Two Adjacent Office
For Sale
$514,000
8025 Wicker Avenue, St John, IN 46373
Commercial Sale, St. John, IN
Property Size2,400 SF
Lot Size3.12 Acres
Price / SF$214.17
Days on Market171
Property Features for 8025 Wicker Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
20
Interior features
Ceiling Fan(s), Open Floorplan, High Ceilings, Entrance Foyer
Appliances
Microwave, Refrigerator
Lot features
Paved
Directions
Building is on the East side of US 41, North of Lake Central High School, South of 77th Ave.
Standard status
Active
APN
451121152002000036*
Size
2,400 SF
Lot size
3.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
TRI-TOWN COMMONS UNIT B & TRI-TOWN COMMONS UNIT C
Tax Annual Amount
5404
Legal Description
TRI-TOWN COMMONS UNIT B & TRI-TOWN COMMONS UNIT C
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
2008
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Wendy Embry · License #RB14037576
(219) 776-0408
Added: Mar 10
Changed: Aug 26
Last Checked: Aug 27 at 8:06AM
MLS# 835203
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 offering combines two adjacent office condominium units totaling approximately 2,400 square feet, with each suite measuring 1,200 square feet. The interiors include reception areas, open work areas, private offices, conference rooms, kitchen facilities, restrooms, and storage. The units may be used separately or configured together as a larger office environment. Interior features include high ceilings, an entrance foyer, and an open floorplan. Microwave and refrigerator appliances are included, with forced-air heating serving the space.
The property is located along the US-41 corridor in St. John near the Schererville border, with monument signage available and public water and sewer service. Both suites are vacant and available for immediate occupancy or tenant placement. The property is subject to a tenant-managed HOA and was built in 2008.
The property is located along the US-41 corridor in St. John near the Schererville border, with monument signage available and public water and sewer service. Both suites are vacant and available for immediate occupancy or tenant placement. The property is subject to a tenant-managed HOA and was built in 2008.
Key Highlights
- Two adjacent office condominiums totaling approximately 2,400 SF
- Each suite contains 1,200 SF and can operate independently
- Reception areas, open workspaces, enclosed offices, and conference rooms
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
$30,443
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
5.92%
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%
$608,860
$608.9K
Cap Rate 7%
$434,900
$434.9K
Cap Rate 9%
$338,256
$338.3K
Market Conditions
NOI Build-Up for 2,400 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
$51.8K $21.60/SF
− Vacancy
−$11.2K −$4.69/SF
EGI
$40.6K $16.91/SF
− OpEx
−$10.1K −$4.23/SF
NOI
$30.4K $12.68/SF
Area
Lake County, IN
Vacancy
21.70%
Lease Rate
$21.60 /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%
$608,860
Cap Rate 7%
$434,900
Cap Rate 9%
$338,256
Alternative Uses
Best Use
Office B
$434.9K
$380.5K – $507.4K
NOI $30,443 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$670.0K
$586.2K – $781.7K
NOI $46,899 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Explore this area
Business Placement
Demographics for 46373, IN
17,839
Population
6,616
Households
2.7
Avg Household Size
44
Median Age
42%
College-Educated
94%
High-School Grad
10.9 sq mi
ZIP Area
1,637
Density / Sq Mi
$123,203
Median Household Income
$70,957
Median Earnings
$953
Median Rent
$375,300
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 - Flexible professional office configuration with reception areas, enclosed rooms, conference space, kitchens, restrooms, and storage.
Where is this office units located?
The property is located at 8025 Wicker Avenue St John, IN.
What is the asking price?
The asking price for this property is $514,000.
What are key features of this property?
This property features: Two adjacent office condominiums totaling approximately 2,400 SF; Each suite contains 1,200 SF and can operate independently; Reception areas, open workspaces, enclosed offices, and conference rooms
