Flex Building with Geothermal
For Sale
Contact for pricing
616A-622 Main Street, Hebron, IN 46341
Industrial flex property combining conditioned production space with multi-level office improvements and conference areas.
Property Size30,000 SF
Price / SF$125
Days on Market51
Property Features for 616A-622 Main Street
General Information
Standard status
Active
Size
30,000 SF
Total Parking Spaces
50
Property subtype
Retail, Industrial
Zoning
I-1/C-2
Lease Type
NNN
Additional Details
Conditioned Warehouse
Yes
Amenities
Conference Rooms
Break Rooms
Building Details
Year Built
1974
Year Renovated
2011
Buildings
1
Stories
2
Units
1
Tenancy
Single
Building Size
30,000 SF
Listing Agency:
Commercial In-Sites LLC
Listed By:
Jeff Brennan · License #RB20001982
Source:
Crexi
Added: Jul 31
Changed: Sep 17
Last Checked: Sep 19 at 7:57AM
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 Commercial In-Sites LLC
Investment Insights
Based on property information with market context.
This 30,000-square-foot flex property, built in 1974, combines industrial production or warehouse space with office improvements. The front section includes a two-story office component, multiple conference and break rooms, and a two-story entrance and reception area. A loft office is positioned within the warehouse area.
Geothermal heating and cooling serves the entire building, while radiant heating and cooling extends across the floors. Insulated walls and ceilings support temperature control throughout the facility, including the warehouse and production areas. The property is located at 616A-622 Main Street in Hebron, Indiana, and carries I-1/C-2 zoning.
Geothermal heating and cooling serves the entire building, while radiant heating and cooling extends across the floors. Insulated walls and ceilings support temperature control throughout the facility, including the warehouse and production areas. The property is located at 616A-622 Main Street in Hebron, Indiana, and carries I-1/C-2 zoning.
Key Highlights
- 30,000 square feet of usable flex space
- Geothermal heating and cooling throughout the building
- Radiant heat and cooling in floors throughout
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
$178,275
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
4.75%
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%
$3,565,500
$3.6M
Cap Rate 7%
$2,546,786
$2.5M
Cap Rate 9%
$1,980,833
$2.0M
Market Conditions
NOI Build-Up for 30,000 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
$298.8K $9.96/SF
− Vacancy
−$24.5K −$0.82/SF
EGI
$274.3K $9.14/SF
− OpEx
−$96.0K −$3.20/SF
NOI
$178.3K $5.94/SF
Area
Porter County, IN
Vacancy
8.21%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$3,565,500
Cap Rate 7%
$2,546,786
Cap Rate 9%
$1,980,833
Alternative Uses
Best Use
Office B
$5.15M
$4.50M – $6.01M
NOI $360,396 @ 7.0% cap · market cap 9.61%
Second Best
Flex RnD
$2.55M
$2.23M – $2.97M
NOI $178,275 @ 7.0% cap · market cap 4.75%
Theoretical Best
Healthcare Medical
$11.37M
$9.95M – $13.27M
NOI $795,917 @ 7.0% cap · market cap 21.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
49
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46341, IN
10,518
Population
4,179
Households
2.5
Avg Household Size
42
Median Age
20%
College-Educated
94%
High-School Grad
95.5 sq mi
ZIP Area
110
Density / Sq Mi
$99,444
Median Household Income
$55,298
Median Earnings
$897
Median Rent
$248,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The House of Garlic — 105 W Sigler St, Hebron, IN 46341
Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex property combining conditioned production space with multi-level office improvements and conference areas.
Where is this flex space located?
The property is located at 616A-622 Main Street Hebron, IN.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 30,000 square feet of usable flex space; Geothermal heating and cooling throughout the building; Radiant heat and cooling in floors throughout
