B-3 Zoned Office-Retail
For Sale
$474,500
111 E State Road 231, Crown Point, IN 46307
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 Market194
Property Features for 111 E State Road 231
General Information
Standard status
Active
Size
2,647 SF
Lot size
1.83 Acres
Zoning
B-3
Taxes and HOA fees
Annual Taxes
$4,567
Listing Agency:
RE/MAX Lifestyles
(219) 462-2121
Listed By:
Matt Evans · License #RB14034485
(219) 241-8401
Source:
Exprealty
Added: Feb 23
Changed: Sep 4
Last Checked: Sep 4 at 11:34AM
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
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
$33,576
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
7.08%
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%
$671,520
$671.5K
Cap Rate 7%
$479,657
$479.7K
Cap Rate 9%
$373,067
$373.1K
Market Conditions
NOI Build-Up for 2,647 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
$57.2K $21.60/SF
− Vacancy
−$12.4K −$4.69/SF
EGI
$44.8K $16.91/SF
− OpEx
−$11.2K −$4.23/SF
NOI
$33.6K $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%
$671,520
Cap Rate 7%
$479,657
Cap Rate 9%
$373,067
Alternative Uses
Best Use
Office B
$479.7K
$419.7K – $559.6K
NOI $33,576 @ 7.0% cap · market cap 7.08%
Second Best
—
—
no second resolved use
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
94
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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
