Dyer Commercial Building on
For Sale
$699,900
1209 Sheffield Ave, Dyer, IN 46311
Spacious commercial building suitable for various business uses and redevelopment.
Property Size4,000 SF
Lot Size0.68 Acres
Price / SF$174.98
Days on Market636
Property Features for 1209 Sheffield Ave
General Information
Standard status
Active
Size
4,000 SF
Lot size
0.68 Acres
Taxes and HOA fees
Annual Taxes
$6,092
Listing Agency:
Listing Leaders
(219) 765-7595
Listed By:
Nikola Trajceski · License #RB19001195
(219) 765-7595
Source:
Exprealty
Added: Nov 11, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:03AM
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 building in Dyer offers a prime opportunity with almost 4,000 sq ft of space on 0.68 acres. The brick building is suitable for various business uses, including restaurants, bars, retail establishments, professional offices, service businesses, entertainment venues, or redevelopment opportunities, subject to municipal approval. Currently operating as a turnkey restaurant and bar, the property features expansive dining areas, a private bar section with a separate entrance, and possibilities for outdoor seating. The existing layout includes high ceilings, modern lighting, and versatile floor plan options, making it ideal for hospitality or repurposing. Located on Sheffield Avenue, the property benefits from substantial traffic volume, with approximately 7,995 vehicles per day. It offers excellent visibility, convenient access for Illinois commuters, and ample on-site parking with paved and overflow spaces. The property is located just 32 miles from Chicago.
Key Highlights
- Prime commercial location on Sheffield Avenue with high traffic volume and excellent visibility.
- Spacious, almost 4,000 sq ft brick building on 0.68 acres suitable for various business uses.
- Currently operating as a turnkey restaurant and bar with expansive dining areas and a private bar section.
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
$50,738
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
7.25%
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%
$1,014,760
$1.0M
Cap Rate 7%
$724,829
$724.8K
Cap Rate 9%
$563,756
$563.8K
Market Conditions
NOI Build-Up for 4,000 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
$86.4K $21.60/SF
− Vacancy
−$18.7K −$4.69/SF
EGI
$67.7K $16.91/SF
− OpEx
−$16.9K −$4.23/SF
NOI
$50.7K $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%
$1,014,760
Cap Rate 7%
$724,829
Cap Rate 9%
$563,756
Alternative Uses
Best Use
Specialty Retail
$1.12M
$977.1K – $1.30M
NOI $78,165 @ 7.0% cap · market cap 11.17%
Second Best
Office B
$724.8K
$634.2K – $845.6K
NOI $50,738 @ 7.0% cap · market cap 7.25%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46311, IN
22,431
Population
9,128
Households
2.5
Avg Household Size
43
Median Age
37%
College-Educated
96%
High-School Grad
12.6 sq mi
ZIP Area
1,780
Density / Sq Mi
$109,167
Median Household Income
$58,332
Median Earnings
$1,221
Median Rent
$300,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- DOC's Smokehouse Dyer — 1420 B, Calumet Ave, Dyer, IN 46311
- Sheffield's Restaurant — 1027 Sheffield Ave, Dyer, IN 46311
Frequently Asked Questions
What type of property is this?
Bar & Pub - Spacious commercial building suitable for various business uses and redevelopment.
Where is this bar & pub located?
The property is located at 1209 Sheffield Ave Dyer, IN.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Prime commercial location on Sheffield Avenue with high traffic volume and excellent visibility.; Spacious, almost 4,000 sq ft brick building on 0.68 acres suitable for various business uses.; Currently operating as a turnkey restaurant and bar with expansive dining areas and a private bar section.
