Dyer Commercial Building
For Sale
$699,900
1209 Sheffield Avenue, Dyer, IN 46311
Spacious commercial building suitable for restaurants, bars, retail, and offices.
Property Size4,000 SF
Lot Size0.68 Acres
Price / SF$174.98
Days on Market693
Property Features for 1209 Sheffield Avenue
General Information
Standard status
Active
Size
4,000 SF
Lot size
0.68 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$6,092
Amenities
3
35 Parking Spaces. Paved Driveway.
Exterior Lighting, Security Lighting, Extra Storage.
Building Details
Year Built
1962
Listing Agency:
Listing Leaders
(219) 765-7595
Listed By:
Listing Leaders · License #RB19001195
(219) 765-7595
Source:
Xome
Added: Sep 16, 2024
Changed: Aug 8
Last Checked: Aug 8 at 12:01PM
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 Listing Leaders
Investment Insights
Based on property information with market context.
This almost 4,000 square foot brick commercial building is situated on 0.68 acres in Dyer. The property is suitable for various business uses, including restaurants, bars, retail establishments, professional offices, service businesses, entertainment venues, or redevelopment opportunities, subject to municipal approval. Currently functioning as a turnkey restaurant and bar, the property boasts expansive dining areas, a private bar section with a separate entrance, and outdoor seating possibilities. The existing layout features high ceilings, modern lighting, and versatile floor plan options, making it ideal for hospitality or repurposing. Strategically located on Sheffield Avenue, the property benefits from substantial traffic volume, with approximately 7,995 vehicles per day, excellent visibility, convenient access for Illinois commuters, and ample on-site parking with paved and overflow spaces. The property is located just 32 miles from Chicago.
Key Highlights
- High‑traffic location on Sheffield Avenue with approximately 7,995 vehicles per day and easy access for Illinois commuters.
- Turnkey restaurant and bar operation with expansive dining areas and a private bar section with a separate entrance.
- Large 4,000 sq ft brick building on 0.68 acres suitable for various business uses.
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
$38,546
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
5.51%
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%
$770,920
$770.9K
Cap Rate 7%
$550,657
$550.7K
Cap Rate 9%
$428,289
$428.3K
Market Conditions
NOI Build-Up for 4,000 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
$57.6K $14.40/SF
− Vacancy
−$2.5K −$0.63/SF
EGI
$55.1K $13.77/SF
− OpEx
−$16.5K −$4.13/SF
NOI
$38.5K $9.64/SF
Area
Lake County, IN
Vacancy
4.40%
Lease Rate
$14.40 /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%
$770,920
Cap Rate 7%
$550,657
Cap Rate 9%
$428,289
Alternative Uses
Best Use
Specialty Retail
$1.12M
$977.1K – $1.30M
NOI $78,165 @ 7.0% cap · market cap 11.17%
Second Best
Retail
$550.7K
$481.8K – $642.4K
NOI $38,546 @ 7.0% cap · market cap 5.51%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
19k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Home Improvements & Furnishings 41%
Dining 7%
Casey's General Store
Shops & Services
7,893 visits/mo
0.4 miles
Gus Bock's Ace Hardware
Home Improvements & Furnishings
7,739 visits/mo
0.1 miles
Centier Bank
Shops & Services
2,070 visits/mo
0.1 miles
SUBWAY
Dining
1,305 visits/mo
0.4 miles
Demographics for 46311, IN
22,431
Population
9,128
Households
2.5
Avg Household Size
43
Median Age
37%
College-Educated
96%
High-School Grad
12.6 sq mi
ZIP Area
1,780
Density / Sq Mi
$109,167
Median Household Income
$58,332
Median Earnings
$1,221
Median Rent
$300,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- DOC's Smokehouse Dyer — 1420 B, Calumet Ave, Dyer, IN 46311
- Sheffield's Restaurant — 1027 Sheffield Ave, Dyer, IN 46311
Frequently Asked Questions
What type of property is this?
Bar & Pub - Spacious commercial building suitable for restaurants, bars, retail, and offices.
Where is this bar & pub located?
The property is located at 1209 Sheffield Avenue Dyer, IN.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: High‑traffic location on Sheffield Avenue with approximately 7,995 vehicles per day and easy access for Illinois commuters.; Turnkey restaurant and bar operation with expansive dining areas and a private bar section with a separate entrance.; Large 4,000 sq ft brick building on 0.68 acres suitable for various business uses.
