Three-Story Mixed-Use
For Sale
$795,000
207 S Buffalo St, Warsaw, IN 46580
Downtown commercial property with storefront presentation and adaptable upper-level space.
Property Size9,019 SF
Price / SF$88.15
Days on Market21
Property Features for 207 S Buffalo St
General Information
Standard status
Active
Size
9,019 SF
Building Details
Year Built
1904
Buildings
1
Stories
3
Listing Agency:
RE/MAX Results
(574) 265-5737
Listed By:
Heather Marshall
Source:
Kmsrealestategroup
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 28 at 1:09PM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
Constructed in 1904, this three-story mixed-use property contains 9,019 square feet with open-plan areas, high ceilings, hardwood flooring, and substantial natural light. The ground floor includes a storefront with large display windows and street-facing exposure, while the upper floors provide additional space for offices, creative studios, or other configurations identified for the property.
Located in downtown Warsaw at 207 S Buffalo St, the building combines a visible retail-facing lower level with flexible space above. The source information also identifies potential for residential conversion on the upper levels, subject to applicable requirements and approvals.
Located in downtown Warsaw at 207 S Buffalo St, the building combines a visible retail-facing lower level with flexible space above. The source information also identifies potential for residential conversion on the upper levels, subject to applicable requirements and approvals.
Key Highlights
- 9,019‑square‑foot, three‑story mixed‑use building
- Built in 1904
- Ground‑floor storefront with large display windows
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
$56,617
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
7.12%
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%
$1,132,340
$1.1M
Cap Rate 7%
$808,814
$808.8K
Cap Rate 9%
$629,078
$629.1K
Market Conditions
NOI Build-Up for 9,019 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
$97.4K $10.80/SF
− Vacancy
−$6.8K −$0.76/SF
EGI
$90.6K $10.04/SF
− OpEx
−$34.0K −$3.77/SF
NOI
$56.6K $6.28/SF
Area
Kosciusko County, IN
Vacancy
7.00%
Lease Rate
$10.80 /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%
$1,132,340
Cap Rate 7%
$808,814
Cap Rate 9%
$629,078
Alternative Uses
Best Use
Retail
$1.31M
$1.14M – $1.52M
NOI $91,448 @ 7.0% cap · market cap 11.50%
Second Best
Office B
$1.20M
$1.05M – $1.40M
NOI $84,207 @ 7.0% cap · market cap 10.59%
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,987 @ 7.0% cap · market cap 13.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
746
Businesses Nearby
Explore this area
Business Placement
Demographics for 46580, IN
22,381
Population
8,873
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
71.1 sq mi
ZIP Area
315
Density / Sq Mi
$70,978
Median Household Income
$40,231
Median Earnings
$963
Median Rent
$175,700
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?
Mixed-use property - Downtown commercial property with storefront presentation and adaptable upper-level space.
Where is this mixed-use property located?
The property is located at 207 S Buffalo St Warsaw, IN.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 9,019‑square‑foot, three‑story mixed‑use building; Built in 1904; Ground‑floor storefront with large display windows
