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    111 Broad St South Whitley, IN 46787

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    For Lease
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    Versatile multi-use space, 117,004 SF

    Lot size:
    117,004 SF

    Property Features for 111 Broad St

    General Information

    Property type
    Storefront properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    117,004 SF
    Total Rate
    28763.48

    Building Details

    Year Built
    1959
    Buildings
    1
    Stories
    2

    Spaces For Lease

    at 111 Broad St, South Whitley, IN 46787 Contact us
    Unit Retail Storefront

    $4 /Mo

    Size
    9,546 SF
    Contact us
    Unit Warehouse

    $4 /Mo

    Size
    117,004 SF
    Contact us
    Unit Office Space

    $4 /Mo

    Size
    117,004 SF
    Contact us

    We can help!

    Listing Contact
    James Jamicich
    James Jamicich

    Listing Agency: Xplor Commercial Real Estate Listing Agent: James Jamicich

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 117,004-square-foot property in South Whitley, Whitley County, presents a unique opportunity for diverse business ventures. Situated on 4.17 acres at 111 E Broad St, this multi-use building offers a flexible layout ideal for industrial, office, and retail operations. The property features a 97,004-square-foot warehouse with four loading docks, five drive-in doors, 20'x30' column spacing, and ceiling heights ranging from 12 to 16 feet. A separate 20,000-square-foot, two-story office building provides private offices and retail space, potentially divisible from the warehouse. The property boasts significant power (2,500 Amp, 208 Volt, 3-Phase), partial air conditioning, air compressor lines, new heaters, LED lighting, surge protection, and a comprehensive sprinkler system. Six restrooms are conveniently located throughout the building. The property is zoned I-1 (Limited Industrial) and offers excellent frontage of 315 feet on State Road 5 (N State St), with cross streets at SR 5 & Broad St. Minimum divisible space is 9,546 square feet, with a maximum contiguous space of 117,004 square feet; the entire 117,004 square feet is currently vacant. Built in 1959, this two-story building presents a substantial opportunity for a single tenant or multiple tenants seeking a prime location in a strong industrial market. The property's APN is 92-08-04-118-005.900-002 & 92-08-04-115-006.900-002.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    South Whitley
    County
    Whitley
    State
    Indiana
    Longitude
    -85.627940442792
    Latitude
    41.087323385834

    FAQs

    What type of property is this?
    Storefront property - Versatile multi-use space, 117,004 SF
    Where is this storefront property located?
    The property is located at 111 Broad St South Whitley, IN.
    What is the lease rate?
    The lease rate is $4 SF/Yr.
    What are key features of this property?
    This property features: Highly versatile 117,004 SF building suitable for industrial, office, and retail uses.; Features 2,500 Amp, 208 Volt, 3-Phase power; partial air conditioning; air compressor lines; new heaters; LED lighting; surge protection; and a full fire sprinkler system.; Excellent location in a strong Whitley County industrial market.
    (260) 487-3699 Call to check price and availability
    Request Owner's contact information
    111 Broad St South Whitley, IN 46787
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    South Whitley, IN 46787
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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.

    More about this property
    111 Broad St South Whitley, IN 46787
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    Contact for Pricing
    Please call us for current price
    and status of this listing James Jamicich
    James Jamicich
    Real Estate License ID: #RB23000015
    (260) 487-3699 (260) 452-7525
    Learn more
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