Office Condominium with Open
For Sale
$435,000
2504 E 350 S, Lafayette, IN 47909
COMMERCIAL, Lafayette, IN
Property Size2,817 SF
Lot Size0.05 Acres
Price / SF$154.42
Days on Market92
Property Features for 2504 E 350 S
General Information
Property type
Commercial Sale
Property subtype
Office
Lot features
City
Directions
Head west on 350 S from SR 38, Rt on IFCU Dr, Right on IFCU way, Property on the right
Subdivision
Tippecanoe County
Standard status
Active
APN
79-11-09-279-009.009-032
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
SYCAMORE PROFESSIONAL VILLAGE PD SEC 1LOT 1 UNIT A9& UND INT COMMON AREA SYCAMORE PROFESSIONAL VILLAGE PD SEC 1LOT 1 UNIT A10& UND INT COMMON AREA SYCAMORE PROFESSIONAL VILLAGE PD SEC 1LOT 1 UNIT A11& UND INT COMMON AREA SYCAMORE PROFESSIONAL VILLAGE PD SEC 1LOT 1 UNIT A12& UND INT COMMON AREA (Parcel ID: 79-11-09-279-012.009-032)
Tax Annual Amount
5698
Legal Description
SYCAMORE PROFESSIONAL VILLAGE PD SEC 1LOT 1 UNIT A9& UND INT COMMON AREA SYCAMORE PROFESSIONAL VILLAGE PD SEC 1LOT 1 UNIT A10& UND INT COMMON AREA SYCAMORE PROFESSIONAL VILLAGE PD SEC 1LOT 1 UNIT A11& UND INT COMMON AREA SYCAMORE PROFESSIONAL VILLAGE PD SEC 1LOT 1 UNIT A12& UND INT COMMON AREA (Parcel ID: 79-11-09-279-012.009-032)
Utilities
Cooling system
Central Air
Building Details
Year built
2004
Flooring type
Tile - Ceramic, Tile
Roof type
Shingle
Listing Agency:
Keller Williams Lafayette · Keller Williams Realty
(765) 807-7177
Listed By:
Steven Childers · License #RB22002269
(765) 413-6046
Added: Jun 5
Changed: Sep 2
Last Checked: Sep 4 at 5:06PM
MLS# 202621850
Copyright © 2026 Lafayette Regional Association of REALTORS®. 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 office condominium provides approximately 2,817 SF in a flexible configuration, with a broad central workspace framed by perimeter offices. Existing plumbing and nail station hookups remain in place, while tile flooring, central air, and a shingle roof are among the property’s physical features. The building was constructed in 2004, and the suite is available for immediate occupancy.
The property is positioned along Veterans Memorial Parkway at 2504 E 350 S in Lafayette, with reported traffic of approximately 18,000 vehicles per day. Shared parking serves the condominium, and the space is offered for sale or lease. The layout and existing improvements support office, medical, wellness, retail, showroom, and service-oriented applications identified for the suite.
The property is positioned along Veterans Memorial Parkway at 2504 E 350 S in Lafayette, with reported traffic of approximately 18,000 vehicles per day. Shared parking serves the condominium, and the space is offered for sale or lease. The layout and existing improvements support office, medical, wellness, retail, showroom, and service-oriented applications identified for the suite.
Key Highlights
- Approximately 2,817 SF office condominium suite
- Open central 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
Property Profile
Current Use
Lease Details
18,000 VPD
Traffic count
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
419
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 suite; Open central workspace bordered by perimeter offices; Existing plumbing and nail station hookups
