Duplex Property with Covered
For Sale
$305,000
9818 W 129th Place, Cedar Lake, IN 46303
Residential, Cedar Lake, IN
Property Size1,562 SF
Lot Size0.15 Acres
Price / SF$195.26
Days on Market176
Property Features for 9818 W 129th Place
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Dining Room, Laundry Room
Window features
Blinds
Patio and Porch features
Porch
Interior features
Cathedral Ceiling(s), Walk-In Closet(s), Vaulted Ceiling(s), Pantry, Open Floorplan, Kitchen Island, High Ceilings, Double Vanity, Ceiling Fan(s)
Fireplace
1
Appliances
Dishwasher, Water Softener Owned, Stainless Steel Appliance(s), Refrigerator, Microwave, Gas Water Heater, Gas Range
Subdivision
Monastery Woods Ph 2
Lot features
Back Yard, Sprinklers In Rear, Sprinklers In Front, Landscaped, Front Yard
Directions
Take us 41 to 129th Ave, take 129th ave to Drummond, turn on 129th place, property is unit B on the left.
Standard status
Active
APN
451521431002000014
Size
1,562 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
MONASTERY WOODS PHASE 2, PT OF LOT 222 (9818-B) W. 129TH PL)
Tax Annual Amount
3172
HOA Fee
$600 Semi-Annually
Legal Description
MONASTERY WOODS PHASE 2, PT OF LOT 222 (9818-B) W. 129TH PL)
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Amenities
covered back porch
Building Details
Year built
2016
Floors in Building
1
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Jennifer Anderson · License #475202167
(219) 689-4420
Added: Mar 12
Changed: Sep 2
Last Checked: Sep 3 at 7:06PM
MLS# 835325
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 includes 1,562 square feet on a 0.1504-acre lot, with a two-bedroom, two-bath layout, open-concept living areas, high ceilings, and a kitchen island. Interior features include walk-in closet space, a pantry, double vanity, cathedral and vaulted ceilings, and a dedicated laundry room. The property was built in 2016 and includes an attached garage with built-in storage, an oversized covered porch, forced-air heating, and a fireplace.
Located at 9818 W 129th Place in Cedar Lake, Indiana, the property is served by public water and public sewer. Kitchen equipment includes a gas range, refrigerator, microwave, dishwasher, stainless steel appliances, and an owned water softener.
Located at 9818 W 129th Place in Cedar Lake, Indiana, the property is served by public water and public sewer. Kitchen equipment includes a gas range, refrigerator, microwave, dishwasher, stainless steel appliances, and an owned water softener.
Key Highlights
- 1,562‑square‑foot property on a 0.1504‑acre lot
- Two bedrooms and 2 full bathrooms, including a private primary bath
- Attached garage with built‑in storage
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
$15,528
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
5.09%
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%
$310,560
$310.6K
Cap Rate 7%
$221,829
$221.8K
Cap Rate 9%
$172,533
$172.5K
Market Conditions
NOI Build-Up for 1,562 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
$23.4K $15.00/SF
− Vacancy
−$1.2K −$0.80/SF
EGI
$22.2K $14.20/SF
− OpEx
−$6.7K −$4.26/SF
NOI
$15.5K $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%
$310,560
Cap Rate 7%
$221,829
Cap Rate 9%
$172,533
Alternative Uses
Best Use
Multifamily LT 5
$221.8K
$194.1K – $258.8K
NOI $15,528 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$197.4K
$172.7K – $230.3K
NOI $13,819 @ 7.0% cap · market cap 4.53%
Theoretical Best
Specialty Retail
$436.0K
$381.5K – $508.7K
NOI $30,523 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
148
Businesses Nearby
Explore this area
Business Placement
Demographics for 46303, IN
17,028
Population
6,922
Households
2.5
Avg Household Size
39
Median Age
24%
College-Educated
95%
High-School Grad
28.8 sq mi
ZIP Area
591
Density / Sq Mi
$78,659
Median Household Income
$43,217
Median Earnings
$1,197
Median Rent
$271,700
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 - 2016-built property combines an open layout, private primary bath, attached garage, and public utilities.
Where is this duplex located?
The property is located at 9818 W 129th Place Cedar Lake, IN.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: 1,562‑square‑foot property on a 0.1504‑acre lot; Two bedrooms and 2 full bathrooms, including a private primary bath; Attached garage with built‑in storage
