Two-Suite Office
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For Sale
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305 & 307 East 9th Street, Auburn, IN 46706
Separate office areas support owner occupancy, business use, or multiple income streams.
Property Size1,656 SF
Price / SF$166
Days on Market6
Property Features for 305 & 307 East 9th Street
General Information
Standard status
Active
Size
1,656 SF
Property subtype
Retail, Office, Mixed Use
Additional Details
Office Units
2
Building Details
Year Built
1966
Buildings
1
Units
2
Listing Agency:
Keller Williams Realty Group
Listed By:
Brian Sheikh · License #IN RB16001468
Source:
Crexi
Added: Aug 27
Changed: Aug 31
Last Checked: Aug 31 at 8:48AM
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 Keller Williams Realty Group
Investment Insights
Based on property information with market context.
This office property contains two distinct spaces within a duplex configuration, creating a practical setup for separate occupants or an owner-user arrangement. The building was constructed in 1966 and provides 1,656 square feet for office operations, with flexibility to retain the existing division or customize the space for business needs.
A dedicated parking lot sits behind the building, providing customer and employee parking. The property is located near the DeKalb County Courthouse and downtown Auburn, with access to the city’s business district. Its prior use by professional businesses further supports continued office-oriented use.
A dedicated parking lot sits behind the building, providing customer and employee parking. The property is located near the DeKalb County Courthouse and downtown Auburn, with access to the city’s business district. Its prior use by professional businesses further supports continued office-oriented use.
Key Highlights
- Two separate office spaces within one duplex configuration
- 1,656 square feet of office space
- Rear parking lot for customers and employees
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
$13,592
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
4.94%
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%
$271,840
$271.8K
Cap Rate 7%
$194,171
$194.2K
Cap Rate 9%
$151,022
$151.0K
Market Conditions
NOI Build-Up for 1,656 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
$23.8K $14.40/SF
− Vacancy
−$5.7K −$3.46/SF
EGI
$18.1K $10.94/SF
− OpEx
−$4.5K −$2.74/SF
NOI
$13.6K $8.21/SF
Area
DeKalb County, IN
Vacancy
24.00%
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%
$271,840
Cap Rate 7%
$194,171
Cap Rate 9%
$151,022
Alternative Uses
Best Use
Office B
$194.2K
$169.9K – $226.5K
NOI $13,592 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.36M
$1.19M – $1.58M
NOI $95,086 @ 7.0% cap · market cap 34.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
573
Businesses Nearby
Explore this area
Business Placement
Demographics for 46706, IN
19,995
Population
8,336
Households
2.4
Avg Household Size
41
Median Age
27%
College-Educated
95%
High-School Grad
87.9 sq mi
ZIP Area
227
Density / Sq Mi
$76,288
Median Household Income
$43,617
Median Earnings
$829
Median Rent
$194,900
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 units - Separate office areas support owner occupancy, business use, or multiple income streams.
Where is this office units located?
The property is located at 305 & 307 East 9th Street Auburn, IN.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Two separate office spaces within one duplex configuration; 1,656 square feet of office space; Rear parking lot for customers and employees
