Auburn Professional Village Office
For Sale
Contact for pricing
1348 South Grandstaff Drive, Auburn, IN
Office condos for sale in Auburn Professional Village.
Property Size2,304 SF
Lot Size5.07 Acres
Price / SF$97.66
Days on Market689
Property Features for 1348 South Grandstaff Drive
General Information
Standard status
Active
Size
2,304 SF
Lot size
5.07 Acres
Property subtype
OFFICE
Lease Type
NNN
Properties For Sale
at 1348 South Grandstaff Drive Contact us- Floor
- Bldg
- Size
- 2,304 SF
- Type
- OFFICE
- Lease Type
- NNN
- Availability
- AVAILABLE, Now
- Sublease
- No
Auburn Professional Village
- Multiple office condos for lease at the Auburn Professional Village. These condos...
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Listing Agency:
Sturges Property Group
Listed By:
Ian Smith · License #RB24001137
(260) 424-8448
Source:
Moodyscre
Added: Oct 24, 2024
Changed: Aug 8
Last Checked: Sep 12 at 8:13AM
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 Sturges Property Group
Investment Insights
Based on property information with market context.
Multiple office condos are available for lease at the Auburn Professional Village, offering a variety of floor plans suitable for growing businesses. Units 1340-1350 are contiguous and can be combined to offer a total space of 15,888 square feet. One of the available units is 1348 South Grandstaff Drive, Auburn, IN, featuring 2,304 square feet. The Auburn Professional Village is located one mile off I-69 Exit 329 and 20 miles north of Fort Wayne, providing a location within the city of Auburn. Situated south of US 6, it is also minutes from downtown Auburn. Neighboring businesses include the Auburn BMV Branch, Lassiter Advertising, and Fort Financial Credit Union.
Key Highlights
- Contiguous units (1340‑1350) offer a large, combined space of 15,888 SF.
- Located one mile from I‑69 Exit 329, providing excellent accessibility.
- Suitable for a growing business with a variety of floor plans available.
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
$18,911
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
8.40%
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%
$378,220
$378.2K
Cap Rate 7%
$270,157
$270.2K
Cap Rate 9%
$210,122
$210.1K
Market Conditions
NOI Build-Up for 2,304 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
$33.2K $14.40/SF
− Vacancy
−$8.0K −$3.46/SF
EGI
$25.2K $10.94/SF
− OpEx
−$6.3K −$2.74/SF
NOI
$18.9K $8.21/SF
Area
DeKalb County, IN
Vacancy
24.00%
Lease Rate
$14.40 /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%
$378,220
Cap Rate 7%
$270,157
Cap Rate 9%
$210,122
Alternative Uses
Best Use
Office B
$270.2K
$236.4K – $315.2K
NOI $18,911 @ 7.0% cap · market cap 8.40%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.89M
$1.65M – $2.20M
NOI $132,293 @ 7.0% cap · market cap 58.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Office condos for sale in Auburn Professional Village.
Where is this office units located?
The property is located at 1348 South Grandstaff Drive Auburn, 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: Contiguous units (1340‑1350) offer a large, combined space of **15,888 SF**.; Located **one mile from I‑69 Exit 329**, providing excellent accessibility.; Suitable for a growing business with a variety of floor plans available.
