Building Details

Year Built 1990

Buildings 5

Listing Agency: CBRE - Indianapolis c***@cbre.com Show Phone

Listed By: Chris Deutscher · License #IN RB14037100

Source: Crexi

Added: Mar 11 Changed: Aug 31 Last Checked: Aug 31 at 12:34AM

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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 CBRE - Indianapolis

Investment Insights

Based on property information with market context.

Located at 2426 Webster Rd in Monroeville, Indiana, this flex-space property comprises two parcels totaling approximately 116.64 acres. The improvements include five buildings with a combined approximately 28,260 SF of office and warehouse area.

The buildings were constructed between 1990 and 2009, providing a multi-building configuration for office and industrial-related operations. The property carries AG zoning, and its substantial acreage extends beyond the building footprint for a broad land and improvement offering.

Key Highlights

• Approximately 116.64 acres across two parcels
• Five office and warehouse buildings
• Approximately 28,260 SF of combined building area

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

$192,624

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

8.76%

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%

$3,852,480 $3.9M

Cap Rate 7%

$2,751,771 $2.8M

Cap Rate 9%

$2,140,267 $2.1M

Market Conditions

NOI Build-Up for 28,260 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

$254.3K $9.00/SF

− Vacancy

−$27.7K −$0.98/SF

EGI

$226.6K $8.02/SF

− OpEx

−$34.0K −$1.20/SF

NOI

$192.6K $6.82/SF

Area

Allen County, IN

Vacancy

10.90%

Lease Rate

$9.00 /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%

$3,852,480

Cap Rate 7%

$2,751,771

Cap Rate 9%

$2,140,267

Alternative Uses

Best Use

Office B

$5.32M

$4.65M – $6.20M (±1% cap)

NOI $372,064 @ 7.0% cap · market cap 16.91%

Second Best

Warehouse

$2.75M

$2.41M – $3.21M (±1% cap)

NOI $192,624 @ 7.0% cap · market cap 8.76%

Theoretical Best

Office A

$6.51M

$5.70M – $7.60M (±1% cap)

NOI $455,951 @ 7.0% cap · market cap 20.73%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Garden Center Department Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

6

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 46773, IN

3,685

Population

1,368

Households

2.7

Avg Household Size

41

Median Age

20%

College-Educated

94%

High-School Grad

79.2 sq mi

ZIP Area

47

Density / Sq Mi

$65,556

Median Household Income

$45,625

Median Earnings

$870

Median Rent

$167,000

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Five-building property combines office and warehouse improvements across two parcels under AG zoning.

Where is this flex space located?

The property is located at 2426 Webster Rd Monroeville, IN.

What is the asking price?

The asking price for this property is $2,200,000.

What are key features of this property?

This property features: Approximately 116.64 acres across two parcels; Five office and warehouse buildings; Approximately 28,260 SF of combined building area