Duplex Property with Private
For Sale
$260,000
Pending
8602 Farmington Street, St John, IN 46373
Residential, St. John, IN
Property Size1,516 SF
Lot Size0.16 Acres
Days on Market42
Property Features for 8602 Farmington Street
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Laundry Room, Dining Room, Bathroom 1, Bathroom 2
Parking features
Garage, Open
Patio and Porch features
Patio
Interior features
Entrance Foyer, Walk-In Closet(s), Vaulted Ceiling(s), Pantry, High Ceilings, Eat-in Kitchen
Exterior features
Lighting
Fireplace
1
Appliances
Dryer, Washer, Refrigerator, Microwave, Gas Water Heater, Gas Range, Dishwasher, Disposal
Subdivision
Meadows/St John Ph I
Lot features
Corner Lot, Landscaped, Front Yard
High school
Lake Central High School
Elementary school district
Lake Central
Middle school district
Lake Central
High school district
Lake Central
Directions
Indianapolis (41) east onto bingo lake Rd, turn south on Farmington
Standard status
Pending
APN
451128104001000035
Size
1,516 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
THE MEADOWS OF ST. JOHN PHS 1 NW'LY 44.85FT. OF TRACT 4& RESUB THE MEADOWS OF ST JOHN PH 2 N'LY 44.85FT OF OUTLOT B
Tax Annual Amount
1394
HOA Fee
$475 Quarterly
Legal Description
THE MEADOWS OF ST. JOHN PHS 1 NW'LY 44.85FT. OF TRACT 4& RESUB THE MEADOWS OF ST JOHN PH 2 N'LY 44.85FT OF OUTLOT B
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
fireplace
private patio
Building Details
Year built
1993
Floors in Building
1
Listing Agency:
Realty Executives Premier · Realty Executives International
(219) 462-2224
Listed By:
Dennis Scherer
(219) 213-3346
Added: Jul 24
Changed: Sep 2
Last Checked: Sep 3 at 2:06PM
MLS# 842859
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 duplex property offers a ranch-style layout with 1516 square feet, two bedrooms, and two bathrooms. Interior features include an open living and dining area, vaulted ceilings, a fireplace, abundant natural light, a private patio, and an eat-in kitchen with extensive cabinetry and counter space. The home also includes a pantry, walk-in closet, laundry room, attached 2-car garage, and appliances including a gas range, dishwasher, microwave, refrigerator, washer, and dryer. Built in 1993, the property is being sold as-is.
Located at 8602 Farmington Street in St. John, the property is near shopping, restaurants, parks, medical facilities, and Bingo Lake. Public water and public sewer serve the property, while exterior services are provided through the association.
Located at 8602 Farmington Street in St. John, the property is near shopping, restaurants, parks, medical facilities, and Bingo Lake. Public water and public sewer serve the property, while exterior services are provided through the association.
Key Highlights
- 1516 square feet with 2 bedrooms and 2 bathrooms
- Private patio and attached 2‑car garage
- Vaulted ceilings, fireplace, and open living and dining area
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
$15,071
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
5.80%
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%
$301,420
$301.4K
Cap Rate 7%
$215,300
$215.3K
Cap Rate 9%
$167,456
$167.5K
Market Conditions
NOI Build-Up for 1,516 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
$22.7K $15.00/SF
− Vacancy
−$1.2K −$0.80/SF
EGI
$21.5K $14.20/SF
− OpEx
−$6.5K −$4.26/SF
NOI
$15.1K $9.94/SF
Area
Lake County, IN
Vacancy
5.32%
Lease Rate
$15.00 /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%
$301,420
Cap Rate 7%
$215,300
Cap Rate 9%
$167,456
Alternative Uses
Best Use
Multifamily LT 5
$215.3K
$188.4K – $251.2K
NOI $15,071 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$191.6K
$167.7K – $223.5K
NOI $13,412 @ 7.0% cap · market cap 5.16%
Theoretical Best
Specialty Retail
$423.2K
$370.3K – $493.8K
NOI $29,625 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
169
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Single-level interiors feature vaulted ceilings, a fireplace, and an eat-in kitchen.
Where is this duplex located?
The property is located at 8602 Farmington Street St John, IN.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 1516 square feet with 2 bedrooms and 2 bathrooms; Private patio and attached 2‑car garage; Vaulted ceilings, fireplace, and open living and dining area
