Live-Work Space with Roof
For Sale
Contact for pricing
28 West 9th Street, Anderson, IN 46016
Newly renovated two-bedroom living space with den and walk-out roof deck, with retail or office capability below in the CBD.
Property Size3,868 SF
Price / SF$151.24
Days on Market55
Property Features for 28 West 9th Street
General Information
Standard status
Active
Size
3,868 SF
Property subtype
Retail
Zoning
B-2
Amenities
walk-out roof deck
Listing Agency:
Coombes Real Estate
Listed By:
Robert Coombes · License #RB17000978
Source:
Crexi
Added: Jul 23
Changed: Sep 5
Last Checked: Sep 15 at 6:19AM
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 Coombes Real Estate
Investment Insights
Based on property information with market context.
This live-work space features newly renovated two-bedroom living accommodations with a den on the upper level, plus a walk-out roof deck. The first floor offers retail or office capability to support flexible day-to-day use or tenant-friendly operations.
Located in the Central Business District in Anderson, IN, the property is one block away from the city square and Meridian and Main Streets, placing it within a close-in commercial environment.
The property size is 3,868 square feet, providing room for both upper-level living and first-floor business use in a single configuration.
Located in the Central Business District in Anderson, IN, the property is one block away from the city square and Meridian and Main Streets, placing it within a close-in commercial environment.
The property size is 3,868 square feet, providing room for both upper-level living and first-floor business use in a single configuration.
Key Highlights
- Central Business District location in Anderson, IN
- Newly renovated two‑bedroom living space with den
- Walk‑out roof deck on the upper level
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
$50,925
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
8.71%
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%
$1,018,500
$1.0M
Cap Rate 7%
$727,500
$727.5K
Cap Rate 9%
$565,833
$565.8K
Market Conditions
NOI Build-Up for 3,868 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
$75.2K $19.44/SF
− Vacancy
−$7.3K −$1.89/SF
EGI
$67.9K $17.55/SF
− OpEx
−$17.0K −$4.39/SF
NOI
$50.9K $13.17/SF
Area
Madison County, IN
Vacancy
9.70%
Lease Rate
$19.44 /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%
$1,018,500
Cap Rate 7%
$727,500
Cap Rate 9%
$565,833
Alternative Uses
Best Use
Office B
$727.5K
$636.6K – $848.8K
NOI $50,925 @ 7.0% cap · market cap 8.71%
Second Best
Mixed Use
$547.0K
$478.7K – $638.2K
NOI $38,293 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$891.5K
$780.1K – $1.04M
NOI $62,407 @ 7.0% cap · market cap 10.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
916
Businesses Nearby
Explore this area
Business Placement
Demographics for 46016, IN
17,686
Population
9,225
Households
1.9
Avg Household Size
36
Median Age
10%
College-Educated
80%
High-School Grad
6.4 sq mi
ZIP Area
2,763
Density / Sq Mi
$35,543
Median Household Income
$28,753
Median Earnings
$864
Median Rent
$66,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Live-work space - Newly renovated two-bedroom living space with den and walk-out roof deck, with retail or office capability below in the CBD.
Where is this live-work space located?
The property is located at 28 West 9th Street Anderson, IN.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Central Business District location in Anderson, IN; Newly renovated two‑bedroom living space with den; Walk‑out roof deck on the upper level
