Office Suite with Private
For Sale
$229,000
9721 Prairie Ave, Highland, IN
Office suite with multiple private offices, reception area, large windows, and ample on-site parking.
Property Size1,370 SF
Price / SF$167.15
Days on Market58
Property Features for 9721 Prairie Ave
General Information
Standard status
Active
Size
1,370 SF
Taxes and HOA fees
Annual Taxes
$2,668
Listing Agency:
McCormick Real Estate, Inc.
(219) 663-9300
Listed By:
Jeff McCormick · License #RB14033291
(219) 613-5643
Source:
Exprealty
Added: Jul 10
Changed: Sep 4
Last Checked: Sep 5 at 11:06AM
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 McCormick Real Estate, Inc.
Investment Insights
Based on property information with market context.
This office suite offers a flexible layout with multiple private offices, a welcoming reception area, and dedicated workspace options. Large windows provide natural light throughout the space, supporting a bright, professional work environment.
Located at 9721 Prairie Ave in Highland, IN, the property is described as highly visible and easily accessible along Prairie Avenue. It is just minutes from Indianapolis Blvd and positioned near major Highland retail corridors, with proximity to restaurants, shopping, and key transportation routes.
The building provides ample on-site parking to support smooth access for both staff and clients.
Located at 9721 Prairie Ave in Highland, IN, the property is described as highly visible and easily accessible along Prairie Avenue. It is just minutes from Indianapolis Blvd and positioned near major Highland retail corridors, with proximity to restaurants, shopping, and key transportation routes.
The building provides ample on-site parking to support smooth access for both staff and clients.
Key Highlights
- Office suite on Prairie Avenue with multiple private offices plus a welcoming reception area
- Large windows throughout for natural light
- Flexible layout with dedicated workspace options for different business needs
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
Current Use
Location Intelligence
Trade Area within ½ mile
1,049
Businesses Nearby
Explore this area
Business Placement
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 - Office suite with multiple private offices, reception area, large windows, and ample on-site parking.
Where is this office units located?
The property is located at 9721 Prairie Ave 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: Office suite on Prairie Avenue with multiple private offices plus a welcoming reception area; Large windows throughout for natural light; Flexible layout with dedicated workspace options for different business needs
