Remodeled Retail
For Sale
$249,950
176 Deanna Drive, Lowell, IN 46356
Commercial Sale, Lowell, IN
Property Size1,023 SF
Lot Size0.07 Acres
Price / SF$244.33
Days on Market73
Property Features for 176 Deanna Drive
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking
24
Parking features
Off Street
Interior features
Ceiling Fan(s), Vaulted Ceiling(s), Open Floorplan
Exterior features
Lighting, Rain Gutters
Subdivision
Hoffman Manor
Directions
Commercial Ave / St Rd 2 to Deanna Dr (Stoplight between Centier Bank & Georges Restaurant across from Highschool...South to unit on East side of street next to Aurelios and across from Don Dells Restaurant
Standard status
Active
APN
451925227018000008
Size
1,023 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HOFFMAN MANOR S.20.66FT OF LOT 6
Tax Annual Amount
1283
Legal Description
HOFFMAN MANOR S.20.66FT OF LOT 6
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Amenities
plug-and-play modular track lighting
interior LED recessed lighting
built-in slat walls
private rear storage
restroom
laundry facilities
independent rear access
Building Details
Year built
1978
Listing Agency:
SCHUPP Real Estate
(219) 696-3596
Listed By:
John Schupp · License #RB14033846
(219) 775-2373
Added: Jun 10
Changed: Aug 19
Last Checked: Aug 21 at 12:06PM
MLS# 840444
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 1,023-square-foot storefront property in Lowell provides an open interior arrangement suited to retail or professional office use. Improvements completed in 2022 include modular track lighting, recessed LED lighting, built-in slat walls, rear shelving, a new furnace, central AC, a replacement roof, and updated exterior siding and soffits. The layout also includes private rear storage, a restroom, laundry facilities, and independent rear access.
The property sits between a high school and Lowell Plaza, with reported daily traffic ranging from 15,000 to 18,702 vehicles. Deeded right-of-way access extends across shared lots serving units 170–176, with paved off-street parking available. Public water and sewer serve the property, which was built in 1978.
The property sits between a high school and Lowell Plaza, with reported daily traffic ranging from 15,000 to 18,702 vehicles. Deeded right-of-way access extends across shared lots serving units 170–176, with paved off-street parking available. Public water and sewer serve the property, which was built in 1978.
Key Highlights
- 1,023 SF storefront with open‑concept layout
- 2022 improvements include LED lighting, track lighting, slat walls, and rear shelving
- New furnace, central AC, roof, siding, and soffits
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
$9,858
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
3.94%
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%
$197,160
$197.2K
Cap Rate 7%
$140,829
$140.8K
Cap Rate 9%
$109,533
$109.5K
Market Conditions
NOI Build-Up for 1,023 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
$14.7K $14.40/SF
− Vacancy
−$648 −$0.63/SF
EGI
$14.1K $13.77/SF
− OpEx
−$4.2K −$4.13/SF
NOI
$9.9K $9.64/SF
Area
Lake County, IN
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$197,160
Cap Rate 7%
$140,829
Cap Rate 9%
$109,533
Alternative Uses
Best Use
Retail
$140.8K
$123.2K – $164.3K
NOI $9,858 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$285.6K
$249.9K – $333.2K
NOI $19,991 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46356, IN
18,668
Population
7,290
Households
2.6
Avg Household Size
41
Median Age
20%
College-Educated
96%
High-School Grad
112.5 sq mi
ZIP Area
166
Density / Sq Mi
$87,535
Median Household Income
$51,151
Median Earnings
$1,190
Median Rent
$256,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Open-concept commercial space includes private storage, restroom, laundry facilities, and separate rear access for flexible business operations.
Where is this storefront property located?
The property is located at 176 Deanna Drive Lowell, IN.
What is the asking price?
The asking price for this property is $249,950.
What are key features of this property?
This property features: 1,023 SF storefront with open‑concept layout; 2022 improvements include LED lighting, track lighting, slat walls, and rear shelving; New furnace, central AC, roof, siding, and soffits
