Office Condominium with Open
For Sale
$435,000
2504 E 350 S, Lafayette, IN 47909
Flexible suite includes perimeter offices, existing plumbing, and nail station hookups.
Property Size2,817 SF
Price / SF$154.42
Days on Market11
Property Features for 2504 E 350 S
General Information
Standard status
Active
Size
2,817 SF
Site & Location
Traffic Count
18,000 vehicles/day
Road Access
Yes
Building Details
Year Built
2004
Listing Agency:
Keller Williams Lafayette
(765) 807-7177
Listed By:
Steven Childers · License #RB22002269
Source:
Spencerchildersgroup
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 1:10PM
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 Keller Williams Lafayette
Investment Insights
Based on property information with market context.
This approximately 2,817 SF office condominium was built in 2004 and combines a substantial open work area with offices arranged along the perimeter. The existing layout can accommodate office, medical, wellness, retail, showroom, or service-oriented operations. Plumbing and nail station hookups remain from the suite’s prior salon use, providing existing infrastructure for certain users.
The property fronts Veterans Memorial Parkway and records approximately 18,000 vehicles per day. Shared parking is available, and immediate occupancy is supported. The combination of open workspace, enclosed offices, and existing plumbing creates a flexible setting for a range of professional or customer-facing operations.
The property fronts Veterans Memorial Parkway and records approximately 18,000 vehicles per day. Shared parking is available, and immediate occupancy is supported. The combination of open workspace, enclosed offices, and existing plumbing creates a flexible setting for a range of professional or customer-facing operations.
Key Highlights
- Approximately 2,817 SF office condominium
- Large open workspace bordered by perimeter offices
- Existing plumbing and nail station hookups
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
$33,719
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
7.75%
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%
$674,380
$674.4K
Cap Rate 7%
$481,700
$481.7K
Cap Rate 9%
$374,656
$374.7K
Market Conditions
NOI Build-Up for 2,817 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
$59.2K $21.00/SF
− Vacancy
−$14.2K −$5.04/SF
EGI
$45.0K $15.96/SF
− OpEx
−$11.2K −$3.99/SF
NOI
$33.7K $11.97/SF
Area
Tippecanoe County, IN
Vacancy
24.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$674,380
Cap Rate 7%
$481,700
Cap Rate 9%
$374,656
Alternative Uses
Best Use
Office B
$481.7K
$421.5K – $562.0K
NOI $33,719 @ 7.0% cap · market cap 7.75%
Second Best
Retail
$404.0K
$353.5K – $471.3K
NOI $28,277 @ 7.0% cap · market cap 6.50%
Theoretical Best
Office A
$650.4K
$569.1K – $758.8K
NOI $45,526 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Explore this area
Business Placement
Demographics for 47909, IN
42,759
Population
18,455
Households
2.3
Avg Household Size
34
Median Age
32%
College-Educated
91%
High-School Grad
118.0 sq mi
ZIP Area
362
Density / Sq Mi
$67,341
Median Household Income
$42,309
Median Earnings
$1,091
Median Rent
$203,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible suite includes perimeter offices, existing plumbing, and nail station hookups.
Where is this office units located?
The property is located at 2504 E 350 S Lafayette, IN.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Approximately 2,817 SF office condominium; Large open workspace bordered by perimeter offices; Existing plumbing and nail station hookups
