Duplex Patio Home with Sun
For Sale
$290,000
10630 W 115th Court, Cedar Lake, IN 46303
Residential, Cedar Lake, IN
Property Size1,517 SF
Lot Size0.36 Acres
Price / SF$191.17
Days on Market106
Property Features for 10630 W 115th Court
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 2, Kitchen, Bathroom 2, Laundry Room, Bathroom 1, Bedroom 1
Parking features
Driveway, Garage, Open
Security features
Security System
Patio and Porch features
Patio, Porch
Interior features
Cathedral Ceiling(s), Walk-In Closet(s), Open Floorplan, Eat-in Kitchen, Entrance Foyer, Ceiling Fan(s)
Appliances
Dryer, Water Softener Owned, Washer, Refrigerator, Range, Microwave, Dishwasher
Subdivision
Golfview Sub
Lot features
Back Yard, Landscaped, Front Yard, Cul-De-Sac
Directions
Cline Ave. to W. 117th Ave, West to Alexander St, North to 115th Ct, left to home.
Standard status
Active
APN
451509376007000013
Size
1,517 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
GOLFVIEW SUBDIVISION PHASE A LOT 142 EX. SW'LY 22.78FT
Tax Annual Amount
1959
HOA Fee
$272 Monthly
Legal Description
GOLFVIEW SUBDIVISION PHASE A LOT 142 EX. SW'LY 22.78FT
Utilities
Heating system
Forced Air, Natural Gas, Central
Water source
Well
Building Details
Year built
2006
Floors in Building
1
Listing Agency:
McColly Real Estate
(219) 926-1616
Listed By:
Paul Boyter · License #IN-14020663
(219) 789-1228
Added: May 20
Changed: Aug 26
Last Checked: Sep 2 at 2:06AM
MLS# 839238
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.
Welcome to easy one-level living in this beautifully maintained patio home offering 2 bedrooms and 2 bathrooms. The home features hardwood floors in the living room and an open floorplan, along with a bright sun room that looks out over a peaceful meadow setting. The eat-in kitchen includes all appliances, and the laundry room includes a washer and dryer plus pull-down attic stairs for additional storage. Additional functional space includes a utility room with a sink, as well as a water softener and reverse osmosis system.
Set on a quiet cul-de-sac, the property includes outdoor living with a patio and porch and an attached 2-car garage with driveway access. Built in 2006, the home provides 1,517 square feet of living space on a 0.3567-acre lot, served by forced air central heating with natural gas.
This residence is designed for low-maintenance living with included services managed through the HOA, covering mowing, snow removal, garbage, and sewer.
Set on a quiet cul-de-sac, the property includes outdoor living with a patio and porch and an attached 2-car garage with driveway access. Built in 2006, the home provides 1,517 square feet of living space on a 0.3567-acre lot, served by forced air central heating with natural gas.
This residence is designed for low-maintenance living with included services managed through the HOA, covering mowing, snow removal, garbage, and sewer.
Key Highlights
- 1,517 SF one‑level patio home with 2 bedrooms and 2 bathrooms
- Sun room with meadow views plus open floorplan and hardwood in living room
- 0.3567‑acre lot on a quiet cul‑de‑sac
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
$13,421
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
4.63%
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%
$268,420
$268.4K
Cap Rate 7%
$191,729
$191.7K
Cap Rate 9%
$149,122
$149.1K
Market Conditions
NOI Build-Up for 1,517 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
$25.8K $17.04/SF
− Vacancy
−$1.4K −$0.95/SF
EGI
$24.4K $16.09/SF
− OpEx
−$11.0K −$7.24/SF
NOI
$13.4K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$268,420
Cap Rate 7%
$191,729
Cap Rate 9%
$149,122
Alternative Uses
Best Use
Apartment 5plus
$191.7K
$167.8K – $223.7K
NOI $13,421 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$423.5K
$370.6K – $494.1K
NOI $29,644 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
21
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Single family property - One-level patio home with a bright sun room overlooking a meadow setting, plus an attached two-car garage.
Where is this single family property located?
The property is located at 10630 W 115th Court Cedar Lake, IN.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: 1,517 SF one‑level patio home with 2 bedrooms and 2 bathrooms; Sun room with meadow views plus open floorplan and hardwood in living room; 0.3567‑acre lot on a quiet cul‑de‑sac
