Professional Office Space with
For Sale
$190,000
2636 45th Street, Highland, IN 46322
COMMERCIAL - Highland, IN
Property Size1,000 SF
Lot Size0.49 Acres
Price / SF$190
Days on Market149
Property Features for 2636 45th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
8
Parking features
Off Street, Driveway
Interior features
Entrance Foyer, Open Floorplan
Basement
Full
Lot features
Paved, Rectangular Lot
View
City
High school
Highland High School
Elementary school district
Highland School Town
Middle school district
Highland School Town
High school district
Highland School Town
Directions
Kennedy Avenue to 45th Street West to property, located on South side of street.
Standard status
Active
APN
450733126007000026
Size
1,000 SF
Lot size
0.49 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
E. 70.89 FT. OF W. 523.56 FT. OF N. 332.80 FT. OF E1/2 NW. E. OF RR. S.33 T.36 R .9 .583A.
Tax Annual Amount
2591
Legal Description
E. 70.89 FT. OF W. 523.56 FT. OF N. 332.80 FT. OF E1/2 NW. E. OF RR. S.33 T.36 R .9 .583A.
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1954
Listing Agency:
Century 21 Circle · Century 21 Real Estate
(219) 738-2455
Listed By:
Richard Wolf · License #RB14039029
(219) 256-4437
Added: Mar 25
Changed: Aug 4
Last Checked: Aug 20 at 3:06PM
MLS# 836003
Copyright © 2026 Greater Northwest Indiana 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.
Professional office space on a deep lot offering approximately 1,000 SF of open office area plus a full basement for additional work and storage. Interior features include an entrance foyer and an open floorplan.
The property is heated with natural gas and forced air. Off-street parking is available via a driveway, and utilities include cable service. Water is public and sewer is public sewer.
Built in 1954, the property is located on 45th Street in Highland, Indiana. The layout includes basement space and supports client-facing visibility and convenient access for day-to-day operations.
The property is heated with natural gas and forced air. Off-street parking is available via a driveway, and utilities include cable service. Water is public and sewer is public sewer.
Built in 1954, the property is located on 45th Street in Highland, Indiana. The layout includes basement space and supports client-facing visibility and convenient access for day-to-day operations.
Key Highlights
- Approximately 1,000 SF open office space
- Full basement for additional work and storage
- Entrance foyer and open floorplan
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
$9,072
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
4.77%
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%
$181,440
$181.4K
Cap Rate 7%
$129,600
$129.6K
Cap Rate 9%
$100,800
$100.8K
Market Conditions
NOI Build-Up for 1,000 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
$14.4K $14.40/SF
− Vacancy
−$2.3K −$2.30/SF
EGI
$12.1K $12.10/SF
− OpEx
−$3.0K −$3.02/SF
NOI
$9.1K $9.07/SF
Area
Vermillion County, IN
Vacancy
16.00%
Lease Rate
$14.40 /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%
$181,440
Cap Rate 7%
$129,600
Cap Rate 9%
$100,800
Alternative Uses
Best Use
Office B
$129.6K
$113.4K – $151.2K
NOI $9,072 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$176.9K
$154.8K – $206.4K
NOI $12,384 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
Explore this area
Business Placement
Demographics for 46322, IN
23,984
Population
10,791
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
93%
High-School Grad
6.9 sq mi
ZIP Area
3,476
Density / Sq Mi
$76,219
Median Household Income
$47,458
Median Earnings
$1,202
Median Rent
$219,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Professional office space includes open office area and full basement on a deep lot with off-street parking.
Where is this office building located?
The property is located at 2636 45th Street Highland, IN.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Approximately 1,000 SF open office space; Full basement for additional work and storage; Entrance foyer and open floorplan
