Updated Office
For Sale
Contact for pricing
502 Henry St, New Haven, IN 46774
Recently updated interior supports professional, medical, financial, and service-oriented operations.
Property Size1,800 SF
Price / SF$188.89
Days on Market53
Property Features for 502 Henry St
General Information
Standard status
Active
Size
1,800 SF
Total Parking Spaces
22
Property subtype
Office
Investment Type
Owner/User
Building Details
Year Built
1955
Year Renovated
2017
Buildings
1
Tenancy
Single
Listing Agency:
Bradley Company Fort Wayne
Listed By:
Stanley Phillips · License #IN RB14003860
(260) 423-4311
Source:
Crexi
Added: Jul 29
Changed: Sep 17
Last Checked: Sep 18 at 4:13AM
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 Bradley Company Fort Wayne
Investment Insights
Based on property information with market context.
This 1,800-square-foot office building at 502 Henry St in New Haven, Indiana, was constructed in 1955 and has a recently updated interior. The property is maintained inside and out, providing a practical setting for business operations without requiring a major initial interior refresh.
The configuration is suited to professional, medical, financial, and other service-oriented users. Its office format may also fit an owner-user or investor seeking a commercial property with established office improvements.
The configuration is suited to professional, medical, financial, and other service-oriented users. Its office format may also fit an owner-user or investor seeking a commercial property with established office improvements.
Key Highlights
- 1,800‑square‑foot office building
- Recently updated interior
- Constructed in 1955
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
$23,698
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
6.97%
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%
$473,960
$474.0K
Cap Rate 7%
$338,543
$338.5K
Cap Rate 9%
$263,311
$263.3K
Market Conditions
NOI Build-Up for 1,800 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
$35.0K $19.44/SF
− Vacancy
−$3.4K −$1.89/SF
EGI
$31.6K $17.55/SF
− OpEx
−$7.9K −$4.39/SF
NOI
$23.7K $13.17/SF
Area
Allen County, IN
Vacancy
9.70%
Lease Rate
$19.44 /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%
$473,960
Cap Rate 7%
$338,543
Cap Rate 9%
$263,311
Alternative Uses
Best Use
Office B
$338.5K
$296.2K – $395.0K
NOI $23,698 @ 7.0% cap · market cap 6.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$414.9K
$363.0K – $484.0K
NOI $29,041 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
Explore this area
Business Placement
Demographics for 46774, IN
17,341
Population
7,287
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
91%
High-School Grad
52.7 sq mi
ZIP Area
329
Density / Sq Mi
$70,758
Median Household Income
$44,034
Median Earnings
$961
Median Rent
$169,200
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 Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Recently updated interior supports professional, medical, financial, and service-oriented operations.
Where is this office building located?
The property is located at 502 Henry St New Haven, IN.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: 1,800‑square‑foot office building; Recently updated interior; Constructed in 1955
