Duplex Property with Attached
New
For Sale
$399,900
10194 W 134th Avenue, Cedar Lake, IN 46303
Residential, Cedar Lake, IN
Property Size1,705 SF
Lot Size0.16 Acres
Price / SF$234.55
Days on Market1
Property Features for 10194 W 134th Avenue
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Laundry Room, Kitchen, Bathroom 2, Basement, Bedroom 3, Bathroom 1
Parking features
Garage, Driveway, Open
Patio and Porch features
Patio
Interior features
Cathedral Ceiling(s), Walk-In Closet(s), Recessed Lighting, Open Floorplan, Kitchen Island
Basement
Interior Entry, Full, Unfinished, Sump Pump
Appliances
Dryer, Water Softener Owned, Washer, Stainless Steel Appliance(s), Microwave, Gas Range, Dishwasher, Disposal
Subdivision
Summer Winds Un 2
Lot features
Back Yard, Sprinklers In Rear, Sprinklers In Front, Landscaped, Front Yard
Directions
Us 41East on 133rd Ave to King Dr. South to 134th Ave West to home. North side of street
Standard status
Active
APN
451528206013000014
Size
1,705 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SUMMER WINDS UNIT 2 W.49.5FT OF LOT 11
Tax Annual Amount
4282
HOA Fee
$144 Monthly
Legal Description
SUMMER WINDS UNIT 2 W.49.5FT OF LOT 11
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
attached garage
breakfast bar
quartz counter tops
abundance of cabinets
stainless appliances
walk-in closet
new carpet
fresh paint
washer and dryer
utility sink
unfinished basement
egress windows
water softener
covered patio
ceiling fan
water sprinklers
Building Details
Year built
2021
Floors in Building
1
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Edith Cothran
(219) 730-2086
Added: Aug 20
Last Checked: Aug 20 at 11:06PM
MLS# 844093
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 1,705-square-foot duplex property was built in 2021 and includes a three-bedroom, two-bathroom ranch-style layout with an attached oversized garage. The interior features an open floor plan, cathedral ceilings, recessed lighting, a kitchen island, quartz countertops, stainless steel appliances, and a primary suite with a walk-in closet. Fresh paint and new carpet extend throughout the bedrooms. A laundry room includes a washer, dryer, and utility sink.
The full unfinished basement has egress windows and plumbing rough-in for an additional bathroom. Exterior features include a covered patio with a ceiling fan, front and rear irrigation, driveway parking, public water, and public sewer. The property is located at 10194 W 134th Avenue in Cedar Lake, Indiana, near shopping, restaurants, schools, an expressway, and Cedar Lake.
The full unfinished basement has egress windows and plumbing rough-in for an additional bathroom. Exterior features include a covered patio with a ceiling fan, front and rear irrigation, driveway parking, public water, and public sewer. The property is located at 10194 W 134th Avenue in Cedar Lake, Indiana, near shopping, restaurants, schools, an expressway, and Cedar Lake.
Key Highlights
- 1,705 SF duplex property built in 2021
- Three‑bedroom, two‑bathroom ranch‑style layout
- Attached oversized garage with driveway and open parking
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
$16,950
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
4.24%
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%
$339,000
$339.0K
Cap Rate 7%
$242,143
$242.1K
Cap Rate 9%
$188,333
$188.3K
Market Conditions
NOI Build-Up for 1,705 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
$25.6K $15.00/SF
− Vacancy
−$1.4K −$0.80/SF
EGI
$24.2K $14.20/SF
− OpEx
−$7.3K −$4.26/SF
NOI
$17.0K $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%
$339,000
Cap Rate 7%
$242,143
Cap Rate 9%
$188,333
Alternative Uses
Best Use
Multifamily LT 5
$242.1K
$211.9K – $282.5K
NOI $16,950 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$215.5K
$188.6K – $251.4K
NOI $15,084 @ 7.0% cap · market cap 3.77%
Theoretical Best
Specialty Retail
$476.0K
$416.5K – $555.3K
NOI $33,318 @ 7.0% cap · market cap 8.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
187
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 - 2021 construction includes an open-concept interior, quartz kitchen counters, unfinished basement, and covered rear patio.
Where is this duplex located?
The property is located at 10194 W 134th Avenue Cedar Lake, IN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 1,705 SF duplex property built in 2021; Three‑bedroom, two‑bathroom ranch‑style layout; Attached oversized garage with driveway and open parking
