Industrial Flex Garage with Four
For Sale
$650,000
1441 Central Avenue, Columbus, IN 47201
Four 20' x 80' bays with overhead doors, paint booth, car lift, and sprinkler system plus office and reception.
Property Size9,212 SF
Price / SF$70.56
Days on Market314
Property Features for 1441 Central Avenue
General Information
Standard status
Active
Size
9,212 SF
Property subtype
Commercial Sale / Mixed Use
Zoning
Commercial Community
Warehouse & Industrial
Heavy Power
Yes
Sprinkler System
Yes
Additional Details
Service Bays
4
Amenities
Central Air
Forced Air, Natural Gas
16
Metal, Mixed
12' x 14'
Building Details
Year Built
1947
Listing Agency:
Bear Real Estate Sales, LLC
Listed By:
Penny Scroggins · License #RB17000300
(812) 327-3865
Source:
Compass
Added: Oct 28, 2025
Changed: Aug 14
Last Checked: Aug 14 at 8:04AM
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 Bear Real Estate Sales, LLC
Investment Insights
Based on property information with market context.
Industrial flex/garage building designed for a range of shop and light industrial uses, with four bays measuring 20' x 80' each. Bays are equipped with overhead doors and supported by a sprinkler system and three-phase power, plus a paint booth and car lift for vehicle and equipment-oriented operations. Two bays feature 12' x 14' overhead doors, while the other two have 12' x 12' overhead doors. Ceiling heights exceed 14' at the highest point.
The property also includes finished customer-facing and work/office space, such as a private office, customer reception area, and bathroom, along with a separate bathroom within the garage area. Five additional rooms are available to support office, workshop, or storage needs, giving flexibility in how the interior can be arranged. Located at 1441 Central Avenue in Columbus, IN, the building provides a total size of 9,200+ square feet for customization around your specific business requirements.
The property also includes finished customer-facing and work/office space, such as a private office, customer reception area, and bathroom, along with a separate bathroom within the garage area. Five additional rooms are available to support office, workshop, or storage needs, giving flexibility in how the interior can be arranged. Located at 1441 Central Avenue in Columbus, IN, the building provides a total size of 9,200+ square feet for customization around your specific business requirements.
Key Highlights
- Four bays total, each 20' x 80', with overhead doors and 3‑phase power
- Includes paint booth and car lift; sprinkler system in place
- Bay overhead doors include two at 12' x 14' and two at 12' x 12'
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
$53,973
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
8.30%
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%
$1,079,460
$1.1M
Cap Rate 7%
$771,043
$771.0K
Cap Rate 9%
$599,700
$599.7K
Market Conditions
NOI Build-Up for 9,212 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
$82.9K $9.00/SF
− Vacancy
−$5.8K −$0.63/SF
EGI
$77.1K $8.37/SF
− OpEx
−$23.1K −$2.51/SF
NOI
$54.0K $5.86/SF
Area
Bartholomew County, IN
Vacancy
7.00%
Lease Rate
$9.00 /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%
$1,079,460
Cap Rate 7%
$771,043
Cap Rate 9%
$599,700
Alternative Uses
Best Use
Flex RnD
$1.72M
$1.50M – $2.00M
NOI $120,283 @ 7.0% cap · market cap 18.51%
Second Best
Warehouse
$936.3K
$819.2K – $1.09M
NOI $65,539 @ 7.0% cap · market cap 10.08%
Theoretical Best
Healthcare Medical
$1.78M
$1.56M – $2.08M
NOI $124,660 @ 7.0% cap · market cap 19.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Service bays
Yes
Heavy power
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
679
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 47201, IN
45,969
Population
20,924
Households
2.2
Avg Household Size
36
Median Age
36%
College-Educated
92%
High-School Grad
201.2 sq mi
ZIP Area
228
Density / Sq Mi
$82,667
Median Household Income
$46,243
Median Earnings
$1,159
Median Rent
$217,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Catering Co at the Palladium — 711 4th St, Columbus, IN 47201
Frequently Asked Questions
What type of property is this?
Flex space - Four 20' x 80' bays with overhead doors, paint booth, car lift, and sprinkler system plus office and reception.
Where is this flex space located?
The property is located at 1441 Central Avenue Columbus, IN.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four bays total, each 20' x 80', with overhead doors and 3‑phase power; Includes paint booth and car lift; sprinkler system in place; Bay overhead doors include two at 12' x 14' and two at 12' x 12'
