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1147 N Salt Creek Road, Chesterton, IN 46304
Four buildings totaling nearly 6,500 SF on high-traffic roadway.
Property Size6,500 SF
Lot Size1.00 Acre
Price / SF$230.77
Days on Market103
Property Features for 1147 N Salt Creek Road
General Information
Standard status
Active
Size
6,500 SF
Lot size
1.00 Acre
Property subtype
Mixed Use, Office
Building Details
Year Built
1984
Listing Agency:
Listing Leaders
(219) 765-7595
Listed By:
Kristin Crownover · License #IN RB17000679
Source:
Crexi
Added: May 22
Changed: Aug 10
Last Checked: Aug 31 at 1:03AM
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 Listing Leaders
Investment Insights
Based on property information with market context.
This commercial property, situated on just over an acre along a high-traffic roadway, features four buildings totaling nearly 6,500 square feet. The location offers exceptional visibility and easy access. The expansive lot provides ample parking and room for expansion. This property is suitable for a variety of business ventures, investment opportunities, retail, office space, storage, service industries, or mixed-use possibilities.
Key Highlights
- High‑traffic roadway location ensures exceptional visibility and easy access.
- Four buildings totaling nearly 6,500 square feet provide ample space.
- Just over an acre lot offers ample parking and room for expansion.
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
$91,537
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
6.10%
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%
$1,830,740
$1.8M
Cap Rate 7%
$1,307,671
$1.3M
Cap Rate 9%
$1,017,078
$1.0M
Market Conditions
NOI Build-Up for 6,500 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
$136.5K $21.00/SF
− Vacancy
−$5.7K −$0.88/SF
EGI
$130.8K $20.12/SF
− OpEx
−$39.2K −$6.04/SF
NOI
$91.5K $14.08/SF
Area
Porter County, IN
Vacancy
4.20%
Lease Rate
$21.00 /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%
$1,830,740
Cap Rate 7%
$1,307,671
Cap Rate 9%
$1,017,078
Alternative Uses
Best Use
Retail
$1.31M
$1.14M – $1.53M
NOI $91,537 @ 7.0% cap · market cap 6.10%
Second Best
Office B
$1.12M
$976.1K – $1.30M
NOI $78,086 @ 7.0% cap · market cap 5.21%
Theoretical Best
Healthcare Medical
$2.46M
$2.16M – $2.87M
NOI $172,449 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
819
Businesses Nearby
Explore this area
Business Placement
Demographics for 46304, IN
26,835
Population
11,521
Households
2.3
Avg Household Size
41
Median Age
35%
College-Educated
96%
High-School Grad
57.8 sq mi
ZIP Area
464
Density / Sq Mi
$88,551
Median Household Income
$52,704
Median Earnings
$1,169
Median Rent
$278,300
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?
Mixed-use property - Four buildings totaling nearly 6,500 SF on high-traffic roadway.
Where is this mixed-use property located?
The property is located at 1147 N Salt Creek Road Chesterton, IN.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: High‑traffic roadway location ensures exceptional visibility and easy access.; Four buildings totaling nearly 6,500 square feet provide ample space.; Just over an acre lot offers ample parking and room for expansion.
