All-Steel Industrial Building with 20-Foot
For Sale
$1,200,000
1031 E Summit Street, Crown Point, IN 46307
COMMERCIAL - Crown Point, IN
Property Size7,640 SF
Lot Size1.16 Acres
Price / SF$157.07
Days on Market117
Property Features for 1031 E Summit Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Industrial
Parking
30
Parking features
Off Street, Driveway
Security features
Security Lighting
Appliances
Gas Water Heater
Lot features
Corner Lot
Directions
From Broadway and Summit Street turn west on Summit - property is approximately 3/4 mile on south side just past Wheeler Street
Standard status
Active
APN
451604326004000042
Size
7,640 SF
Lot size
1.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
E114.8FT OF W1703.50FT OF N207.43 FT OF SW1/4 S.4 T.34 R8 .547AC; E.95.2FT OF W1798.25FT OF N.207.43 FT OF SW1/4 S.4 T.34 R.8 .453AC; E.60FT OF S.122.57FT OF N.330FT OF SW1/4 S.4 T.34 R.8 .168 AC
Tax Annual Amount
8353
Legal Description
E114.8FT OF W1703.50FT OF N207.43 FT OF SW1/4 S.4 T.34 R8 .547AC; E.95.2FT OF W1798.25FT OF N.207.43 FT OF SW1/4 S.4 T.34 R.8 .453AC; E.60FT OF S.122.57FT OF N.330FT OF SW1/4 S.4 T.34 R.8 .168 AC
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas, Central
Water source
Public
Building Details
Year built
1974
Listing Agency:
Water Tower Properties, LLC
(219) 746-6110
Listed By:
Harry Davis · License #RB14029089
(219) 746-6110
Added: Apr 18
Changed: Aug 4
Last Checked: Aug 12 at 1:06AM
MLS# 837423
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.
All-steel industrial building totaling approximately 6,500 SF with 20-foot ceilings, LED lighting, natural gas heat, and 480V 3-phase power. The main building includes two overhead cranes (5T and 2T) and a gas water heater. A separate 1,100 SF office building is also on site. The property features approximately 600 SF efficiency apartment space on the second floor of the main building, plus an additional storage shed.
The property sits on 3 parcels totaling 1.16 acres with ample parking and outside storage space. It includes overhead gas heat and a large wood burner in the main building. Central, forced air heating is provided. Water and sewer are public.
Recent updates include replacement of HVAC and HWH in the main building office area and the separate office building within the past 4 years, and roof shingle replacement for the office building within the past 6 years. The owner will replace older carpeting as necessary.
The property sits on 3 parcels totaling 1.16 acres with ample parking and outside storage space. It includes overhead gas heat and a large wood burner in the main building. Central, forced air heating is provided. Water and sewer are public.
Recent updates include replacement of HVAC and HWH in the main building office area and the separate office building within the past 4 years, and roof shingle replacement for the office building within the past 6 years. The owner will replace older carpeting as necessary.
Key Highlights
- 6,500 SF all‑steel industrial building with 20‑foot ceilings
- Two overhead cranes (5T and 2T) plus LED lighting and 480V 3‑phase power
- Separate 1,100 SF office building and approximately 600 SF efficiency apartment space
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
Warehouse
$768.9K
$672.8K – $897.0K
NOI $53,821 @ 7.0% cap · market cap 4.49%
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
Location Intelligence
Trade Area within ½ mile
745
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - All-steel industrial property with 20-foot ceilings, overhead cranes, and a separate office building on 1.16 acres with ample parking.
Where is this flex space located?
The property is located at 1031 E Summit Street 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‑foot ceilings; Two overhead cranes (5T and 2T) plus LED lighting and 480V 3‑phase power; Separate 1,100 SF office building and approximately 600 SF efficiency apartment space
