Renovated Mixed-Use
For Sale
$225,000
3708 Highway 9, Anderson, IN 46012
Main-level repair space is paired with two upstairs office units, each with a full bath.
Property Size2,688 SF
Price / SF$83.71
Days on Market1950
Property Features for 3708 Highway 9
General Information
Standard status
Active
Size
2,688 SF
Property subtype
Commercial Sale / Mixed Use
Zoning
Business
Site & Location
Fenced Yard
Yes
Utilities to Site
Yes
Amenities
upper level deck
LED security light
One
No
Building Details
Year Built
1967
Year Renovated
2022
Buildings
1
Stories
2
Abandoned
No
Listing Agency:
Weightman Realty Group, LLC
(317) 258-4714
Listed By:
Jeff Weightman · License #RB14041279
(317) 258-4714
Source:
Compass
Added: Apr 29, 2021
Changed: Aug 29
Last Checked: Aug 29 at 8:56PM
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 Weightman Realty Group, LLC
Investment Insights
Based on property information with market context.
This 2,688-square-foot mixed-use building combines a concrete-floored garage and repair area on the main level with two office units above. Each upper unit includes a full bath, while the lower level can support occupancy or leasing. The property measures 28 ft x 48 ft and includes an upper-level deck.
The building at 3708 Highway 9 in Anderson, IN, has updated wiring, siding, roofing, and plumbing. A new HVAC system serves the building, and the two upper units have new AC units. Additional improvements include a full rear fence and an LED security light. Built in 1967, the property is identified as Business zoning in the property data.
The building at 3708 Highway 9 in Anderson, IN, has updated wiring, siding, roofing, and plumbing. A new HVAC system serves the building, and the two upper units have new AC units. Additional improvements include a full rear fence and an LED security light. Built in 1967, the property is identified as Business zoning in the property data.
Key Highlights
- 2,688‑square‑foot mixed‑use building at 3708 Highway 9, Anderson, IN 46012
- Main level includes a garage and repair shop area with a concrete floor
- Two upper‑level office units, each with a full bath
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
$11,106
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
4.94%
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%
$222,120
$222.1K
Cap Rate 7%
$158,657
$158.7K
Cap Rate 9%
$123,400
$123.4K
Market Conditions
NOI Build-Up for 2,688 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
$16.3K $6.06/SF
− Vacancy
−$424 −$0.16/SF
EGI
$15.9K $5.90/SF
− OpEx
−$4.8K −$1.77/SF
NOI
$11.1K $4.13/SF
Area
Madison County, IN
Vacancy
2.60%
Lease Rate
$6.06 /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%
$222,120
Cap Rate 7%
$158,657
Cap Rate 9%
$123,400
Alternative Uses
Best Use
Office B
$505.6K
$442.4K – $589.8K
NOI $35,390 @ 7.0% cap · market cap 15.73%
Second Best
Mixed Use
$380.2K
$332.6K – $443.5K
NOI $26,611 @ 7.0% cap · market cap 11.83%
Theoretical Best
Office A
$619.6K
$542.1K – $722.8K
NOI $43,369 @ 7.0% cap · market cap 19.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
54
Businesses Nearby
Explore this area
Business Placement
Demographics for 46012, IN
19,108
Population
9,659
Households
2
Avg Household Size
44
Median Age
22%
College-Educated
91%
High-School Grad
32.0 sq mi
ZIP Area
597
Density / Sq Mi
$58,538
Median Household Income
$36,017
Median Earnings
$982
Median Rent
$149,400
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.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Main-level repair space is paired with two upstairs office units, each with a full bath.
Where is this mixed-use property located?
The property is located at 3708 Highway 9 Anderson, IN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 2,688‑square‑foot mixed‑use building at 3708 Highway 9, Anderson, IN 46012; Main level includes a garage and repair shop area with a concrete floor; Two upper‑level office units, each with a full bath
