Updated Office Building with
For Sale
$375,000
2700-08 W 45th Ave, Highland, IN 46322
Two-level commercial layout includes private offices, reception areas, a kitchenette, restrooms, and flexible supporting space.
Property Size3,600 SF
Lot Size0.50 Acres
Price / SF$156.25
Days on Market54
Property Features for 2700-08 W 45th Ave
General Information
Standard status
Active
Size
3,600 SF
Class
B
Lot size
0.50 Acres
Property subtype
Office
Building Details
Building Size
3,600 SF
Year Built
1990
Buildings
2
Stories
2
Listing Agency:
Latitude Commercial
(219) 218-8200
Listed By:
Chandler Kimmel · License #IN #RB22001170
(219) 218-8200
Source:
Latitudeco
Added: Jul 9
Changed: Aug 30
Last Checked: Aug 30 at 11:42PM
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 Latitude Commercial
Investment Insights
Based on property information with market context.
Located at 2700-08 W 45th Ave in Highland, Indiana, this 2,400 SF office building was constructed in 1990 and arranged across two levels. The ground floor provides an open work area, private office, and restroom. Upstairs includes reception space, two private offices, another restroom, and a kitchenette.
A detached 1,200 SF garage expands the property’s utility with additional storage and workspace. The improvements occupy a 0.5-acre lot with visibility along W 45th Ave, supporting prominent signage exposure. The configuration accommodates an owner-user or investor seeking office space with an accompanying garage.
A detached 1,200 SF garage expands the property’s utility with additional storage and workspace. The improvements occupy a 0.5-acre lot with visibility along W 45th Ave, supporting prominent signage exposure. The configuration accommodates an owner-user or investor seeking office space with an accompanying garage.
Key Highlights
- 2,400 SF office building constructed in 1990
- Detached 1,200 SF garage for storage or workspace
- Two‑level configuration with three private offices
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
$21,773
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
5.81%
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%
$435,460
$435.5K
Cap Rate 7%
$311,043
$311.0K
Cap Rate 9%
$241,922
$241.9K
Market Conditions
NOI Build-Up for 2,400 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
$34.6K $14.40/SF
− Vacancy
−$5.5K −$2.30/SF
EGI
$29.0K $12.10/SF
− OpEx
−$7.3K −$3.02/SF
NOI
$21.8K $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%
$435,460
Cap Rate 7%
$311,043
Cap Rate 9%
$241,922
Alternative Uses
Best Use
Office B
$311.0K
$272.2K – $362.9K
NOI $21,773 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$424.6K
$371.5K – $495.4K
NOI $29,722 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
475
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
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Frequently Asked Questions
What type of property is this?
Office building - Two-level commercial layout includes private offices, reception areas, a kitchenette, restrooms, and flexible supporting space.
Where is this office building located?
The property is located at 2700-08 W 45th Ave Highland, IN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2,400 SF office building constructed in 1990; Detached 1,200 SF garage for storage or workspace; Two‑level configuration with three private offices
