
$316,800
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.
Similar Off Market Nearby
- Tracy L. Eichenseer, DVM — 12555 IN-23, Granger, IN 46530
- Harr Stephanie DVM — 12555 Adams Rd, Granger, IN 46530
- Lacopo Michael D DVM — 12555 Adams Rd, Granger, IN 46530
- Kryder & Harr Veterinary Clinic — 13471 IN-23, Granger, IN 46530
Frequently Asked Questions
What type of property is this?
Medical Office Space - Nearly 8,000 SF building suitable for medical or office uses.
Where is this medical office space located?
The property is located at 12555 Adams Rd. Granger, IN.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: High‑traffic location on IN‑23/Adams Rd and Bittersweet Rd (30,000 cars daily) in Granger.; Versatile 8,000 SF building suitable for medical, health, or office uses.; Proximity to major shopping corridor (Grape Rd/Main St) including UP Mall, Costco, and Super Target (4.5 miles).
