Crown Point Commercial
For Sale
$474,500
111 East State Road 8, Crown Point, IN 46307
1.83 acres zoned B-3 near Broadway intersection.
Property Size2,647 SF
Lot Size1.83 Acres
Price / SF$179.26
Days on Market198
Property Features for 111 East State Road 8
General Information
Standard status
Active
Size
2,647 SF
Lot size
1.83 Acres
Property subtype
Office
Building Details
Building Size
2,647 SF
Year Built
1948
Listing Agency:
RE/MAX
Listed By:
Matt Evans · License #RB14034485
(801) 367-7077
Source:
Remaxcommercial
Added: Apr 10
Changed: Oct 6
Last Checked: Oct 23 at 3:20AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This commercial property is located in Crown Point on Highway 231/8, offering 1.83 acres zoned B-3 near the Broadway intersection. The existing structure provides approximately 2,647 square feet suitable for office or retail use. The former house includes three large rooms on the main floor, a bathroom, kitchen, and dining areas. Upstairs, there are two rooms and another bathroom. Additional features include a screened porch and a two-car garage with attic space. The B-3 zoning typically accommodates various commercial uses, such as office, retail, restaurant, drive-thru, medical, and veterinary services. Nearby businesses include CVS, Rush Physical Therapy, iSmile Orthodontics, Peoples Bank, and Stracci Law Group. The property currently has two access points off the existing driveway. Other nearby parcels are on the market which could form an assemblage opportunity for potential buyers. Buyers should verify their intended use and any redevelopment requirements or improvements needed with the City of Crown Point planning department.
Key Highlights
- 1.83 acres of land in Crown Point with B‑3 zoning.
- High‑traffic location on Hwy 231 / 8 near the Broadway intersection.
- B‑3 zoning allows for a variety of commercial uses such as office, retail, restaurant, and medical.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,576
Cap Rate
7.08%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Contact the owner directly
Get the owner's phone numbers and email
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
8
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - 1.83 acres zoned B-3 near Broadway intersection.
Where is this office unit located?
The property is located at 111 East 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: 1.83 acres of land in Crown Point with B‑3 zoning.; High‑traffic location on Hwy 231 / 8 near the Broadway intersection.; B‑3 zoning allows for a variety of commercial uses such as office, retail, restaurant, and medical.
