Three-Unit Office
For Sale
Contact for pricing
401-403 Wabash Avenue, Terre Haute, IN 47807
Multi-tenant office property with floor-to-ceiling windows and a flexible three-unit layout.
Property Size6,832 SF
Price / SF$154.42
Days on Market150
Property Features for 401-403 Wabash Avenue
General Information
Standard status
Active
Size
6,832 SF
Total Parking Spaces
30
Property subtype
Retail, Office
Zoning
C-9
Investment Type
Value Add
Net Operating Income
$70,741
Additional Details
Cap Rate
6.7%
Office Units
3
Building Details
Year Built
2001
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
RE/MAX Real Estate Associates
Listed By:
Dave Cash · License #IN RB14017104
(812) 235-4433
Source:
Crexi
Added: Apr 7
Changed: Aug 31
Last Checked: Sep 1 at 1:59AM
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 RE/MAX Real Estate Associates
Investment Insights
Based on property information with market context.
This 6,832-square-foot office building contains three units and was constructed in 2001. Floor-to-ceiling windows provide substantial natural light, while the multi-tenant configuration supports separate occupancies within one commercial property. One 2,514-square-foot space is currently available for lease, with Morgan Stanley Smith Barney LLC and State Farm Insurance Agency occupying the other units.
The property occupies a corner at Wabash Avenue and 4th Street in downtown Terre Haute, with more than 280 feet of frontage and exposure at a signalized intersection. The Vigo County Courthouse and Indiana State University are each located one block away. C-9 zoning is in place.
The property occupies a corner at Wabash Avenue and 4th Street in downtown Terre Haute, with more than 280 feet of frontage and exposure at a signalized intersection. The Vigo County Courthouse and Indiana State University are each located one block away. C-9 zoning is in place.
Key Highlights
- 6,832‑square‑foot office building completed in 2001
- Three‑unit office configuration with one 2,514‑square‑foot space available for lease
- More than 280 feet of frontage at Wabash Avenue and 4th Street
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
$69,063
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
6.55%
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%
$1,381,260
$1.4M
Cap Rate 7%
$986,614
$986.6K
Cap Rate 9%
$767,367
$767.4K
Market Conditions
NOI Build-Up for 6,832 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
$118.1K $17.28/SF
− Vacancy
−$26.0K −$3.80/SF
EGI
$92.1K $13.48/SF
− OpEx
−$23.0K −$3.37/SF
NOI
$69.1K $10.11/SF
Area
Vigo County, IN
Vacancy
22.00%
Lease Rate
$17.28 /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%
$1,381,260
Cap Rate 7%
$986,614
Cap Rate 9%
$767,367
Alternative Uses
Best Use
Office B
$986.6K
$863.3K – $1.15M
NOI $69,063 @ 7.0% cap · market cap 6.55%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.93M
$4.32M – $5.75M
NOI $345,224 @ 7.0% cap · market cap 32.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Office units
Location Intelligence
Trade Area within ½ mile
1,356
Businesses Nearby
Explore this area
Business Placement
Demographics for 47807, IN
12,063
Population
6,805
Households
1.8
Avg Household Size
29
Median Age
13%
College-Educated
82%
High-School Grad
3.8 sq mi
ZIP Area
3,174
Density / Sq Mi
$24,389
Median Household Income
$15,611
Median Earnings
$910
Median Rent
$58,400
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 - Multi-tenant office property with floor-to-ceiling windows and a flexible three-unit layout.
Where is this office building located?
The property is located at 401-403 Wabash Avenue Terre Haute, IN.
What is the asking price?
The asking price for this property is $1,055,000.
What are key features of this property?
This property features: 6,832‑square‑foot office building completed in 2001; Three‑unit office configuration with one 2,514‑square‑foot space available for lease; More than 280 feet of frontage at Wabash Avenue and 4th Street
