Mixed-Use
New
For Sale
$1,350,000
609 Commerce Road, Richmond, IN 47374
Commercial property constructed in the late 1980s.
Property Size13,375 SF
Days on Market3
Property Features for 609 Commerce Road
General Information
Standard status
Active
Size
13,375 SF
Total Parking Spaces
40
Property subtype
Mixed Use
Building Details
Building Size
13,375 SF
Year Built
1987
Listing Agency:
Coldwell Banker Lingle
(765) 994-8822
Listed By:
Alan Stamper · License #RB16001438
(765) 994-8822
Source:
Cbcworldwide
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 3:54AM
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 Coldwell Banker Lingle
Investment Insights
Based on property information with market context.
This mixed-use commercial property was constructed in 1987. The asset is located at 609 Commerce Road in Richmond, Indiana, with the property information identifying it for sale.
Key Highlights
- Constructed in 1987
- Located at 609 Commerce Road, Richmond, IN 47374
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
$117,366
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
8.69%
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%
$2,347,320
$2.3M
Cap Rate 7%
$1,676,657
$1.7M
Cap Rate 9%
$1,304,067
$1.3M
Market Conditions
NOI Build-Up for 13,375 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
$208.7K $15.60/SF
− Vacancy
−$20.9K −$1.56/SF
EGI
$187.8K $14.04/SF
− OpEx
−$70.4K −$5.27/SF
NOI
$117.4K $8.77/SF
Area
Wayne County, IN
Vacancy
10.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$2,347,320
Cap Rate 7%
$1,676,657
Cap Rate 9%
$1,304,067
Alternative Uses
Best Use
Mixed Use
$1.68M
$1.47M – $1.96M
NOI $117,366 @ 7.0% cap · market cap 8.69%
Second Best
Warehouse
$1.58M
$1.38M – $1.84M
NOI $110,615 @ 7.0% cap · market cap 8.19%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
165
Businesses Nearby
Explore this area
Business Placement
Demographics for 47374, IN
45,304
Population
21,553
Households
2.1
Avg Household Size
41
Median Age
22%
College-Educated
88%
High-School Grad
119.8 sq mi
ZIP Area
378
Density / Sq Mi
$52,566
Median Household Income
$34,168
Median Earnings
$816
Median Rent
$121,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial property constructed in the late 1980s.
Where is this mixed-use property located?
The property is located at 609 Commerce Road Richmond, IN.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Constructed in 1987; Located at 609 Commerce Road, Richmond, IN 47374
