New Half Duplex with
For Sale
$334,900
14826 Carey Street, Cedar Lake, IN 46303
Residential, Cedar Lake, IN
Property Size1,580 SF
Lot Size0.15 Acres
Price / SF$211.96
Days on Market10
Property Features for 14826 Carey Street
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 3, Kitchen, Bathroom 2, Laundry Room, Bathroom 1, Bedroom 1, Bedroom 2
Parking features
Driveway, Open, Garage
Patio and Porch features
Porch, Patio
Interior features
Ceiling Fan(s), Walk-In Closet(s), Recessed Lighting, Open Floorplan, High Ceilings, Granite Counters
Exterior features
Rain Gutters
Subdivision
Lynnsway
Lot features
Back Yard
Elementary school district
Hanover
Middle school district
Hanover
High school district
Hanover
Directions
South on Parrish Ave to East on 149th St. 149th to North on Carey St to the property on the left hand side.
Standard status
Active
APN
451533476027000014
Size
1,580 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LYNNSWAY UNIT 2 LOT 63 (14826-B CAREY ST)
Tax Annual Amount
6
Legal Description
LYNNSWAY UNIT 2 LOT 63 (14826-B CAREY ST)
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
2025
Floors in Building
1
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Gina Guarino · License #475133794
(219) 765-6698
Added: Aug 26
Changed: Sep 2
Last Checked: Sep 4 at 12:06AM
MLS# 844351
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 under-construction half duplex provides 1,580 square feet of residential space on a 0.149-acre lot. The interior is arranged around a spacious front living room with vaulted ceilings and an open kitchen featuring granite counters, extensive cabinetry, and direct access to the back patio. The primary bedroom includes an ensuite bathroom and walk-in closet, while two additional bedrooms share a full bathroom. A finished laundry room adds practical utility to the layout.
The property also includes an attached two-car garage, driveway and open parking, public water, and public sewer. Additional features include recessed lighting, ceiling fans, rain gutters, a porch, forced-air natural gas heating, and a 2025 year built designation. The home is located near Cedar Lake schools, shopping, and other local amenities.
The property also includes an attached two-car garage, driveway and open parking, public water, and public sewer. Additional features include recessed lighting, ceiling fans, rain gutters, a porch, forced-air natural gas heating, and a 2025 year built designation. The home is located near Cedar Lake schools, shopping, and other local amenities.
Key Highlights
- 1,580 square feet on a 0.149‑acre lot
- Half duplex with 3 bedrooms and 2 bathrooms
- Attached 2 car garage with driveway and open parking
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
$13,979
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
4.17%
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%
$279,580
$279.6K
Cap Rate 7%
$199,700
$199.7K
Cap Rate 9%
$155,322
$155.3K
Market Conditions
NOI Build-Up for 1,580 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
$26.9K $17.04/SF
− Vacancy
−$1.5K −$0.95/SF
EGI
$25.4K $16.09/SF
− OpEx
−$11.4K −$7.24/SF
NOI
$14.0K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$279,580
Cap Rate 7%
$199,700
Cap Rate 9%
$155,322
Alternative Uses
Best Use
Apartment 5plus
$199.7K
$174.7K – $233.0K
NOI $13,979 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$441.1K
$385.9K – $514.6K
NOI $30,875 @ 7.0% cap · market cap 9.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 46303, IN
17,028
Population
6,922
Households
2.5
Avg Household Size
39
Median Age
24%
College-Educated
95%
High-School Grad
28.8 sq mi
ZIP Area
591
Density / Sq Mi
$78,659
Median Household Income
$43,217
Median Earnings
$1,197
Median Rent
$271,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom residence with granite counters, vaulted ceilings, patio access, and public water and sewer.
Where is this residential income property located?
The property is located at 14826 Carey Street Cedar Lake, IN.
What is the asking price?
The asking price for this property is $334,900.
What are key features of this property?
This property features: 1,580 square feet on a 0.149‑acre lot; Half duplex with 3 bedrooms and 2 bathrooms; Attached 2 car garage with driveway and open parking
