Corner Commercial Land with Retail
For Sale
$198,000
504 & 518 S Main St, North Webster, IN 46555
Three parcels include an existing small-retail building and additional vacant ground for commercial development.
Property Size700 SF
Price / SF$282.86
Days on Market8
Property Features for 504 & 518 S Main St
General Information
Standard status
Active
Size
700 SF
Building Details
Year Built
1957
Listing Agency:
ERA Crossroads
(574) 528-1400
Listed By:
Kay Young · License #RB14019200
Source:
Theferrellgroupkw
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 1:24PM
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 ERA Crossroads
Investment Insights
Based on property information with market context.
This commercial land offering consists of three parcels totaling approximately 1.79 acres, with an existing building constructed in 1957 and additional vacant ground. The current improvement is described as suitable for small retail use, while the balance of the property provides room for further commercial development.
The site occupies a corner position in North Webster with 180 feet of frontage on SR 13. Road frontage across three streets totals over 700 linear feet, and the most recent traffic volume report identifies 10,181 vehicles per day. The property is addressed at 504 & 518 S Main St.
The site occupies a corner position in North Webster with 180 feet of frontage on SR 13. Road frontage across three streets totals over 700 linear feet, and the most recent traffic volume report identifies 10,181 vehicles per day. The property is addressed at 504 & 518 S Main St.
Key Highlights
- Approximately 1.79 acres across three parcels
- 180' frontage on SR 13
- Over 700 linear feet of road frontage across three streets
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
$7,098
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
3.58%
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%
$141,960
$142.0K
Cap Rate 7%
$101,400
$101.4K
Cap Rate 9%
$78,867
$78.9K
Market Conditions
NOI Build-Up for 700 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
$10.6K $15.12/SF
− Vacancy
−$445 −$0.64/SF
EGI
$10.1K $14.48/SF
− OpEx
−$3.0K −$4.35/SF
NOI
$7.1K $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%
$141,960
Cap Rate 7%
$101,400
Cap Rate 9%
$78,867
Alternative Uses
Best Use
Retail
$101.4K
$88.7K – $118.3K
NOI $7,098 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$122.0K
$106.7K – $142.3K
NOI $8,537 @ 7.0% cap · market cap 4.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Home Improvements & Furnishings 40%
Family Express
Shops & Services
5,024 visits/mo
0.2 miles
North Webster Ace Hardware
Home Improvements & Furnishings
4,068 visits/mo
0.3 miles
Napa Auto Parts
Shops & Services
987 visits/mo
0.3 miles
Demographics for 46555, IN
2,729
Population
1,770
Households
1.5
Avg Household Size
45
Median Age
24%
College-Educated
92%
High-School Grad
10.1 sq mi
ZIP Area
270
Density / Sq Mi
$70,268
Median Household Income
$36,034
Median Earnings
$977
Median Rent
$203,800
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?
Commercial land - Three parcels include an existing small-retail building and additional vacant ground for commercial development.
Where is this commercial land located?
The property is located at 504 & 518 S Main St North Webster, IN.
What is the asking price?
The asking price for this property is $198,000.
What are key features of this property?
This property features: Approximately 1.79 acres across three parcels; 180' frontage on SR 13; Over 700 linear feet of road frontage across three streets
