Flex Space with Showroom and
For Sale
$995,000
11130 W 93rd Ave, Saint John, IN 46373
Includes showroom and warehouse areas plus an attached two-bedroom apartment, with rear lot overhead doors for loading and storage.
Property Size5,510 SF
Price / SF$180.58
Days on Market65
Property Features for 11130 W 93rd Ave
General Information
Standard status
Active
Size
5,510 SF
Additional Details
Outdoor Storage
Yes
Taxes and HOA fees
Annual Taxes
$4,622
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Anthony Christopher · License #RB22001074
(708) 715-6193
Source:
Exprealty
Added: Jul 9
Changed: Sep 10
Last Checked: Sep 9 at 8:43PM
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 McColly Real Estate
Investment Insights
Based on property information with market context.
Commercial flex-style property at 11130 W 93rd Ave, Saint John, IN, offering a mix of showroom, warehouse, and attached residential space. The building includes approximately 2,300 square feet of showroom space and 1,500 square feet of warehouse space, along with an attached 1,200 square foot, two-bedroom apartment.
Operations are supported by a rear lot with overhead doors, providing convenient access for loading, storage, and day-to-day needs. The property is positioned to benefit from strong visibility and high traffic counts, with a layout designed to accommodate a variety of uses subject to zoning.
Operations are supported by a rear lot with overhead doors, providing convenient access for loading, storage, and day-to-day needs. The property is positioned to benefit from strong visibility and high traffic counts, with a layout designed to accommodate a variety of uses subject to zoning.
Key Highlights
- Commercial building with 5,500+ sq ft of flexible space and high traffic exposure
- Approximately 2,300 sq ft showroom area
- Approximately 1,500 sq ft warehouse space
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
$53,097
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
5.34%
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%
$1,061,940
$1.1M
Cap Rate 7%
$758,529
$758.5K
Cap Rate 9%
$589,967
$590.0K
Market Conditions
NOI Build-Up for 5,510 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
$79.3K $14.40/SF
− Vacancy
−$3.5K −$0.63/SF
EGI
$75.9K $13.77/SF
− OpEx
−$22.8K −$4.13/SF
NOI
$53.1K $9.64/SF
Area
Lake County, IN
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,061,940
Cap Rate 7%
$758,529
Cap Rate 9%
$589,967
Alternative Uses
Best Use
Retail
$758.5K
$663.7K – $885.0K
NOI $53,097 @ 7.0% cap · market cap 5.34%
Second Best
Warehouse
$554.5K
$485.2K – $646.9K
NOI $38,816 @ 7.0% cap · market cap 3.90%
Theoretical Best
Specialty Retail
$1.54M
$1.35M – $1.79M
NOI $107,672 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
500
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46373, IN
17,839
Population
6,616
Households
2.7
Avg Household Size
44
Median Age
42%
College-Educated
94%
High-School Grad
10.9 sq mi
ZIP Area
1,637
Density / Sq Mi
$123,203
Median Household Income
$70,957
Median Earnings
$953
Median Rent
$375,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Similar Off Market Nearby
- Comforts Catering — 9585 N Industrial Dr, St John, IN 46373
Frequently Asked Questions
What type of property is this?
Flex space - Includes showroom and warehouse areas plus an attached two-bedroom apartment, with rear lot overhead doors for loading and storage.
Where is this flex space located?
The property is located at 11130 W 93rd Ave Saint John, IN.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Commercial building with 5,500+ sq ft of flexible space and high traffic exposure; Approximately 2,300 sq ft showroom area; Approximately 1,500 sq ft warehouse space
