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    510 W Adams St Plymouth, IN 46563

    Sponsored
    For Lease
    $12 SF/Yr ($19,866 /Mo)

    Office - Plymouth, IN

    Type:Office
    Property size:
    19,866 SF
    Lot size:
    1.10 Acres
    Days on Market:
    215
    Last Refresh:
    Jan 28 at 12:06 pm

    Property Features for 510 W Adams St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    Zoning
    Commercial
    APN
    50-32-05-203-009.000-019
    Parking
    60
    Parking features
    Off Street, Paved or Surfaced
    Interior features
    Drywall, Passenger Elevator, Office Space, Public Restrooms
    Accessibility
    Accessible Elevator Installed
    Size
    19,866 SF
    Lot size
    1.10 Acres

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Central Air, Multi Units

    Building Details

    Year built
    2014
    Floors in Building
    3
    Flooring type
    Carpet, Laminate, Tile, Tile - Ceramic, Vinyl
    Building materials
    Brick
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Brian Allardt

    Coldwell Banker Lunsford (765) 289-2228

    Listing agent Brian Allardt (765) 289-2228 License #RB14013784

    Listing date Jun 28, 2025

    MLS# 202423160 Listing URL

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

    Learn more

    Property Insight Report

    Overview

    Class A Office Building Available

    Located in downtown Plymouth, Indiana, this multi-story Class A building offers a variety of office spaces suitable for diverse business needs. The Community Resource & Business Center provides spaces ranging from single offices to larger suites. Smaller spaces start at 420 per month, while medium-sized options offer approximately 1100 square feet with 2 or 3 private offices and an open bullpen area. A 1600 square foot space is available for build-out according to tenant specifications. Larger spaces range from 1800 to 3400 square feet. The Resource Center provides amenities including an elevator, conference rooms, common area restrooms, and an employee lounge. Recent updates include an expanded parking lot, new LED lighting, paint, and flooring. The property is located at the intersection of two US Highways, 30 and 31, in north central Indiana, 20 minutes south of South Bend, with convenient access to Valparaiso, Warsaw, Ft Wayne and Chicago. The building has a total size of 19866 square feet and sits on a 1.1-acre lot. All utilities are included in the price.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Plymouth
    County
    Marshall
    State
    Indiana
    Longitude
    -86.314506
    Latitude
    41.342513

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    FAQs

    What type of property is this?
    Office building - Class A office spaces available in downtown Plymouth, Indiana.
    Where is this office building located?
    The property is located at 510 W Adams St Plymouth, IN.
    What is the lease rate?
    The lease rate is $12 SF/Yr.
    What are key features of this property?
    This property features: - Class A office building in downtown Plymouth offering various sized spaces.; - Price includes all utilities.; - Recent updates include expanded parking lot, new LED lighting, paint and flooring.
    (765) 808-1400
    Request Owner's contact information
    510 W Adams St Plymouth, IN 46563
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    Plymouth, IN 46563
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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
    510 W Adams St Plymouth, IN 46563
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    We can help!
    Listing Contact
    Brian Allardt
    Real Estate License ID: RB14013784
    (765) 808-1400
    Learn more
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