Building Details

Year Built 2005

Buildings 2

Listing Agency: Smythe & Co, Inc

Listed By: Austin Smythe Show Phone

Source: Megandusing

Added: Sep 15 Last Checked: Sep 18 at 12:41PM

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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 Smythe & Co, Inc

Investment Insights

Based on property information with market context.

This flex property includes two commercial buildings totaling 8,752 square feet on approximately 1 acre. Constructed in 2005, the west building contains 5,112 square feet arranged for an antique shop and cabinet refinishing operation, while the east building provides 3,640 square feet currently occupied by a pool service company.

The property is located in Bargersville, Indiana, about one-half mile from SR135. Surrounding development and construction provide an active commercial setting. The separate-building layout offers existing leased occupancy along with distinct spaces for continued business use.

Key Highlights

• Two buildings totaling 8,752 square feet
• West building contains 5,112 square feet
• East building contains 3,640 square feet

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

$77,908

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

8.70%

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%

$1,558,160 $1.6M

Cap Rate 7%

$1,112,971 $1.1M

Cap Rate 9%

$865,644 $865.6K

Market Conditions

NOI Build-Up for 8,752 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

$131.3K $15.00/SF

− Vacancy

−$11.4K −$1.31/SF

EGI

$119.9K $13.70/SF

− OpEx

−$42.0K −$4.79/SF

NOI

$77.9K $8.90/SF

Area

Johnson County, IN

Vacancy

8.70%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

35.00%

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%

$1,558,160

Cap Rate 7%

$1,112,971

Cap Rate 9%

$865,644

Alternative Uses

Best Use

Retail

$1.37M

$1.20M – $1.60M (±1% cap)

NOI $95,719 @ 7.0% cap · market cap 10.69%

Second Best

Flex RnD

$1.11M

$973.9K – $1.30M (±1% cap)

NOI $77,908 @ 7.0% cap · market cap 8.70%

Theoretical Best

Office A

$2.21M

$1.93M – $2.57M (±1% cap)

NOI $154,385 @ 7.0% cap · market cap 17.25%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Dental Office Real Estate Agency Big Box & Wholesale Store Auto Repair Shop HVAC Service Furniture & Home Goods

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

9

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 46106, IN

8,672

Population

3,593

Households

2.4

Avg Household Size

36

Median Age

52%

College-Educated

98%

High-School Grad

28.2 sq mi

ZIP Area

308

Density / Sq Mi

$106,914

Median Household Income

$55,755

Median Earnings

$1,546

Median Rent

$430,500

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Flex space - Two leased buildings support multiple commercial uses with separate interior configurations.

Where is this flex space located?

The property is located at 291 E Two Cent Rd Bargersville, IN.

What is the asking price?

The asking price for this property is $895,000.

What are key features of this property?

This property features: Two buildings totaling 8,752 square feet; West building contains 5,112 square feet; East building contains 3,640 square feet