Open-Layout Flex
For Sale
$149,900
1729 S 5th St, Richmond, IN 47374
Flexible commercial space with a kitchen, two bathrooms, and an open interior configuration.
Property Size2,520 SF
Price / SF$59.48
Days on Market123
Property Features for 1729 S 5th St
General Information
Standard status
Active
Size
2,520 SF
Listing Agency:
FC Tucker Richmond
(765) 969-8553
Listed By:
Patrick Clinton
(765) 969-8553
Source:
Exprealty
Added: Apr 30
Changed: Aug 29
Last Checked: Aug 29 at 5:02PM
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 FC Tucker Richmond
Investment Insights
Based on property information with market context.
This 2,520-square-foot flex space provides an open interior that can be adapted to a range of commercial operations. The building includes a kitchen and two bathrooms, offering useful base features for an owner-user or business seeking a configurable workplace. The property sits on nearly an acre within an industrial park on the southeast side of town.
Located at 1729 S 5th St in Richmond, Indiana, the site combines a flexible building layout with additional land in an established industrial setting. The source property information identifies potential applications including a church, plumbing company, daycare, and hair salon, subject to applicable approvals and requirements.
Located at 1729 S 5th St in Richmond, Indiana, the site combines a flexible building layout with additional land in an established industrial setting. The source property information identifies potential applications including a church, plumbing company, daycare, and hair salon, subject to applicable approvals and requirements.
Key Highlights
- 2,520 sq ft flex space
- Nearly an acre within an industrial park
- Open interior layout for flexible configuration
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
$8,871
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
5.92%
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%
$177,420
$177.4K
Cap Rate 7%
$126,729
$126.7K
Cap Rate 9%
$98,567
$98.6K
Market Conditions
NOI Build-Up for 2,520 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
$14.8K $5.88/SF
− Vacancy
−$1.2K −$0.46/SF
EGI
$13.6K $5.42/SF
− OpEx
−$4.8K −$1.90/SF
NOI
$8.9K $3.52/SF
Area
Wayne County, IN
Vacancy
7.90%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
35.00%
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%
$177,420
Cap Rate 7%
$126,729
Cap Rate 9%
$98,567
Alternative Uses
Best Use
Industrial
$245.2K
$214.5K – $286.1K
NOI $17,163 @ 7.0% cap · market cap 11.45%
Second Best
Flex RnD
$126.7K
$110.9K – $147.9K
NOI $8,871 @ 7.0% cap · market cap 5.92%
Theoretical Best
Mixed Use
$315.9K
$276.4K – $368.6K
NOI $22,113 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 47374, IN
45,304
Population
21,553
Households
2.1
Avg Household Size
41
Median Age
22%
College-Educated
88%
High-School Grad
119.8 sq mi
ZIP Area
378
Density / Sq Mi
$52,566
Median Household Income
$34,168
Median Earnings
$816
Median Rent
$121,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial space with a kitchen, two bathrooms, and an open interior configuration.
Where is this flex space located?
The property is located at 1729 S 5th St Richmond, IN.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: 2,520 sq ft flex space; Nearly an acre within an industrial park; Open interior layout for flexible configuration
