Office Building with Four
For Sale
$700,000
9421 Joliet Street, St John, IN 46373
Commercial Sale, St. John, IN
Property Size3,740 SF
Lot Size0.31 Acres
Price / SF$187.17
Days on Market421
Property Features for 9421 Joliet Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Rooms
Basement
Parking
8
Parking features
Off Street
Security features
Security Lighting
Interior features
Ceiling Fan(s), Tray Ceiling(s), Stone Counters, Recessed Lighting, Open Floorplan, Entrance Foyer
Exterior features
Lighting, Rain Gutters
Basement
Sump Pump, Interior Entry, Finished, Full
Appliances
Refrigerator, Water Softener Owned, Water Heater
Subdivision
Georgious Add
Lot features
Corner Lot, Sprinklers In Front, Landscaped
View
City
High school
Lake Central High School
Elementary school district
Lake Central
Middle school district
Lake Central
High school district
Lake Central
Directions
U.S. Hwy 41to Joliet Street. Building is on the corner of Joliet Street and U.S. Hwy 41. Next to Dunkin Donuts
Standard status
Active
APN
451133101032000035
Size
3,740 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
GEORGIOU'S ADDITION LOT 1
Tax Annual Amount
7962
Legal Description
GEORGIOU'S ADDITION LOT 1
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
2008
Listing Agency:
JK Pro Realty, LLC
(219) 558-0412
Listed By:
Jimmy Karalis · License #RB14035192
(219) 712-1567
Added: Jul 12, 2025
Changed: Sep 2
Last Checked: Sep 5 at 9:06AM
MLS# 824153
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 3,740-square-foot office building contains four units and is fully rented. Built in 2008, the property includes an open floorplan, entrance foyer, recessed lighting, stone counters, tray ceilings, and a basement. Natural-gas forced-air heating serves the building, with public water and public sewer in place.
The property sits on a 0.313-acre parcel at 9421 Joliet Street in St. John, Indiana, just off Route 41/Wicker Avenue. A paved parking lot provides on-site off-street parking. Exterior improvements include lighting and rain gutters, while the building also includes a refrigerator, owned water softener, and water heater. The four-unit configuration and existing occupancy support continued office use, with office or medical use identified in the property information.
The property sits on a 0.313-acre parcel at 9421 Joliet Street in St. John, Indiana, just off Route 41/Wicker Avenue. A paved parking lot provides on-site off-street parking. Exterior improvements include lighting and rain gutters, while the building also includes a refrigerator, owned water softener, and water heater. The four-unit configuration and existing occupancy support continued office use, with office or medical use identified in the property information.
Key Highlights
- 3,740‑square‑foot office building on a 0.313‑acre parcel
- Four units; fully rented
- Built in 2008
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
$47,440
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
6.78%
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%
$948,800
$948.8K
Cap Rate 7%
$677,714
$677.7K
Cap Rate 9%
$527,111
$527.1K
Market Conditions
NOI Build-Up for 3,740 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
$80.8K $21.60/SF
− Vacancy
−$17.5K −$4.69/SF
EGI
$63.3K $16.91/SF
− OpEx
−$15.8K −$4.23/SF
NOI
$47.4K $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%
$948,800
Cap Rate 7%
$677,714
Cap Rate 9%
$527,111
Alternative Uses
Best Use
Office B
$677.7K
$593.0K – $790.7K
NOI $47,440 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.04M
$913.6K – $1.22M
NOI $73,084 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
542
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 building - Fully rented commercial property with paved parking and office or medical use potential.
Where is this office building located?
The property is located at 9421 Joliet Street St John, IN.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 3,740‑square‑foot office building on a 0.313‑acre parcel; Four units; fully rented; Built in 2008
