Listing Agency: Realty Advisors IN Show Phone

Listed By: Matt Washburn Show Phone

Source: Moodyscre

Added: Jun 1, 2024 Changed: Oct 25 Last Checked: Oct 26 at 7:36PM

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This property features an office building situated on two parcels. The building is zoned NB (Neighborhood Business District), while the adjacent vacant lot is zoned R1 (Single-Family Residential District). The property offers the potential for expanded parking facilities utilizing the vacant parcel.

Key Highlights

• Two parcels included in sale.
• Building is zoned NB (Neighborhood Business).
• Vacant lot is zoned R1 (Single‑Family Residential).

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$57,456

Cap Rate

5.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,149,120 $1.1M

Cap Rate 7%

$820,800 $820.8K

Cap Rate 9%

$638,400 $638.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,800 SF

Gross rent

$100.8K $21.00/SF

− Vacancy

−$24.2K −$5.04/SF

EGI

$76.6K $15.96/SF

− OpEx

−$19.2K −$3.99/SF

NOI

$57.5K $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 Rate 5%

$1,149,120

Cap Rate 7%

$820,800

Cap Rate 9%

$638,400

Alternative Uses

Best Use

Office B

$820.8K

$718.2K – $957.6K (±1% cap)

NOI $57,456 @ 7.0% cap · market cap 5.00%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.11M

$969.7K – $1.29M (±1% cap)

NOI $77,573 @ 7.0% cap · market cap 6.75%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick Law Firm Real Estate Agency Hair Salon Building Supply Auto Repair Shop HVAC Service

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

812

Businesses Nearby

Explore this area Business Placement

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

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Frequently Asked Questions

What type of property is this?

Office building - Office building with vacant lot for parking expansion.

Where is this office building located?

The property is located at 2522 N Salisbury St West Lafayette, IN.

What is the asking price?

The asking price for this property is $1,150,000.

What are key features of this property?

This property features: Two parcels included in sale.; Building is zoned NB (Neighborhood Business).; Vacant lot is zoned R1 (Single‑Family Residential).