Versatile Mixed-Use Property with
For Sale
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3447 45th Street, Highland, IN 46322
Mixed-use property featuring commercial space, residence, and liquor license.
Property Size5,374 SF
Price / SF$127.47
Days on Market192
Property Features for 3447 45th Street
General Information
Standard status
Active
Size
5,374 SF
Total Parking Spaces
15
Property subtype
Mixed Use, Retail, Office
Building Details
Year Built
1967
Listing Agency:
McColly Bennett Commercial Advantage
Listed By:
Anthony Christopher · License #RB22001074
Source:
Crexi
Added: Jan 31
Changed: Aug 8
Last Checked: Aug 8 at 2:01PM
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 McColly Bennett Commercial Advantage
Investment Insights
Based on property information with market context.
This mixed-use property includes a commercial space, a residential unit, and a liquor license. The former Monty's Bar has been fully gutted. The property also features a commercial garage that connects directly to a 3-bedroom, 3-bath residence with a partially finished basement. The total property size is 5374 square feet. This property is suitable for owner-operators or cash-flow investors.
Key Highlights
- Includes a liquor license.
- Versatile property suitable for owner‑operators or investors.
- Combines commercial and residential spaces: former bar and garage with a 3‑bedroom, 3‑bath residence.
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
$48,753
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
7.12%
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%
$975,060
$975.1K
Cap Rate 7%
$696,471
$696.5K
Cap Rate 9%
$541,700
$541.7K
Market Conditions
NOI Build-Up for 5,374 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
$77.4K $14.40/SF
− Vacancy
−$12.4K −$2.30/SF
EGI
$65.0K $12.10/SF
− OpEx
−$16.3K −$3.02/SF
NOI
$48.8K $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%
$975,060
Cap Rate 7%
$696,471
Cap Rate 9%
$541,700
Alternative Uses
Best Use
Office B
$696.5K
$609.4K – $812.6K
NOI $48,753 @ 7.0% cap · market cap 7.12%
Second Best
Retail
$652.6K
$571.0K – $761.4K
NOI $45,683 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$950.7K
$831.9K – $1.11M
NOI $66,552 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
400
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?
Mixed-use property - Mixed-use property featuring commercial space, residence, and liquor license.
Where is this mixed-use property located?
The property is located at 3447 45th Street Highland, IN.
What is the asking price?
The asking price for this property is $684,999.
What are key features of this property?
This property features: Includes a liquor license.; Versatile property suitable for owner‑operators or investors.; Combines commercial and residential spaces: former bar and garage with a 3‑bedroom, 3‑bath residence.
