Versatile Commercial Space in
For Sale
$625,000
151 S High St, Warsaw, IN 46580
Former Cox Studio with office, showroom, and warehouse space.
Property Size7,060 SF
Lot Size0.40 Acres
Price / SF$100.10
Days on Market94
Property Features for 151 S High St
General Information
Standard status
Active
Size
7,060 SF
Class
B
Lot size
0.40 Acres
Property subtype
Multi Tenant Office
Building Details
Building Size
7,060 SF
Year Built
1960
Listing Agency:
Brian Peterson Real Estate
(574) 268-1899
Listed By:
Brian Peterson
(574) 268-1899
Source:
Thebrokerlist
Added: May 8
Changed: Aug 8
Last Checked: May 8 at 2:38PM
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 Brian Peterson Real Estate
Investment Insights
Based on property information with market context.
This property, formerly a Cox Studio, features a combination of front office space, a showroom, a workroom/studio, and a warehouse. An additional 816 square feet of storage space is located above the main level. The property measures 132x132 and offers the possibility of additional parking on the green space. The 6,244 square foot main level space, plus the 816 square foot upper storage space, can accommodate single or multiple tenants. Located in the Central Business District C-4 in downtown Warsaw, the corner lot provides great visibility. The main level includes a showroom, work rooms, and offices, with ceiling heights ranging from 8 to 13 feet. The warehouse space is equipped with a hanging heater and an overhead door. Onsite and offsite parking are available. City utilities are in place, with gas and electric services at the property. Heating is provided by gas forced air and baseboard heat, supplemented by two central air units. An unfinished storage room is located above the main level.
Key Highlights
- Prime Location: Corner lot in downtown Warsaw's Central Business District (C‑4) offers excellent visibility.
- Versatile Space: 6244 SF main level is suitable for single or multiple tenants, including showroom, workrooms, offices, and warehouse.
- Warehouse Features: Includes overhead door and hanging heater.
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
$29,934
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
4.79%
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%
$598,680
$598.7K
Cap Rate 7%
$427,629
$427.6K
Cap Rate 9%
$332,600
$332.6K
Market Conditions
NOI Build-Up for 6,244 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
$37.5K $6.00/SF
− Vacancy
−$2.2K −$0.36/SF
EGI
$35.2K $5.64/SF
− OpEx
−$5.3K −$0.85/SF
NOI
$29.9K $4.79/SF
Area
Kosciusko County, IN
Vacancy
6.00%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
15.00%
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%
$598,680
Cap Rate 7%
$427,629
Cap Rate 9%
$332,600
Alternative Uses
Best Use
Retail
$904.4K
$791.4K – $1.06M
NOI $63,311 @ 7.0% cap · market cap 10.13%
Second Best
Office B
$832.8K
$728.7K – $971.6K
NOI $58,298 @ 7.0% cap · market cap 9.33%
Theoretical Best
Office A
$1.09M
$951.8K – $1.27M
NOI $76,146 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
742
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?
Office units - Former Cox Studio with office, showroom, and warehouse space.
Where is this office units located?
The property is located at 151 S High St Warsaw, IN.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Prime Location: Corner lot in downtown Warsaw's Central Business District (C‑4) offers excellent visibility.; Versatile Space: 6244 SF main level is suitable for single or multiple tenants, including showroom, workrooms, offices, and warehouse.; Warehouse Features: Includes overhead door and hanging heater.
