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    Office Suite in Retail Plaza Title is generated by Realmo AI

    603 N Wayne Suite 1B Street, Angola, IN 46703

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    Pending
    $500/Mo $13 SF/Yr (calc)

    Office - Angola, IN

    Type:Office
    Property size:
    450 SF
    Lot size:
    0.40 Acres
    Added:
    Mar 18, 2026
    Days on Market:
    79
    Last Refresh:
    Jun 4 at 8:06 am

    Property Features for 603 N Wayne Suite 1B Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Parking
    10
    Interior features
    Drywall, 110 Volts
    Standard status
    Pending
    APN
    76-06-26-210-126.000-012
    Size
    450 SF
    Lot size
    0.40 Acres

    Taxes and HOA fees

    Expense value
    500
    Expense
    Security Deposit

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1999
    Floors in Building
    2
    Flooring type
    Laminate
    Building materials
    Stucco
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Tracey Musser
    Tracey Musser

    Listing agent Tracey Musser

    Listing office RE/MAX Results 100 Growth Parkway, IN

    Listing date Mar 18, 2026

    MLS# 202608907 Listing URL

    Copyright © 2026 Northeastern Indiana Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑visibility location on N Wayne St with good signage.
    • High foot traffic due to strip plaza location.
    • Affordable rent: $500/month plus utilities.
    • Available May 1st.
    • Includes reception desk and shared restroom.
    • Central air conditioning and natural gas forced air heating.

    Overview

    Approximately 450 square feet of office space is available in Suite 1B at 603 N Wayne. The layout includes a large open work area designed for flexible office use, along with a reception desk. The suite also benefits from a shared restroom with the suite next door, supporting efficient day-to-day operations for a small team. Utilities are included separately from the monthly rent, and the space is available beginning May 1.

    The suite is located within a strip plaza on N Wayne St in Angola, Indiana. The property is described as highly visible with good signage, and the plaza is noted for bringing lots of foot traffic. This makes the location well-suited for professionals who value consistent customer or visitor presence.

    This space can work well for small offices such as administrative teams, consultative practices, or businesses that want a reception-friendly environment without the overhead of a larger suite. With its open area and reception component, the suite offers a practical setting for client-facing work while maintaining a straightforward, low-complexity footprint.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Map

    City
    Angola
    County
    Steuben
    State
    Indiana
    Longitude
    -84.999818
    Latitude
    41.640618

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    FAQs

    What type of property is this?
    Office units - Small office suite with reception area and shared restroom, positioned for strong walk-in visibility.
    Where is this office units located?
    The property is located at 603 N Wayne Suite 1B Street Angola, IN.
    What is the lease rate?
    The lease rate is $500 /Mo.
    What are key features of this property?
    This property features: High‑visibility location on N Wayne St with good signage.; High foot traffic due to strip plaza location.; Affordable rent: $500/month plus utilities.
    (260) 668-6663
    We can help!
    Listing Contact
    Tracey Musser
    Tracey Musser
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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