B-3 Zoned Office-Retail
111 E State Road 231 Crown Point, IN 46307
111 E State Road 231, Crown Point, IN, 46307
$474,500
For Sale
$474,500
Existing structure provides office/retail space on two access points off a shared driveway on Hwy 231/8 in Crown Point.
Property Size2,647 SF
Lot Size1.83 Acres
Price / SF$179.26
Days on Market146
Property Features for 111 E State Road 231
General Information
- Standard status
- Active
- Size
- 2,647 SF
- Lot size
- 1.83 Acres
Listing agency
RE/MAX Lifestyles
(219) 241-8401
Listed by
Matt Evans · License #RB14034485
(219) 241-8401
Source
Exprealty
Added: Feb 25 Updated: Jul 21 at 12:59AM Checked: Jul 21 at 12:59AM
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 RE/MAX Lifestyles
Investment Insights
Based on property information with market context.
This for-sale property in Crown Point includes an existing structure with approximately 2,647 SF suited for office/retail type use. The former house layout features three larger main-floor rooms plus a bathroom, kitchen, and dining areas. Upstairs includes two rooms and an additional bathroom. A screen porch is located at the rear, and the property also has a large two-car garage with attic space.
The site consists of 1.83 acres and is zoned B-3 near the Broadway intersection on Hwy 231/8. The seller notes two access points off the existing driveway, and buyers are encouraged to verify intended use and any redevelopment requirements or improvements with the City of Crown Point planning department. B-3 zoning is described as typically allowing a variety of commercial uses, including office, retail, restaurant and drive-thru, medical, and veterinary.
Nearby businesses listed include CVS, Rush Physical Therapy, iSmile Orthodontics, Peoples Bank, and Stracci Law Group, and the listing notes additional nearby parcels that may be available for potential assemblage.
The site consists of 1.83 acres and is zoned B-3 near the Broadway intersection on Hwy 231/8. The seller notes two access points off the existing driveway, and buyers are encouraged to verify intended use and any redevelopment requirements or improvements with the City of Crown Point planning department. B-3 zoning is described as typically allowing a variety of commercial uses, including office, retail, restaurant and drive-thru, medical, and veterinary.
Nearby businesses listed include CVS, Rush Physical Therapy, iSmile Orthodontics, Peoples Bank, and Stracci Law Group, and the listing notes additional nearby parcels that may be available for potential assemblage.
Key Highlights
- 1.83‑acre commercial site zoned B‑3 near the Broadway intersection on Hwy 231/8 in Crown Point
- Existing structure provides about 2,647 SF for office/retail‑type use
- Two access points off the existing driveway on Hwy 231/8
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $57.2k | $21.60 |
| − Vacancy | −$12.4k | −$4.69 |
| EGI | $44.8k | $16.91 |
| − OpEx | −$11.2k | −$4.23 |
| NOI | $33.6k | $12.68 |
2,647 SF · lease $21.60/SF/yr · vacancy 21.70% · expense 25.00%
Alternative Uses
Best Use
Office B
$479.7K
$419.7K – $559.6K
NOI $33,576 @ 7.0% cap · market cap 7.08%
Second Best
Retail
$364.4K
$318.9K – $425.1K
NOI $25,508 @ 7.0% cap · market cap 5.38%
Theoretical Best
Specialty Retail
$738.9K
$646.6K – $862.1K
NOI $51,726 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Existing structure provides office/retail space on two access points off a shared driveway on Hwy 231/8 in Crown Point.
Where is this office building located?
The property is located at 111 E State Road 231 Crown Point, IN.
What is the asking price?
The asking price for this property is $474,500.
What are key features of this property?
This property features: 1.83‑acre commercial site zoned B‑3 near the Broadway intersection on Hwy 231/8 in Crown Point; Existing structure provides about 2,647 SF for office/retail‑type use; Two access points off the existing driveway on Hwy 231/8
