Flex Space with
For Sale
Contact for pricing
12655 Sandy Dr, Granger, IN 46530
Manufacturing-zoned facility combines warehouse functionality with dedicated work areas and paved on-site parking.
Property Size12,000 SF
Price / SF$95.42
Days on Market145
Property Features for 12655 Sandy Dr
General Information
Standard status
Active
Size
12,000 SF
Property subtype
INDUSTRIAL
Zoning
Manufacturing
Additional Details
Office Build-Out
3,000 SF
Building Details
Buildings
1
Building Size
12,000 SF
Listing Agency:
NAI Cressy Commercial Real Estate - Corporate
(574) 485-1537
Listed By:
Roy Roelke · License #RB14051091
(574) 485-1537
Source:
Moodyscre
Added: Apr 8
Changed: Aug 29
Last Checked: Aug 29 at 3:03PM
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 NAI Cressy Commercial Real Estate - Corporate
Investment Insights
Based on property information with market context.
This 12,000 SF flex property combines a warehouse building with 3,000 SF of dedicated office area. The office component includes four private offices, a foyer, and a large open work room with a counter, along with a kitchenette equipped with a sink and bar.
The property is zoned Manufacturing and includes ample parking within a paved surface lot. Its combination of industrial building area and built-out offices provides a defined configuration for businesses requiring both workspace and warehouse capacity. The site also includes room for expansion, as identified in the property information.
The property is zoned Manufacturing and includes ample parking within a paved surface lot. Its combination of industrial building area and built-out offices provides a defined configuration for businesses requiring both workspace and warehouse capacity. The site also includes room for expansion, as identified in the property information.
Key Highlights
- 12,000 SF flex building with warehouse and office components
- 3,000 SF of office space with four private offices
- Open work room with counter, foyer, and kitchenette with sink and bar
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
$102,997
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
9.00%
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%
$2,059,940
$2.1M
Cap Rate 7%
$1,471,386
$1.5M
Cap Rate 9%
$1,144,411
$1.1M
Market Conditions
NOI Build-Up for 12,000 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
$188.6K $15.72/SF
− Vacancy
−$41.5K −$3.46/SF
EGI
$147.1K $12.26/SF
− OpEx
−$44.1K −$3.68/SF
NOI
$103.0K $8.58/SF
Area
St. Joseph County, IN
Vacancy
22.00%
Lease Rate
$15.72 /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%
$2,059,940
Cap Rate 7%
$1,471,386
Cap Rate 9%
$1,144,411
Alternative Uses
Best Use
Flex RnD
$2.22M
$1.94M – $2.59M
NOI $155,187 @ 7.0% cap · market cap 13.55%
Second Best
Warehouse
$1.79M
$1.56M – $2.08M
NOI $125,068 @ 7.0% cap · market cap 10.92%
Theoretical Best
Retail
$2.38M
$2.08M – $2.78M
NOI $166,571 @ 7.0% cap · market cap 14.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
335
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
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Frequently Asked Questions
What type of property is this?
Flex space - Manufacturing-zoned facility combines warehouse functionality with dedicated work areas and paved on-site parking.
Where is this flex space located?
The property is located at 12655 Sandy Dr Granger, IN.
What is the asking price?
The asking price for this property is $1,145,000.
What are key features of this property?
This property features: 12,000 SF flex building with warehouse and office components; 3,000 SF of office space with four private offices; Open work room with counter, foyer, and kitchenette with sink and bar
