Updated Convenience Store
For Sale
$260,000
3774 N Barbee Rd, Warsaw, IN 46582
Two-building commercial property with a storefront and separate pole barn for storage or workshop use.
Property Size2,320 SF
Price / SF$112.07
Days on Market26
Property Features for 3774 N Barbee Rd
General Information
Standard status
Active
Size
2,320 SF
Building Details
Year Built
1984
Buildings
2
Listing Agency:
Metzger Property Services, LLC
(260) 982-9050
Listed By:
Chad Metzger · License #RB14045939
Source:
Callcriswell
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 25 at 4:14AM
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 Metzger Property Services, LLC
Investment Insights
Based on property information with market context.
This 2,320-square-foot commercial property includes two buildings: an updated storefront with lake-inspired interior décor and a separate pole barn. The main building is configured for convenience-oriented retail, while the additional structure provides space for inventory, equipment, storage, or workshop activities. The property was built in 1984 and has been modernized for continued commercial use.
Located at 3774 N Barbee Rd in Warsaw, the site serves the Barbee Chain of Lakes area. Its setting supports a retail operation focused on snacks, ice, boating supplies, ice cream, and everyday necessities. The two-building layout also provides flexibility for organizing customer-facing retail and back-of-house functions across separate structures.
Located at 3774 N Barbee Rd in Warsaw, the site serves the Barbee Chain of Lakes area. Its setting supports a retail operation focused on snacks, ice, boating supplies, ice cream, and everyday necessities. The two-building layout also provides flexibility for organizing customer-facing retail and back-of-house functions across separate structures.
Key Highlights
- 2,320 SF commercial property with two buildings
- Updated storefront with lake‑inspired interior décor
- Separate pole barn for storage, inventory, equipment, or workshop use
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
$23,524
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
9.05%
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%
$470,480
$470.5K
Cap Rate 7%
$336,057
$336.1K
Cap Rate 9%
$261,378
$261.4K
Market Conditions
NOI Build-Up for 2,320 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
$35.1K $15.12/SF
− Vacancy
−$1.5K −$0.64/SF
EGI
$33.6K $14.48/SF
− OpEx
−$10.1K −$4.35/SF
NOI
$23.5K $10.14/SF
Area
Kosciusko County, IN
Vacancy
4.20%
Lease Rate
$15.12 /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%
$470,480
Cap Rate 7%
$336,057
Cap Rate 9%
$261,378
Alternative Uses
Best Use
Specialty Retail
$357.2K
$312.6K – $416.7K
NOI $25,004 @ 7.0% cap · market cap 9.62%
Second Best
Retail
$336.1K
$294.1K – $392.1K
NOI $23,524 @ 7.0% cap · market cap 9.05%
Theoretical Best
Office A
$404.2K
$353.7K – $471.6K
NOI $28,293 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46582, IN
14,151
Population
7,064
Households
2
Avg Household Size
38
Median Age
35%
College-Educated
91%
High-School Grad
57.6 sq mi
ZIP Area
246
Density / Sq Mi
$67,161
Median Household Income
$43,031
Median Earnings
$1,085
Median Rent
$231,900
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?
Grocery and convenience store - Two-building commercial property with a storefront and separate pole barn for storage or workshop use.
Where is this grocery and convenience store located?
The property is located at 3774 N Barbee Rd Warsaw, IN.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 2,320 SF commercial property with two buildings; Updated storefront with lake‑inspired interior décor; Separate pole barn for storage, inventory, equipment, or workshop use
