Portage Multifamily Investment
For Sale
$11,500,000
6021-55 Canden Ave. 2378-2400 Dixie Dr. 6021-6121 McCasland Ave, Portage, IN 46368
100-unit multifamily property in Portage, Indiana, with renovation upside.
Property Size96,200 SF
Price / SF$119.54
Days on Market272
Property Features for 6021-55 Canden Ave. 2378-2400 Dixie Dr. 6021-6121 McCasland Ave
General Information
Standard status
Active
Size
96,200 SF
Property subtype
Multifamily
Building Details
Building Size
96,200 SF
Listing Agency:
33 Realty
(773) 899-1334
Listed By:
Sean Connelly · License #475185960
(773) 899-1334
Source:
33realty
Added: Nov 21, 2025
Changed: Aug 10
Last Checked: Aug 20 at 5:58AM
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 33 Realty
Investment Insights
Based on property information with market context.
Canden Crossing is a 100-unit multifamily property in Portage, Indiana. The property, built in 1972 and 1980, features apartments that underwent a significant remodel between 2022 and 2023. The south side of the property includes four larger buildings with concrete balconies and open space. The north side features 13 smaller buildings in a wooded setting. The property offers convenient access to Chicago via rail or road, and to Northwest Indiana. It is located on the east side of Willowcreek Rd, north of I-80, within walking distance of shops, cafes, restaurants, and grocery stores, such as Mark O's Bar & Grill, Another Round Pizza, Big Time Burgers, Walgreens, Ace Hardware, Dunkin Donuts, and the Treatery. The property is serviced by the Metra commuter rail stop at the Portage/Ogden Dunes. It is a 5-minute drive to the Indiana Dunes and beaches. The location provides access to manufacturing, industrial management, production, and logistics job opportunities. The property has an attractive existing cash flow with opportunity to continue proven renovation strategy. The unit mix comprises 82 two-bedroom and 18 one-bedroom units. There is room to raise rents to market without rehab and additional rent attainable with continued rehab plan. The property has easy access to I-80 and the Portage - Ogden train stop. There are 203 surface parking spaces on site. The property is within a 50-minute drive from Midway International Airport. Each building has coin laundry. The property has separately metered electrical and electric baseboard heating. The construction is frame with brick exteriors.
Key Highlights
- Opportunity to increase Net Operating Income (NOI) through a proven renovation plan, building upon recent 2022‑2023 remodel.
- Excellent location** with easy access to the Portage/Ogden train stop for convenient access to Chicago, and proximity to I‑80.
- Attractive existing cash flow with room to raise rents to market rates, both without rehab and with continued renovations.
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
$763,936
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
6.64%
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%
$15,278,720
$15.3M
Cap Rate 7%
$10,913,371
$10.9M
Cap Rate 9%
$8,488,178
$8.5M
Market Conditions
NOI Build-Up for 96,200 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
$1.48M $15.36/SF
− Vacancy
−$88.7K −$0.92/SF
EGI
$1.39M $14.44/SF
− OpEx
−$625.0K −$6.50/SF
NOI
$763.9K $7.94/SF
Area
Porter County, IN
Vacancy
6.00%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
45.00%
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%
$15,278,720
Cap Rate 7%
$10,913,371
Cap Rate 9%
$8,488,178
Alternative Uses
Best Use
Apartment 5plus
$10.91M
$9.55M – $12.73M
NOI $763,936 @ 7.0% cap · market cap 6.64%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$36.46M
$31.90M – $42.54M
NOI $2,552,240 @ 7.0% cap · market cap 22.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Explore this area
Business Placement
Demographics for 46368, IN
39,837
Population
16,870
Households
2.4
Avg Household Size
39
Median Age
18%
College-Educated
90%
High-School Grad
25.3 sq mi
ZIP Area
1,575
Density / Sq Mi
$72,638
Median Household Income
$42,508
Median Earnings
$1,140
Median Rent
$213,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 100-unit multifamily property in Portage, Indiana, with renovation upside.
Where is this apartment building located?
The property is located at 6021-55 Canden Ave. 2378-2400 Dixie Dr. 6021-6121 McCasland Ave Portage, IN.
What is the asking price?
The asking price for this property is $11,500,000.
What are key features of this property?
This property features: Opportunity to increase Net Operating Income (NOI) through a proven renovation plan, building upon recent 2022‑2023 remodel.; Excellent location** with easy access to the Portage/Ogden train stop for convenient access to Chicago, and proximity to I‑80.; Attractive existing cash flow with room to raise rents to market rates, both without rehab and with continued renovations.
