Flexible Commercial Flex
For Sale
Contact for pricing
646 Walnut St, Terre Haute, IN 47807
Adaptable commercial space with warehouse access, dedicated parking, and high-speed internet connectivity.
Property Size2,720 SF
Price / SF$82.72
Days on Market214
Property Features for 646 Walnut St
General Information
Standard status
Active
Size
2,720 SF
Total Parking Spaces
16
Property subtype
Office
Zoning
C-7
Lease Type
NNN
Investment Type
Owner/User
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
high-speed internet
half bath
Building Details
Year Built
1968
Buildings
1
Stories
1
Units
1
Listing Agency:
Berkshire Hathaway HomeServices Newlin-Miller, REALTORS
Listed By:
Carl N. (Chip) Miller · License #RB14011642
Source:
Crexi
Added: Jan 29
Changed: Aug 30
Last Checked: Aug 30 at 5:41PM
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 Berkshire Hathaway HomeServices Newlin-Miller, REALTORS
Investment Insights
Based on property information with market context.
This 1968 flex-space property includes adaptable commercial interiors, an additional warehouse area, one half bath, and a single overhead garage door for receiving, pickups, or storage. The building is wired for high-speed internet and includes 16 dedicated parking spaces for staff and customers. The property is classified C-7 and is located at 646 Walnut St in Terre Haute, with access to the US 41 corridor.
Key Highlights
- Flexible commercial configuration with additional warehouse area
- Single overhead garage door supports deliveries, pickups, or storage
- 16 dedicated parking spaces for staff and customers
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
$18,903
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
8.40%
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%
$378,060
$378.1K
Cap Rate 7%
$270,043
$270.0K
Cap Rate 9%
$210,033
$210.0K
Market Conditions
NOI Build-Up for 2,720 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
$32.6K $12.00/SF
− Vacancy
−$3.6K −$1.31/SF
EGI
$29.1K $10.69/SF
− OpEx
−$10.2K −$3.74/SF
NOI
$18.9K $6.95/SF
Area
Vigo County, IN
Vacancy
10.90%
Lease Rate
$12.00 /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%
$378,060
Cap Rate 7%
$270,043
Cap Rate 9%
$210,033
Alternative Uses
Best Use
Warehouse
$1.96M
$1.72M – $2.29M
NOI $137,443 @ 7.0% cap · market cap 61.09%
Second Best
Industrial
$1.62M
$1.41M – $1.89M
NOI $113,188 @ 7.0% cap · market cap 50.31%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,493
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 47807, IN
12,063
Population
6,805
Households
1.8
Avg Household Size
29
Median Age
13%
College-Educated
82%
High-School Grad
3.8 sq mi
ZIP Area
3,174
Density / Sq Mi
$24,389
Median Household Income
$15,611
Median Earnings
$910
Median Rent
$58,400
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 Butler's Pantry Food Co. — 679 Wabash Ave, Terre Haute, IN 47807
- Nollie's Family Table — 900 Wabash Ave Ste 102 Box 11, Terre Haute, IN 47807
- Taco Luv & Harris Family Catering — 1330 Wabash Ave, Terre Haute, IN 47807
- Sodexo — 550 Chestnut St, Terre Haute, IN 47809
- ISU catering with Sodexo — 550 Chestnut St, Terre Haute, IN 47809
Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial space with warehouse access, dedicated parking, and high-speed internet connectivity.
Where is this flex space located?
The property is located at 646 Walnut St Terre Haute, IN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Flexible commercial configuration with additional warehouse area; Single overhead garage door supports deliveries, pickups, or storage; 16 dedicated parking spaces for staff and customers
