Corner Storefront with Open
For Sale
$229,900
202 N McKinley St, Warsaw, IN 46580
Open commercial layout with private storage, restroom, updated finishes, and customer parking.
Property Size720 SF
Price / SF$319.31
Days on Market8
Property Features for 202 N McKinley St
General Information
Standard status
Active
Size
720 SF
Total Parking Spaces
14
Additional Details
Corner Location
Yes
Amenities
private storage room
restroom
wood deck
fenced backyard
wood privacy fence
Building Details
Year Built
1965
Buildings
1
Listing Agency:
Patton Hall Real Estate
(574) 268-7645
Listed By:
Julie Hall · License #RB14039199
Source:
Kmsrealestategroup
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 28 at 3:51PM
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 Patton Hall Real Estate
Investment Insights
Based on property information with market context.
This storefront property is arranged around an open commercial interior with a private storage room and restroom. Recent work includes new flooring and an updated bathroom, while a wood deck extends toward a fenced backyard with a wood privacy fence. The building was constructed in 1965.
Positioned at the corner of McKinley and Main, the property sits near a grocery store, fitness center, and restaurants. A large parking lot provides 14 spaces for customers and employees, adding practical support for the existing building configuration.
Positioned at the corner of McKinley and Main, the property sits near a grocery store, fitness center, and restaurants. A large parking lot provides 14 spaces for customers and employees, adding practical support for the existing building configuration.
Key Highlights
- Corner location at McKinley and Main
- Open‑concept storefront layout
- Private storage room and restroom
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
$7,300
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
3.18%
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%
$146,000
$146.0K
Cap Rate 7%
$104,286
$104.3K
Cap Rate 9%
$81,111
$81.1K
Market Conditions
NOI Build-Up for 720 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
$10.9K $15.12/SF
− Vacancy
−$457 −$0.64/SF
EGI
$10.4K $14.48/SF
− OpEx
−$3.1K −$4.35/SF
NOI
$7.3K $10.14/SF
Area
Kosciusko County, IN
Vacancy
4.20%
Lease Rate
$15.12 /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%
$146,000
Cap Rate 7%
$104,286
Cap Rate 9%
$81,111
Alternative Uses
Best Use
Retail
$104.3K
$91.3K – $121.7K
NOI $7,300 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$125.4K
$109.8K – $146.3K
NOI $8,780 @ 7.0% cap · market cap 3.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
146k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Groceries 31%
Shops & Services 29%
Hotels & Casinos 1%
Kroger
Groceries
45,395 visits/mo
0.1 miles
Burger King
Dining
18,241 visits/mo
0.5 miles
Family Express
Shops & Services
15,519 visits/mo
0.4 miles
Applebee's
Dining
15,266 visits/mo
0.5 miles
Dunkin' Donuts
Dining
12,907 visits/mo
0.2 miles
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 Retail 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?
Storefront property - Open commercial layout with private storage, restroom, updated finishes, and customer parking.
Where is this storefront property located?
The property is located at 202 N McKinley St Warsaw, IN.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Corner location at McKinley and Main; Open‑concept storefront layout; Private storage room and restroom
