Two-Story Office
For Sale
$339,900
36 S 9th St, Richmond, IN 47374
Flexible layout includes private offices, meeting rooms, shared work area, and workplace support amenities.
Property Size6,156 SF
Price / SF$55.21
Days on Market31
Property Features for 36 S 9th St
General Information
Standard status
Active
Size
6,156 SF
Total Parking Spaces
19
Building Details
Year Built
1949
Buildings
1
Stories
2
Listing Agency:
Tarter Realty Auction and Appraisal Company
(765) 994-8533
Listed By:
Paul Faddis · License #RB15000347
Source:
Spencerchildersgroup
Added: Jul 31
Changed: Aug 29
Last Checked: Aug 25 at 5:30AM
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 Tarter Realty Auction and Appraisal Company
Investment Insights
Based on property information with market context.
Built in 1949, this 6,156-square-foot, two-story office building provides a varied workspace configuration with 19 private offices, a 26-by-44-foot open work area, and conference rooms measuring 17-by-23 feet and 11-by-15 feet. The interior also includes a tiled lobby, kitchen and breakroom, plus separate men’s and women’s restrooms.
The property is located at 36 S 9th St in downtown Richmond, Indiana. A separate parking lot at the corner of A St and 9th St provides 19 spaces.
The existing layout supports professional office occupancy or coworking use, with a combination of enclosed offices, collaborative space, meeting rooms, and shared building amenities.
The property is located at 36 S 9th St in downtown Richmond, Indiana. A separate parking lot at the corner of A St and 9th St provides 19 spaces.
The existing layout supports professional office occupancy or coworking use, with a combination of enclosed offices, collaborative space, meeting rooms, and shared building amenities.
Key Highlights
- 6,156‑square‑foot office building constructed in 1949
- Two‑story layout with 19 private offices
- 26x44 open work area
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
$16,605
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
4.89%
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%
$332,100
$332.1K
Cap Rate 7%
$237,214
$237.2K
Cap Rate 9%
$184,500
$184.5K
Market Conditions
NOI Build-Up for 6,156 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
$30.3K $4.92/SF
− Vacancy
−$8.1K −$1.32/SF
EGI
$22.1K $3.60/SF
− OpEx
−$5.5K −$0.90/SF
NOI
$16.6K $2.70/SF
Area
Wayne County, IN
Vacancy
26.90%
Lease Rate
$4.92 /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%
$332,100
Cap Rate 7%
$237,214
Cap Rate 9%
$184,500
Alternative Uses
Best Use
Office B
$237.2K
$207.6K – $276.8K
NOI $16,605 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$771.7K
$675.2K – $900.3K
NOI $54,019 @ 7.0% cap · market cap 15.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,006
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Flexible layout includes private offices, meeting rooms, shared work area, and workplace support amenities.
Where is this office building located?
The property is located at 36 S 9th St Richmond, IN.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 6,156‑square‑foot office building constructed in 1949; Two‑story layout with 19 private offices; 26x44 open work area
