Historic Brick Office
For Sale
Contact for pricing
505 Main Street, New Harmony, IN 47631
Built in 1880, the property currently houses the New Harmony Gazette office near shops, restaurants, and cultural landmarks.
Property Size1,032 SF
Price / SF$387.60
Days on Market14
Property Features for 505 Main Street
General Information
Standard status
Active
Size
1,032 SF
Property subtype
Office
Zoning
Business Historic
Building Details
Year Built
1880
Buildings
1
Stories
2
Units
1
Listing Agency:
FC Tucker Commercial
(812) 430-0464
Listed By:
Dylan Krohn · License #RB19000887
Source:
Crexi
Added: Aug 4
Changed: Aug 12
Last Checked: Aug 12 at 12:48PM
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 FC Tucker Commercial
Investment Insights
Based on property information with market context.
This 1,032-square-foot office building was constructed in 1880 with brick exterior walls. The property is currently occupied by the New Harmony Gazette office and offers a compact commercial footprint for an office user or owner-occupant.
The building is located at 505 Main Street in New Harmony, Indiana, near shops, restaurants, and cultural landmarks. Business Historic zoning is identified for the property.
The building is located at 505 Main Street in New Harmony, Indiana, near shops, restaurants, and cultural landmarks. Business Historic zoning is identified for the property.
Key Highlights
- 1,032‑square‑foot office building
- Brick construction dating to 1880
- Currently houses the New Harmony Gazette office
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
$12,557
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
3.14%
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%
$251,140
$251.1K
Cap Rate 7%
$179,386
$179.4K
Cap Rate 9%
$139,522
$139.5K
Market Conditions
NOI Build-Up for 1,032 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
$19.8K $19.20/SF
− Vacancy
−$3.1K −$2.98/SF
EGI
$16.7K $16.22/SF
− OpEx
−$4.2K −$4.06/SF
NOI
$12.6K $12.17/SF
Area
Posey County, IN
Vacancy
15.50%
Lease Rate
$19.20 /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%
$251,140
Cap Rate 7%
$179,386
Cap Rate 9%
$139,522
Alternative Uses
Best Use
Office B
$179.4K
$157.0K – $209.3K
NOI $12,557 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$256.2K
$224.2K – $298.9K
NOI $17,934 @ 7.0% cap · market cap 4.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 47631, IN
1,908
Population
1,001
Households
1.9
Avg Household Size
51
Median Age
26%
College-Educated
93%
High-School Grad
59.4 sq mi
ZIP Area
32
Density / Sq Mi
$60,509
Median Household Income
$39,611
Median Earnings
$875
Median Rent
$184,300
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 - Built in 1880, the property currently houses the New Harmony Gazette office near shops, restaurants, and cultural landmarks.
Where is this office building located?
The property is located at 505 Main Street New Harmony, IN.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 1,032‑square‑foot office building; Brick construction dating to 1880; Currently houses the New Harmony Gazette office
