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    Historic Office Building in Lafayette Title is generated by Realmo AI

    427 Main St, Lafayette, IN

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    Well-maintained office space in downtown Lafayette near Purdue University.

    Type:OFFICE
    Property size:
    1,916 SF
    Lot size:
    0.15 Acres
    Added:
    May 22, 2024
    Days on Market:
    727
    Last Refresh:
    Apr 5 at 10:10 pm

    Property Features for 427 Main St

    General Information

    Standard status
    Active
    Size
    1,916 SF
    Lot size
    0.15 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 427 Main St Contact us

    We can help!

    Listing Contact
    Jim Pitoukkas
    Jim Pitoukkas

    Listing agent Jim Pitoukkas

    Listing office Shook Commercial Real Estate

    Listing date May 22, 2024

    Source Moodyscre

    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 Shook Commercial Real Estate

    HighLights

    • Prime downtown Lafayette location at the corner of 5th and Main, less than 2 miles from Purdue University.
    • High visibility with great signage opportunities.
    • Convenient parking options, including reserved off‑street parking for an additional fee.
    • Beautiful, well‑maintained historic office building with great street presence.
    • Space will be delivered with new finished drop ceiling in the entry area, finished drywall, new keyed backdoor, and mutually agreed upon flooring.
    • CAM includes exterior window washing, common area maintenance, snow removal, and HVAC maintenance.

    Overview

    Located at the corner of 5th Street and Main Street in downtown Lafayette, the subject property is less than 2 miles from Purdue University. This well-maintained historic office building offers great street presence near the bustling Farmers Market on 5th Street. The location provides convenient access to popular eateries and businesses in all directions. The County Courthouse is a couple blocks west of the property. The available space, totaling 1916 square feet, will be delivered with a new finished drop ceiling in the entry area, finished drywall, a new keyed backdoor, and flooring that is mutually agreed to by landlord and tenant. Common restrooms serve the premises. The building offers occupants convenient parking options downtown, with reserved off-street parking available for an additional fee. CAM includes 1st and 2nd floor exterior window washing, maintenance of common areas, snow removal, and HVAC maintenance. The CAM charge is a fixed $2 per square foot. Utilities are estimated at $1.49 per square foot and trued up annually. Tenant will be responsible for janitorial services within their premises and phone/internet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    DelMar Software Development (Bike/Boat/Book/etc) Store Aaron Walker - Coldwell ... Real Estate Agency Kathy Ptasnik, Real ... Real Estate Agency Tamara Foley, Coldwell ... Real Estate Agency Lynn Beckham, Wilburn|Beckham ... Real Estate Agency

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lafayette
    County
    Tippecanoe
    State
    Indiana
    Longitude
    -86.8922
    Latitude
    40.419

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    FAQs

    What type of property is this?
    Office units - Well-maintained office space in downtown Lafayette near Purdue University.
    Where is this office units located?
    The property is located at 427 Main St Lafayette, IN.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Prime downtown Lafayette location at the corner of 5th and Main, less than 2 miles from Purdue University.; High visibility with great signage opportunities.; Convenient parking options, including reserved off‑street parking for an additional fee.
    (317) 281-8811 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jim Pitoukkas
    Jim Pitoukkas
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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