Main Street Flex
New
For Sale
$550,000
428 E Main St, Brownsburg, IN 46112
C-2-zoned commercial building combines office areas with rear warehouse functionality and multiple recent system improvements.
Property Size2,910 SF
Price / SF$189
Days on Market2
Property Features for 428 E Main St
General Information
Standard status
Active
Size
2,910 SF
Zoning
C-2
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Warehouse Space
900 SF
Building Details
Year Built
1930
Buildings
1
Listing Agency:
Carpenter, REALTORS
Listed By:
Stan Comer · License #RB14021312
(317) 852-4091
Source:
Mcwatersrealestate
Added: Sep 8
Last Checked: Sep 8 at 2:41PM
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 Carpenter, REALTORS
Investment Insights
Based on property information with market context.
This 2,910-square-foot flex property, built in 1930, offers a mixed office and warehouse configuration. The current plan includes five offices, a kitchen, file and copy area, a 32x19 common room, two restrooms, and a 30x30 warehouse at the rear. The building is suited to a range of commercial uses permitted within its C-2 zoning, subject to applicable Town of Brownsburg planning, building, and zoning requirements.
Recent work includes a 2023 concrete parking pad, 2022 HVAC replacement, 2026 water heater installation, 2022 electrical panel and outlet upgrades with 220 lines, a 2024 overhead door and service door, a 2023 gas hanging heater in the warehouse, and 2023 restroom remodeling. The property is located at 428 E Main St in Brownsburg, with 2025 INDOT AADT ranging from 11,657 to 13,451 between Grant Street and Odell Street. The vacant lot west of the building is also offered separately.
Recent work includes a 2023 concrete parking pad, 2022 HVAC replacement, 2026 water heater installation, 2022 electrical panel and outlet upgrades with 220 lines, a 2024 overhead door and service door, a 2023 gas hanging heater in the warehouse, and 2023 restroom remodeling. The property is located at 428 E Main St in Brownsburg, with 2025 INDOT AADT ranging from 11,657 to 13,451 between Grant Street and Odell Street. The vacant lot west of the building is also offered separately.
Key Highlights
- 2,910‑square‑foot flex property on E Main St in Brownsburg
- C‑2 zoning within the Town of Brownsburg
- Five offices plus kitchen, file/copy area, 32x19 common area, and two restrooms
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
$24,269
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
4.41%
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%
$485,380
$485.4K
Cap Rate 7%
$346,700
$346.7K
Cap Rate 9%
$269,656
$269.7K
Market Conditions
NOI Build-Up for 2,910 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
$41.9K $14.40/SF
− Vacancy
−$4.6K −$1.57/SF
EGI
$37.3K $12.83/SF
− OpEx
−$13.1K −$4.49/SF
NOI
$24.3K $8.34/SF
Area
Hendricks County, IN
Vacancy
10.90%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$485,380
Cap Rate 7%
$346,700
Cap Rate 9%
$269,656
Alternative Uses
Best Use
Flex RnD
$346.7K
$303.4K – $404.5K
NOI $24,269 @ 7.0% cap · market cap 4.41%
Second Best
Warehouse
$299.3K
$261.9K – $349.1K
NOI $20,948 @ 7.0% cap · market cap 3.81%
Theoretical Best
Office A
$730.5K
$639.2K – $852.2K
NOI $51,134 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
700
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46112, IN
41,562
Population
15,790
Households
2.6
Avg Household Size
38
Median Age
48%
College-Educated
96%
High-School Grad
42.1 sq mi
ZIP Area
987
Density / Sq Mi
$113,293
Median Household Income
$57,619
Median Earnings
$1,394
Median Rent
$295,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - C-2-zoned commercial building combines office areas with rear warehouse functionality and multiple recent system improvements.
Where is this flex space located?
The property is located at 428 E Main St Brownsburg, IN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,910‑square‑foot flex property on E Main St in Brownsburg; C‑2 zoning within the Town of Brownsburg; Five offices plus kitchen, file/copy area, 32x19 common area, and two restrooms
