Former Grocery and Gas
For Sale
Contact for pricing
5418 S State Road 109, Columbia City, IN
7,920 SF commercial property on 4.72 acres in Columbia City.
Property Size7,920 SF
Lot Size1.90 Acres
Price / SF$133.52
Days on Market300
Property Features for 5418 S State Road 109
General Information
Standard status
Active
Size
7,920 SF
Lot size
1.90 Acres
Property subtype
RETAIL
Listing Agency:
BND Commercial, LLC
(260) 410-3627
Listed By:
Karl Behrens
(260) 410-3627
Source:
Moodyscre
Added: Oct 27, 2025
Changed: Aug 19
Last Checked: Aug 22 at 11:18AM
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 BND Commercial, LLC
Investment Insights
Based on property information with market context.
This commercial property features a 7,920 square foot former grocery and gas station situated on 4.72 acres along State Road 109 in Columbia City. Zoned C2 – General Commercial, the site is suitable for a convenience store, retail redevelopment, or mixed-use development. The location on Big Lake provides traffic exposure and scenic appeal. The property includes paved parking and existing gas infrastructure. Flexible parcel options are available for sale. With proximity to US 33 and US 30, the property offers access to surrounding communities and through-traffic.
Key Highlights
- High‑visibility location on Big Lake with strong local traffic and scenic appeal.
- Zoned C2 – General Commercial, ideal for convenience store, retail redevelopment, or mixed‑use.
- 7,920 SF former grocery and gas station on 4.72 acres.
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
$87,692
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
8.29%
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%
$1,753,840
$1.8M
Cap Rate 7%
$1,252,743
$1.3M
Cap Rate 9%
$974,356
$974.4K
Market Conditions
NOI Build-Up for 7,920 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
$126.4K $15.96/SF
− Vacancy
−$9.5K −$1.20/SF
EGI
$116.9K $14.76/SF
− OpEx
−$29.2K −$3.69/SF
NOI
$87.7K $11.07/SF
Area
Whitley County, IN
Vacancy
7.50%
Lease Rate
$15.96 /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%
$1,753,840
Cap Rate 7%
$1,252,743
Cap Rate 9%
$974,356
Alternative Uses
Best Use
Specialty Retail
$1.25M
$1.10M – $1.46M
NOI $87,692 @ 7.0% cap · market cap 8.29%
Second Best
Retail
$1.09M
$951.1K – $1.27M
NOI $76,091 @ 7.0% cap · market cap 7.20%
Theoretical Best
Multifamily LT 5
$6.62M
$5.79M – $7.72M
NOI $463,135 @ 7.0% cap · market cap 43.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Gas station - 7,920 SF commercial property on 4.72 acres in Columbia City.
Where is this gas station located?
The property is located at 5418 S State Road 109 Columbia City, IN.
What is the asking price?
The asking price for this property is $1,057,500.
What are key features of this property?
This property features: High‑visibility location on Big Lake with strong local traffic and scenic appeal.; Zoned C2 – General Commercial, ideal for convenience store, retail redevelopment, or mixed‑use.; 7,920 SF former grocery and gas station on 4.72 acres.
