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    510 W Adams St Plymouth, IN 46563
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    510 W Adams St, Plymouth, IN 46563

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    • Office Spaces
    • 29,859 SF
    • 1.00 lot acres
    For Lease
    $420/Mo
    View Listing →
    Class A Office Spaces Available For Lease
    $420/Mo
    19,866 SF

    Class A Office Spaces Available

    Downtown Plymouth office spaces with utilities included.

    510 W Adams Street, Plymouth, IN 46563
    View Listing
    Property ID
    US31-3107356
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office Spaces

    Property Details for 510 W Adams St

    Year built
    2011
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.00 lot acres
    Property type
    Office Spaces
    APN
    50-32-05-203-009.000-019
    APU
    503205203009000019

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 10, 2023 — 2401 Monroe LLC Community Resource Ctr Of Marshall Warranty Deed $608k · First Merchants Bank
    Jul 9, 2009 — Community Resources Center O Marsha North Central LP Warranty Deed $2.4M · Centier Bank
    Aug 6, 2008 — North Central Central LP Fulton Marshall LP Quit Claim Deed · related —

    Description

    This exceptional three-story, 30,000-square-foot office building in downtown Plymouth, Indiana, offers a variety of spaces to suit diverse business needs. The property, built in 2014, features 16 suites ranging from a minimum of 250 square feet to a maximum contiguous space of 5,779 square feet, making it ideal for businesses of all sizes. Multiple tenancy options are available within this Class A building, which includes a convenient elevator for easy access to all three floors. Tenants benefit from a shared conference/training room, divisible into two separate rooms, accessible via an online reservation system. Recent upgrades include an expanded parking lot, energy-efficient LED lighting, and fresh paint and flooring throughout. The building sits on a 1.1-acre lot (47,916 square feet) and is strategically located at the intersection of US Highways 30 and 31 in north-central Indiana, offering convenient access to South Bend (20 minutes south), Valparaiso, Warsaw, Fort Wayne, and Chicago. This well-maintained property boasts active ownership and responsive management, ensuring a positive tenant experience. The building is suitable for creative office, traditional office, and medical office uses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,525,000
      Current use
      RESTAURANT
      $2,135,000
      Change: +40% Conversion: Difficult
      RETAIL STORES
      $2,090,000
      Change: +37% Conversion: Easy
      MEDICAL BUILDING
      $1,860,000
      Change: +22% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,610,000
      Change: +5% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Plymouth
    County
    Marshall
    State
    Indiana
    Longitude
    -86.3148
    Latitude
    41.3426
    CBSA code
    38500
    CBSA name
    PLYMOUTH, IN MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $0.00
    $217,600
    $2,443,400
    $2,661,000
    -
    $217,600
    $2,443,400
    $2,661,000

    Comparable in this City

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      Prime Commercial Land on Highway

      High-visibility land with build-to-suit potential on US Highway 30.
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      Class A Office Building Available

      Multi-story office spaces for lease in Plymouth, Indiana.
      510 W Adams St, Plymouth, IN 46563
      View Details
    • $1,900 /Mo
      19,866 SF

      Downtown Plymouth Class A Office

      Class A office spaces available in downtown Plymouth, Indiana.
      510 W Adams St, Plymouth, IN 46563
      View Details
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      3,000 sq ft commercial space ideal for retail/office.
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    View Listing
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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
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