Office Building with Expansion
For Sale
$850,000
1138 N Main St, Crown Point, IN 46307
Well-maintained office property with adaptable interiors, on-site parking, and potential for renovation or business customization.
Property Size4,609 SF
Lot Size0.87 Acres
Price / SF$184.42
Days on Market233
Property Features for 1138 N Main St
General Information
Standard status
Active
Size
4,609 SF
Lot size
0.87 Acres
Taxes and HOA fees
Annual Taxes
$10,293
Listing Agency:
Rock Realty Group LLC
(219) 746-2947
Listed By:
Jessica Yack
(219) 746-2947
Source:
Exprealty
Added: Jan 9
Changed: Aug 30
Last Checked: Aug 30 at 2:03AM
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 Rock Realty Group LLC
Investment Insights
Based on property information with market context.
This office building at 1138 N Main St in Crown Point, IN contains 4,609 square feet on a 0.87-acre parcel. The structure is described as solid and well maintained, while the interior can be renovated and configured for office rentals, professional services, retail, or other business uses. On-site parking and additional land provide practical flexibility for future planning.
The property is positioned near shops, restaurants, and services, with access from N Main St. Its existing building area, parking, and parcel size create a straightforward commercial setting for an owner-user or office-focused operation. The interior layout is adaptable, allowing customization to suit a range of business requirements.
The property is positioned near shops, restaurants, and services, with access from N Main St. Its existing building area, parking, and parcel size create a straightforward commercial setting for an owner-user or office-focused operation. The interior layout is adaptable, allowing customization to suit a range of business requirements.
Key Highlights
- 4,609‑square‑foot office building on a 0.87‑acre parcel
- Adaptable interior layout suited to office rentals, professional services, retail, or other business uses
- Solid, well‑maintained structure with room for interior renovation
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
$58,463
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
6.88%
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%
$1,169,260
$1.2M
Cap Rate 7%
$835,186
$835.2K
Cap Rate 9%
$649,589
$649.6K
Market Conditions
NOI Build-Up for 4,609 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
$99.6K $21.60/SF
− Vacancy
−$21.6K −$4.69/SF
EGI
$78.0K $16.91/SF
− OpEx
−$19.5K −$4.23/SF
NOI
$58.5K $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%
$1,169,260
Cap Rate 7%
$835,186
Cap Rate 9%
$649,589
Alternative Uses
Best Use
Office B
$835.2K
$730.8K – $974.4K
NOI $58,463 @ 7.0% cap · market cap 6.88%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.29M
$1.13M – $1.50M
NOI $90,066 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
668
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
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained office property with adaptable interiors, on-site parking, and potential for renovation or business customization.
Where is this office building located?
The property is located at 1138 N Main St Crown Point, IN.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 4,609‑square‑foot office building on a 0.87‑acre parcel; Adaptable interior layout suited to office rentals, professional services, retail, or other business uses; Solid, well‑maintained structure with room for interior renovation
