Finished Retail
New
For Sale
$399,900
507 S Huntington Street, Syracuse, IN 46567
COMMERCIAL - Syracuse, IN
Property Size2,500 SF
Lot Size0.33 Acres
Price / SF$159.96
Days on Market3
Property Features for 507 S Huntington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Howard & Lamm
Directions
Per Google
Standard status
Active
APN
43-04-08-400-515.000-026
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
008-030-031 Lot 34 & S 10' Lot 32,33 & N 30' Lot 33 Village Of Wawasee OP
Tax Annual Amount
2673
Legal Description
008-030-031 Lot 34 & S 10' Lot 32,33 & N 30' Lot 33 Village Of Wawasee OP
Utilities
Cooling system
Central Air
Building Details
Year built
1983
Flooring type
Concrete, Finished
Roof type
Shingle
Listing Agency:
Northern Lakes Realty
(574) 275-3884
Listed By:
Vince Beasley · License #RB14043460
(574) 275-3884
Added: Aug 5
Last Checked: Aug 7 at 1:06PM
MLS# 202631681
Copyright © 2026 Kosciusko Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This retail property at 507 S Huntington Street provides just over 2,500 square feet of commercial space on a 0.33-acre parcel. The building includes finished and concrete flooring, central air conditioning, and a shingle roof. Constructed in 1983, it has operated as The Gift Shop at Wawasee and offers a retail-oriented interior suited to continued specialty-shop use.
The property is positioned along State Road 13 in Syracuse, providing access and exposure within the local commercial corridor. Its location is described as serving both area residents and seasonal visitors drawn to the surrounding lakes. The property is being offered for sale and may suit an owner-user or investor seeking a retail asset with an established operating history.
The property is positioned along State Road 13 in Syracuse, providing access and exposure within the local commercial corridor. Its location is described as serving both area residents and seasonal visitors drawn to the surrounding lakes. The property is being offered for sale and may suit an owner-user or investor seeking a retail asset with an established operating history.
Key Highlights
- Just over 2,500 square feet of retail space
- 0.33‑acre parcel at 507 S Huntington Street, Syracuse, IN 46567
- Located along State Road 13
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
$25,349
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
6.34%
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%
$506,980
$507.0K
Cap Rate 7%
$362,129
$362.1K
Cap Rate 9%
$281,656
$281.7K
Market Conditions
NOI Build-Up for 2,500 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
$37.8K $15.12/SF
− Vacancy
−$1.6K −$0.64/SF
EGI
$36.2K $14.48/SF
− OpEx
−$10.9K −$4.35/SF
NOI
$25.3K $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%
$506,980
Cap Rate 7%
$362,129
Cap Rate 9%
$281,656
Alternative Uses
Best Use
Retail
$362.1K
$316.9K – $422.5K
NOI $25,349 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$435.5K
$381.1K – $508.1K
NOI $30,488 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
289
Businesses Nearby
24k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 81%
Dining 17%
Electronics 3%
Syracuse
Shops & Services
11,498 visits/mo
0.3 miles
Dollar General
Shops & Services
5,290 visits/mo
0.3 miles
SUBWAY
Dining
2,783 visits/mo
0.4 miles
Napa Auto Parts
Shops & Services
1,226 visits/mo
0.3 miles
KeyBank
Shops & Services
1,214 visits/mo
0.5 miles
Demographics for 46567, IN
9,773
Population
5,849
Households
1.7
Avg Household Size
44
Median Age
25%
College-Educated
90%
High-School Grad
57.3 sq mi
ZIP Area
171
Density / Sq Mi
$73,277
Median Household Income
$46,327
Median Earnings
$964
Median Rent
$228,200
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?
Retail space - The property includes central air conditioning and a finished interior with concrete flooring.
Where is this retail space located?
The property is located at 507 S Huntington Street Syracuse, IN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Just over 2,500 square feet of retail space; 0.33‑acre parcel at 507 S Huntington Street, Syracuse, IN 46567; Located along State Road 13
