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    Historic Corner Office Retail Space Title is generated by Realmo AI

    202 N Walnut Street, North Manchester, IN 46962

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    For Lease
    $1,250/Mo $1.99 SF/Yr (calc)

    Office, Business Service,Office/Showroom,Professional - North Manchester, IN

    Type:Office
    Property size:
    7,554 SF
    Lot size:
    0.28 Acres
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 5:06 am

    Property Features for 202 N Walnut Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Rooms
    Office
    Parking features
    Off Street
    Interior features
    Drywall, Basement, Reception Area
    Exterior features
    None
    Standard status
    Active
    APN
    85-07-05-201-009.000-002
    Size
    7,554 SF
    Lot size
    0.28 Acres

    Taxes and HOA fees

    Expense value
    1250
    Expense
    Security Deposit

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1961
    Floors in Building
    3
    Building materials
    Brick
    Roof type
    Asphalt, Flat, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Chad Metzger

    Listing agent Chad Metzger License #RB14045939

    Listing office Metzger Property Services, LLC 1582 W. State Road 114, North Manchester, IN

    Listing date Jun 4, 2026

    MLS# 202621604 Listing URL

    Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Historic brick commercial building; remodeled in 2000
    • First‑floor space with office use; includes main entry/reception area and 2 additional large rooms
    • Two restrooms for convenience
    • Forced‑air natural gas heat and central air conditioning
    • Off‑street parking
    • Lease‑ready immediately; $2,500 due at signing (1st month’s rent + $1,250 deposit)

    Overview

    The first floor of this historic brick commercial building is available for lease, remodeled in 2000. The space is designed around a spacious main entry and reception area, supported by two large additional rooms that can be configured for a variety of functions. Two restrooms are included for tenant and customer convenience.

    Located in the heart of downtown North Manchester, this is a prominent corner property, which can support both office and customer-facing uses. The suite is available immediately.

    This space is well suited for tenants seeking a flexible layout for retail, office, professional services, or specialty business operations. With a reception entry and multiple rooms, it can accommodate a front-facing area alongside separate work or service areas, while the presence of two restrooms helps streamline daily use. For lease administration, $2,500 is due at signing, consisting of the first month’s rent and a $1,250 deposit.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    North Manchester
    County
    Wabash
    State
    Indiana
    Longitude
    -85.768978
    Latitude
    41.000387

    Nearby Similar for Lease

    • $1,200/Mo
      4,600 SF

      Two-Story Brick Retail-Office Building

      Flexible two-story brick space with kitchenette, two half baths, and multiple levels for retail, office, or showroom use.
      132 E Main Street, North Manchester, IN 46962
      View Details
    • $2 SF/Yr
      43,710 SF

      Industrial Building in Good Condition

      Steel frame industrial building for rent, approximately 43,710 square feet.
      801 W South St, North Manchester, IN
      View Details
    • $4 SF/Yr
      7,060 SF

      Retail Space Available for Lease

      7,060 SF retail property for lease in North Manchester, IN.
      1204 W Indiana 114, North Manchester, IN
      View Details

    FAQs

    What type of property is this?
    Office units - First-floor suite in a remodeled historic brick building with a reception area, flexible rooms, and two restrooms.
    Where is this office units located?
    The property is located at 202 N Walnut Street North Manchester, IN.
    What is the lease rate?
    The lease rate is $1,250 /Mo.
    What are key features of this property?
    This property features: Historic brick commercial building; remodeled in 2000; First‑floor space with office use; includes main entry/reception area and 2 additional large rooms; Two restrooms for convenience
    (260) 982-9050
    We can help!
    Listing Contact
    Chad Metzger
    Real Estate License ID: RB14045939
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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