All-Steel Industrial Building with
For Sale
$1,200,000
1031 E Summit St, Crown Point, IN 46307
All-steel industrial building with 20' ceilings, overhead cranes, and separate office space for flexible industrial operations.
Property Size7,640 SF
Lot Size1.16 Acres
Price / SF$157.07
Days on Market112
Property Features for 1031 E Summit St
General Information
Standard status
Active
Size
7,640 SF
Lot size
1.16 Acres
Warehouse & Industrial
Clear Height
20 ft
Heavy Power
Yes
Listing Agency:
Water Tower Properties, LLC
(219) 746-6110
Listed By:
Harry Davis · License #RB14029089
(219) 746-6110
Source:
Exprealty
Added: Apr 22
Changed: Jul 10
Last Checked: Aug 10 at 10:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Water Tower Properties, LLC
Investment Insights
Based on property information with market context.
This all-steel industrial property includes a main building totaling approximately 6,500 square feet plus a separate 1,100-square-foot office building on-site. The main space features 20' ceilings, LED lighting, 480V 3-phase power, and two overhead cranes sized at 5T and 2T. Heating is provided by overhead gas heat along with a large wood burner in the main building. A 600-square-foot efficiency apartment is located on the second floor of the main building. The property also includes ample parking, outside storage space, and an additional storage shed.
The site is made up of three parcels totaling 1.16 acres. The seller highlights strong visibility for the facility. On the office and building systems, HVAC and HWH have been replaced within the past four years in the main building office area and the separate office building, and the separate office building roof shingles were replaced within the past six years. The owner will replace older carpeting as necessary.
For tenants or buyers seeking a turnkey industrial setup, the combination of warehouse clear height, overhead crane capacity, and dedicated office space supports a range of light manufacturing, warehousing, or distribution uses. The included apartment space and multiple storage options add flexibility for operators who want on-site living or additional operational support space.
The site is made up of three parcels totaling 1.16 acres. The seller highlights strong visibility for the facility. On the office and building systems, HVAC and HWH have been replaced within the past four years in the main building office area and the separate office building, and the separate office building roof shingles were replaced within the past six years. The owner will replace older carpeting as necessary.
For tenants or buyers seeking a turnkey industrial setup, the combination of warehouse clear height, overhead crane capacity, and dedicated office space supports a range of light manufacturing, warehousing, or distribution uses. The included apartment space and multiple storage options add flexibility for operators who want on-site living or additional operational support space.
Key Highlights
- 6,500 SF all‑steel industrial building with 20' ceilings, LED lighting, and 480V 3‑phase power
- Two overhead cranes: 5T crane and 2T crane in the main building
- Separate 1,100 SF office building on 3 parcels totaling 1.16 acres, with ample parking and outside 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
$96,910
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
8.08%
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%
$1,938,200
$1.9M
Cap Rate 7%
$1,384,429
$1.4M
Cap Rate 9%
$1,076,778
$1.1M
Market Conditions
NOI Build-Up for 7,640 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
$165.0K $21.60/SF
− Vacancy
−$35.8K −$4.69/SF
EGI
$129.2K $16.91/SF
− OpEx
−$32.3K −$4.23/SF
NOI
$96.9K $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%
$1,938,200
Cap Rate 7%
$1,384,429
Cap Rate 9%
$1,076,778
Alternative Uses
Best Use
Office B
$1.38M
$1.21M – $1.62M
NOI $96,910 @ 7.0% cap · market cap 8.08%
Second Best
Industrial
$633.2K
$554.0K – $738.7K
NOI $44,323 @ 7.0% cap · market cap 3.69%
Theoretical Best
Specialty Retail
$2.13M
$1.87M – $2.49M
NOI $149,295 @ 7.0% cap · market cap 12.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Explore this area
Business Placement
Demographics for 46307, IN
69,248
Population
26,081
Households
2.7
Avg Household Size
41
Median Age
33%
College-Educated
94%
High-School Grad
87.2 sq mi
ZIP Area
794
Density / Sq Mi
$102,118
Median Household Income
$50,612
Median Earnings
$1,308
Median Rent
$293,500
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?
Manufacturing property - All-steel industrial building with 20' ceilings, overhead cranes, and separate office space for flexible industrial operations.
Where is this manufacturing property located?
The property is located at 1031 E Summit St Crown Point, IN.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6,500 SF all‑steel industrial building with 20' ceilings, LED lighting, and 480V 3‑phase power; Two overhead cranes: 5T crane and 2T crane in the main building; Separate 1,100 SF office building on 3 parcels totaling 1.16 acres, with ample parking and outside storage
