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    8138-40 Highland Place Munster, IN 46321

    View on Map
    Pending
    $390,000

    MULTI_FAMILY - Munster, IN

    Lot size:
    0.16 Acres
    Added:
    Mar 15, 2026
    Days on Market:
    19
    Last Refresh:
    Apr 2 at 1:06 am

    Property Features for 8138-40 Highland Place

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Bathrooms
    3
    Rooms
    Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 5, Bathroom 3, Basement, Bedroom 4
    Parking
    2
    Parking features
    On Street, Off Street, Alley
    Window features
    Insulated Windows, Storm Window(s)
    Patio and Porch features
    Porch
    Pets allowed
    Cats OK, Dogs OK
    Interior features
    Ceiling Fan(s), Laminate Counters
    Exterior features
    Private Yard, Storage, Rain Gutters
    Basement
    Daylight, Finished, Storage Space, Unfinished
    Appliances
    Dryer, Washer, Refrigerator, Gas Water Heater, Gas Range, Dishwasher
    Standard status
    Pending
    APN
    450624128040000027
    Lot size
    0.16 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxDescription
    HOLLYWOOD MANOR BL.7 N.3FT OF LOT 53 ALL LOT 54 & S.24FT OF LOT 55
    TaxAnnualAmount
    4198

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Central
    Water source
    Public

    Building Details

    Year built
    1942
    Floors in Building
    2
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Jessica Markusic

    Listing agent Jessica Markusic

    Listing office Haven Realty 8430 Wicker Ave, Crown Point, IN

    Listing date Mar 15, 2026

    MLS# 835490

    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.

    Overview

    Munster Multi-Unit Townhome Investment

    Located in Munster, this all-brick townhome-style multi-unit property offers a blend of charm, location, and investment opportunity. The property is situated moments from Munster's downtown dining scene and the new South Shore Train Station. Both units have been maintained with updates while preserving the vintage character from when the building was first constructed. Both units have hardwood floors with dining rooms and built-in hutches. A French drain has been installed around both units. Unit 8138 features 3 bedrooms and 1 bath, with a basement that offers extra storage and a laundry area. The basement has potential to be finished. Unit 8140 is a 2 bed 2 bath unit that features a finished basement complete with an additional flex space and bathroom. Both units are income-producing with tenants in place. The property is an investment opportunity in a prime Munster location. The lot size is 0.16 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Munster
    County
    Lake
    State
    Indiana
    Longitude
    -87.520286
    Latitude
    41.565247

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    FAQs

    What type of property is this?
    Duplex - Charming, well-maintained multi-unit near downtown Munster and new train station.
    Where is this duplex located?
    The property is located at 8138-40 Highland Place Munster, IN.
    What is the asking price?
    The asking price for this property is $390,000.
    What are key features of this property?
    This property features: Prime location in Munster, close to downtown dining and the new South Shore Train Station, offering exceptional convenience.; Income‑producing property with tenants in place and a **10 cap rate**, presenting a strong investment opportunity.; Well‑maintained property with long‑term tenants.
    (219) 955-2314
    We can help!
    Listing Contact
    Jessica Markusic
    Learn More
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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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