28-Unit Townhome-Style Apartment
For Sale
$4,200,000
1230 Lake Charles Ave, Porter, IN 46304
Three townhome-style apartment properties with individually metered units, private outdoor areas, and in-unit laundry hookups.
Property Size37,240 SF
Price / SF$112.78
Days on Market16
Property Features for 1230 Lake Charles Ave
General Information
Standard status
Active
Size
37,240 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
28 x 2BR/1.5BA
Multifamily Units
28
Amenities
private outdoor space
in-unit laundry hookups
Building Details
Year Built
1995
Buildings
3
Construction
townhome-style
Listing Agency:
Ellsbury Group
Listed By:
Tariq Suboh · License #475192080
(219) 805-5200
Source:
Illianahomesource
Added: Aug 27
Changed: Sep 7
Last Checked: Sep 10 at 10:18AM
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 multifamily portfolio includes 28 apartment units across three townhome-style properties in Porter, Indiana. The assets total approximately 37,240 SF and comprise one 12-unit property and two 8-unit properties. Each residence offers a two-bedroom, 1.5-bath layout, along with private outdoor space and hookups for in-unit laundry equipment. The properties were built in 1995.
Individual metering places electric, gas, water/sewer, and trash costs with tenants. Additional garage income is also available across the portfolio. The properties are located near I-94, US-20, the South Shore Line, and Indiana Dunes National Park, with an address at 1230 Lake Charles Ave in Porter. The portfolio may be acquired as a complete 28-unit offering or on an individual-property basis.
Individual metering places electric, gas, water/sewer, and trash costs with tenants. Additional garage income is also available across the portfolio. The properties are located near I-94, US-20, the South Shore Line, and Indiana Dunes National Park, with an address at 1230 Lake Charles Ave in Porter. The portfolio may be acquired as a complete 28-unit offering or on an individual-property basis.
Key Highlights
- 28 units across three townhome‑style apartment properties
- Approximately 37,240 SF total; one 12‑unit property and two 8‑unit properties
- All units feature 2‑bedroom, 1.5‑bath layouts
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
$295,727
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
7.04%
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%
$5,914,540
$5.9M
Cap Rate 7%
$4,224,671
$4.2M
Cap Rate 9%
$3,285,856
$3.3M
Market Conditions
NOI Build-Up for 37,240 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
$572.0K $15.36/SF
− Vacancy
−$34.3K −$0.92/SF
EGI
$537.7K $14.44/SF
− OpEx
−$242.0K −$6.50/SF
NOI
$295.7K $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%
$5,914,540
Cap Rate 7%
$4,224,671
Cap Rate 9%
$3,285,856
Alternative Uses
Best Use
Apartment 5plus
$4.22M
$3.70M – $4.93M
NOI $295,727 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$14.11M
$12.35M – $16.47M
NOI $987,998 @ 7.0% cap · market cap 23.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
28
Residential units
Yes
Highway access
Yes
Utilities to site
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three townhome-style apartment properties with individually metered units, private outdoor areas, and in-unit laundry hookups.
Where is this apartment building located?
The property is located at 1230 Lake Charles Ave Porter, IN.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: 28 units across three townhome‑style apartment properties; Approximately 37,240 SF total; one 12‑unit property and two 8‑unit properties; All units feature 2‑bedroom, 1.5‑bath layouts
