Richmond Commercial Space For
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315 NW 5 Street, Richmond, IN 47374
1,072 SF commercial space in high-traffic Richmond location.
Property Size1,072 SF
Price / SF$111.85
Days on Market184
Property Features for 315 NW 5 Street
General Information
Standard status
Active
Size
1,072 SF
Class
B
Property subtype
Office, Retail
Zoning
LC
Building Details
Year Built
1930
Listing Agency:
Coldwell Banker Lingle
(727) 771-8773
Listed By:
Alan Stamper · License #IN RB16001438
Source:
Crexi
Added: Feb 6
Changed: Aug 8
Last Checked: Aug 8 at 6:33AM
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 Coldwell Banker Lingle
Investment Insights
Based on property information with market context.
This 1,072 square foot commercial space is located in a high-traffic, highly visible West Side location in Richmond. Situated on a prominent corner lot along Northwest 5th Street, the property benefits from excellent exposure, strong traffic counts, and ample on-site parking. The building offers a mostly open floor plan, a commercial restroom, and a convenient drive-up window, making it well suited for retail, office, or service-oriented businesses. Numerous improvements were completed in 2025, including a new roof, furnace, and air conditioning system, leaving the space in excellent, move-in-ready condition. Additional adjacent land is available for those needing extra space now or in the future.
Key Highlights
- High‑traffic, highly visible West Side location on a prominent corner lot.
- Recently renovated in 2025 with a new roof, furnace, and air conditioning system.
- Move‑in‑ready, 1,072 square foot commercial space with mostly open floor plan.
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
$3,953
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
3.30%
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%
$79,060
$79.1K
Cap Rate 7%
$56,471
$56.5K
Cap Rate 9%
$43,922
$43.9K
Market Conditions
NOI Build-Up for 1,072 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
$6.3K $5.88/SF
− Vacancy
−$656 −$0.61/SF
EGI
$5.6K $5.27/SF
− OpEx
−$1.7K −$1.58/SF
NOI
$4.0K $3.69/SF
Area
Wayne County, IN
Vacancy
10.40%
Lease Rate
$5.88 /SF/Yr
Expense Ratio
30.00%
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%
$79,060
Cap Rate 7%
$56,471
Cap Rate 9%
$43,922
Alternative Uses
Best Use
Retail
$56.5K
$49.4K – $65.9K
NOI $3,953 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$134.4K
$117.6K – $156.8K
NOI $9,407 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,018
Businesses Nearby
13k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 80%
Electronics 14%
Apparel 6%
Dollar General
Shops & Services
7,806 visits/mo
0.5 miles
Boost Mobile
Electronics
1,794 visits/mo
0.5 miles
Citgo
Shops & Services
1,062 visits/mo
0.4 miles
Citgo
Shops & Services
953 visits/mo
0.5 miles
Clarks
Apparel
495 visits/mo
0.5 miles
Demographics for 47374, IN
45,304
Population
21,553
Households
2.1
Avg Household Size
41
Median Age
22%
College-Educated
88%
High-School Grad
119.8 sq mi
ZIP Area
378
Density / Sq Mi
$52,566
Median Household Income
$34,168
Median Earnings
$816
Median Rent
$121,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 1,072 SF commercial space in high-traffic Richmond location.
Where is this retail space located?
The property is located at 315 NW 5 Street Richmond, IN.
What is the asking price?
The asking price for this property is $119,900.
What are key features of this property?
This property features: High‑traffic, highly visible West Side location on a prominent corner lot.; Recently renovated in 2025 with a new roof, furnace, and air conditioning system.; Move‑in‑ready, 1,072 square foot commercial space with mostly open floor plan.
