Commercial Land with Existing
For Sale
$474,500
111 E State Road 8, Crown Point, IN 46307
COMMERCIAL - Crown Point, IN
Property Size2,647 SF
Lot Size1.83 Acres
Price / SF$179.26
Days on Market178
Property Features for 111 E State Road 8
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
10
Parking features
Driveway
Basement
Unfinished
Directions
Use Showing Assist
Standard status
Active
APN
451615153003000042
Size
2,647 SF
Lot size
1.83 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PT S2. SW NW S.15 T.34 R.8 449.01X200.2X348.29X226.30FT 1.826AC
Tax Annual Amount
4567
Legal Description
PT S2. SW NW S.15 T.34 R.8 449.01X200.2X348.29X226.30FT 1.826AC
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public, Well
Building Details
Year built
1948
Listing Agency:
RE/MAX Lifestyles · RE/MAX International
(219) 462-2121
Listed By:
Matt Evans · License #RB14034485
(219) 241-8401
Added: Feb 23
Changed: Aug 19
Last Checked: Aug 20 at 3:06AM
MLS# 834495
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.
This 1.826-acre commercial land parcel includes an existing 2,647-square-foot structure built in 1948. The building contains three larger main-floor rooms, a bathroom, kitchen, dining areas, two upstairs rooms, and an additional bathroom. A screened rear porch and two-car garage with attic space are also included. Natural gas heating serves the property.
The property is located on State Road 8 near the Broadway intersection in Crown Point, with two access points from the existing driveway. Nearby businesses include CVS, Rush Physical Therapy, iSmile Orthodontics, Peoples Bank, and Stracci Law Group. B-3 zoning is identified for a range of commercial categories, including office, retail, restaurant, drive-through, medical, and veterinary uses, subject to verification with the City of Crown Point planning department. Public sewer and both public and well water sources are reported.
The property is located on State Road 8 near the Broadway intersection in Crown Point, with two access points from the existing driveway. Nearby businesses include CVS, Rush Physical Therapy, iSmile Orthodontics, Peoples Bank, and Stracci Law Group. B-3 zoning is identified for a range of commercial categories, including office, retail, restaurant, drive-through, medical, and veterinary uses, subject to verification with the City of Crown Point planning department. Public sewer and both public and well water sources are reported.
Key Highlights
- 1.826‑acre commercial land parcel with an existing 2,647 SF structure
- B‑3 zoning identified for office, retail, restaurant, drive‑through, medical, and veterinary uses
- Existing structure built in 1948 with 3 larger main‑floor rooms and 2 upstairs rooms
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
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
84
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?
Commercial land - The site carries B-3 zoning and includes an existing structure suited to office or retail use.
Where is this commercial land located?
The property is located at 111 E State Road 8 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: 1.826‑acre commercial land parcel with an existing 2,647 SF structure; B‑3 zoning identified for office, retail, restaurant, drive‑through, medical, and veterinary uses; Existing structure built in 1948 with 3 larger main‑floor rooms and 2 upstairs rooms
