Office Unit with Private
For Sale
$229,000
9721 Prairie Avenue, Highland, IN 46322
Commercial Sale, Highland, IN
Property Size1,370 SF
Lot Size0.88 Acres
Price / SF$167.15
Days on Market49
Property Features for 9721 Prairie Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
10
Subdivision
Professional Center
Directions
North on US-41 N/Indianapolis Blvd, go west on 45th St., left onto Prairie Ave
Standard status
Active
APN
450732226003000026
Size
1,370 SF
Lot size
0.88 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
HIGHLAND PROFESSIONAL CENTER UNIT #C
Tax Annual Amount
2668
Legal Description
HIGHLAND PROFESSIONAL CENTER UNIT #C
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1988
Listing Agency:
McCormick Real Estate, Inc.
(219) 663-9300
Listed By:
Jeff McCormick · License #RB14033291
(219) 613-5643
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 27 at 9:06AM
MLS# 842125
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,370-square-foot office unit includes several private offices, a reception area, and dedicated workspace within a flexible commercial layout. Large windows bring natural light into the suite, while on-site parking supports convenient arrival for employees and visitors. The building was constructed in 1988 and is served by forced-air heating.
Located at 9721 Prairie Avenue in Highland, Indiana, the property provides access to Indianapolis Boulevard and nearby retail corridors, restaurants, shopping, and transportation routes. Public water and public sewer serve the property, with cable available. The configuration offers a practical setting for a range of professional office operations.
Located at 9721 Prairie Avenue in Highland, Indiana, the property provides access to Indianapolis Boulevard and nearby retail corridors, restaurants, shopping, and transportation routes. Public water and public sewer serve the property, with cable available. The configuration offers a practical setting for a range of professional office operations.
Key Highlights
- 1,370‑square‑foot office unit with flexible commercial layout
- Multiple private offices, reception area, and dedicated workspace
- Large windows provide natural light throughout the suite
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
$12,429
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
5.43%
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%
$248,580
$248.6K
Cap Rate 7%
$177,557
$177.6K
Cap Rate 9%
$138,100
$138.1K
Market Conditions
NOI Build-Up for 1,370 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
$19.7K $14.40/SF
− Vacancy
−$3.2K −$2.30/SF
EGI
$16.6K $12.10/SF
− OpEx
−$4.1K −$3.02/SF
NOI
$12.4K $9.07/SF
Area
Vermillion County, IN
Vacancy
16.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$248,580
Cap Rate 7%
$177,557
Cap Rate 9%
$138,100
Alternative Uses
Best Use
Office B
$177.6K
$155.4K – $207.2K
NOI $12,429 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$242.4K
$212.1K – $282.8K
NOI $16,966 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
Explore this area
Business Placement
Demographics for 46322, IN
23,984
Population
10,791
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
93%
High-School Grad
6.9 sq mi
ZIP Area
3,476
Density / Sq Mi
$76,219
Median Household Income
$47,458
Median Earnings
$1,202
Median Rent
$219,500
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional office suite with reception space, private rooms, natural light, and on-site parking.
Where is this office units located?
The property is located at 9721 Prairie Avenue Highland, IN.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: 1,370‑square‑foot office unit with flexible commercial layout; Multiple private offices, reception area, and dedicated workspace; Large windows provide natural light throughout the suite
