Open-Concept Storefront
New
For Sale
$229,900
202 N McKinley Street, Warsaw, IN 46580
COMMERCIAL, Warsaw, IN
Property Size780 SF
Lot Size0.26 Acres
Price / SF$294.74
Days on Market4
Property Features for 202 N McKinley Street
General Information
Property type
Commercial Sale
Property subtype
Other
Fencing
Privacy
Lot features
City
Directions
East on Center St from ST RD 15. Turn left onto McKinley St. Property on right.
Subdivision
Kosciusko County
Standard status
Active
APN
43-11-09-200-614.000-032
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
004-048-243.A LOTS 32 & 33 HIGHLAND ADD
Tax Annual Amount
2632
Legal Description
004-048-243.A LOTS 32 & 33 HIGHLAND ADD
Utilities
Cooling system
Central Air
Amenities
private storage room
restroom
wood deck
fenced backyard with wood privacy fence
Building Details
Year built
1965
Flooring type
Tile
Roof type
Asphalt, Shingle
Listing Agency:
Patton Hall Real Estate
(574) 267-7501
Listed By:
Julie Hall · License #RB14039199
(574) 268-7645
Added: Aug 20
Last Checked: Aug 23 at 1:06AM
MLS# 202634158
Copyright © 2026 Kosciusko Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 780-square-foot storefront property, built in 1965, features an open interior layout with a private storage room and restroom. Recent work includes new flooring and an updated bathroom, while central air supports year-round comfort. The building also includes a wood deck overlooking a fenced backyard enclosed by a wood privacy fence.
Positioned at the corner of McKinley and Main, the property is near a grocery store, fitness center, and restaurants. A 14-space parking lot serves customers and employees. Asphalt shingle roofing and tile flooring are additional existing features.
Positioned at the corner of McKinley and Main, the property is near a grocery store, fitness center, and restaurants. A 14-space parking lot serves customers and employees. Asphalt shingle roofing and tile flooring are additional existing features.
Key Highlights
- 780‑square‑foot open‑concept storefront building
- Corner position at McKinley and Main
- 14‑space parking lot
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
$7,909
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
3.44%
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%
$158,180
$158.2K
Cap Rate 7%
$112,986
$113.0K
Cap Rate 9%
$87,878
$87.9K
Market Conditions
NOI Build-Up for 780 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
$11.8K $15.12/SF
− Vacancy
−$495 −$0.64/SF
EGI
$11.3K $14.48/SF
− OpEx
−$3.4K −$4.35/SF
NOI
$7.9K $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%
$158,180
Cap Rate 7%
$112,986
Cap Rate 9%
$87,878
Alternative Uses
Best Use
Retail
$113.0K
$98.9K – $131.8K
NOI $7,909 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$135.9K
$118.9K – $158.5K
NOI $9,512 @ 7.0% cap · market cap 4.14%
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 - Updated restroom, private storage, and central air support flexible commercial use.
Where is this storefront property located?
The property is located at 202 N McKinley Street 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: 780‑square‑foot open‑concept storefront building; Corner position at McKinley and Main; 14‑space parking lot
