Townhome-Style Multifamily
For Sale
Contact for pricing
1230-1256 Lake Charles Ave, Porter, IN 46304
Twelve 2-bedroom units with private decks, in-unit laundry hookups, and tenant-paid utilities for manageable operations.
Property Size15,960 SF
Price / SF$109.65
Days on Market57
Property Features for 1230-1256 Lake Charles Ave
General Information
Standard status
Active
Size
15,960 SF
Total Parking Spaces
12
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$122,675
Additional Details
Multifamily Units
12
Building Details
Year Built
1995
Buildings
3
Stories
2
Units
12
Tenancy
Multi
Listing Agency:
Ellsbury Group
(219) 805-5200
Listed By:
Tariq Suboh · License #475192080
Source:
Crexi
Added: Jun 17
Changed: Aug 10
Last Checked: Aug 10 at 8:12AM
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 Ellsbury Group
Investment Insights
Based on property information with market context.
This 12-unit townhome-style multifamily property in Porter, Indiana is configured as twelve 2-bedroom, 1.5-bath units. Each unit includes a private deck, in-unit laundry hookups, and an individual HVAC system. Parking is supported through access to detached garage parking.
The property has had recent improvements that include roof replacement, parking lot resurfacing, and ongoing mechanical updates. Tenants are responsible for electric, gas, water/sewer, and trash, which can help limit recurring utility expenses for the owner. The building is located minutes from I-94, US-20, the South Shore Line, and Indiana Dunes National Park.
For investors or buyers seeking a manageable small multifamily footprint, the unit layout is consistent across all 12 homes, with dedicated HVAC and in-unit laundry hookups that support day-to-day tenant convenience. The private decks provide additional private outdoor space, while detached garage parking helps accommodate tenants’ vehicles. With documented exterior and parking improvements, this asset offers a practical, update-informed option for adding to a rental portfolio.
The property has had recent improvements that include roof replacement, parking lot resurfacing, and ongoing mechanical updates. Tenants are responsible for electric, gas, water/sewer, and trash, which can help limit recurring utility expenses for the owner. The building is located minutes from I-94, US-20, the South Shore Line, and Indiana Dunes National Park.
For investors or buyers seeking a manageable small multifamily footprint, the unit layout is consistent across all 12 homes, with dedicated HVAC and in-unit laundry hookups that support day-to-day tenant convenience. The private decks provide additional private outdoor space, while detached garage parking helps accommodate tenants’ vehicles. With documented exterior and parking improvements, this asset offers a practical, update-informed option for adding to a rental portfolio.
Key Highlights
- 12‑unit townhome‑style multifamily built in 1995, with twelve 2‑bedroom, 1.5‑bath units
- Each unit averages about 1,330 SF and includes a private deck and in‑unit laundry hookups
- Individual HVAC systems for each unit and detached garage parking included
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
$126,740
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
7.24%
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%
$2,534,800
$2.5M
Cap Rate 7%
$1,810,571
$1.8M
Cap Rate 9%
$1,408,222
$1.4M
Market Conditions
NOI Build-Up for 15,960 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
$245.1K $15.36/SF
− Vacancy
−$14.7K −$0.92/SF
EGI
$230.4K $14.44/SF
− OpEx
−$103.7K −$6.50/SF
NOI
$126.7K $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%
$2,534,800
Cap Rate 7%
$1,810,571
Cap Rate 9%
$1,408,222
Alternative Uses
Best Use
Apartment 5plus
$1.81M
$1.58M – $2.11M
NOI $126,740 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$6.05M
$5.29M – $7.06M
NOI $423,428 @ 7.0% cap · market cap 24.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
89
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Twelve 2-bedroom units with private decks, in-unit laundry hookups, and tenant-paid utilities for manageable operations.
Where is this apartment building located?
The property is located at 1230-1256 Lake Charles Ave Porter, IN.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 12‑unit townhome‑style multifamily built in 1995, with twelve 2‑bedroom, 1.5‑bath units; Each unit averages about 1,330 SF and includes a private deck and in‑unit laundry hookups; Individual HVAC systems for each unit and detached garage parking included
