Building Details

Year Built 1986

Listing Agency: Trueblood Real Estate, LLC Show Phone

Listed By: Aleksandar Krnich · License #RB18000319 Show Phone

Source: Exitrealty

Added: Jan 29, 2025 Changed: Sep 10 Last Checked: Sep 15 at 6:27AM

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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 Trueblood Real Estate, LLC

Investment Insights

Based on property information with market context.

This updated second-floor condo in Schererville features 2 bedrooms and 1 renovated bathroom. The bathroom includes a large vanity and newer shower tile. The master suite has a walk-in closet. The living area is centered around a fireplace. Laminate wood style flooring and natural light enhance the bright and airy feel of the home. The fully equipped kitchen includes stainless steel appliances and ample cabinet space. A separate dining area is suitable for hosting. In-unit laundry and a large storage room provide convenience. A peaceful balcony offers a spot to relax. Community amenities include an in-ground pool, clubhouse, and tennis court. HOA's also cover water and trash. The property size is 1180 square feet.

Key Highlights

• Move‑in‑ready condo with modern updates and maintenance‑free living.
• Community amenities include an in‑ground pool, clubhouse, and tennis court.
• Spacious 2‑bedroom unit with a renovated bathroom and walk‑in closet in the master suite.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$10,440

Cap Rate

5.65%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$208,800 $208.8K

Cap Rate 7%

$149,143 $149.1K

Cap Rate 9%

$116,000 $116.0K

Market Conditions

NOI Build-Up for 1,180 SF

Gross rent

$20.1K $17.04/SF

− Vacancy

−$1.1K −$0.95/SF

EGI

$19.0K $16.09/SF

− OpEx

−$8.5K −$7.24/SF

NOI

$10.4K $8.85/SF

Area

Lake County, IN

Vacancy

5.60%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$208,800

Cap Rate 7%

$149,143

Cap Rate 9%

$116,000

Alternative Uses

Best Use

Apartment 5plus

$149.1K

$130.5K – $174.0K (±1% cap)

NOI $10,440 @ 7.0% cap · market cap 5.65%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$329.4K

$288.2K – $384.3K (±1% cap)

NOI $23,059 @ 7.0% cap · market cap 12.47%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Residential income properties

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Catering Service Parking Lot & Garage Garden Center Tech Support Center Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

550

Businesses Nearby

Explore this area Business Placement

Demographics for 46375, IN

24,051

Population

10,064

Households

2.4

Avg Household Size

46

Median Age

36%

College-Educated

96%

High-School Grad

12.8 sq mi

ZIP Area

1,879

Density / Sq Mi

$89,646

Median Household Income

$51,448

Median Earnings

$1,250

Median Rent

$295,400

Median Home Value

Questions? Ask Rey

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What type of property is this? Where is this residential income properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Residential income property - Updated 2-bedroom condo with pool, clubhouse, and tennis court.

Where is this residential income property located?

The property is located at 245 W Joliet Street 201 Schererville, IN.

What is the asking price?

The asking price for this property is $184,900.

What are key features of this property?

This property features: Move‑in‑ready condo with modern updates and maintenance‑free living.; Community amenities include an in‑ground pool, clubhouse, and tennis court.; Spacious 2‑bedroom unit with a renovated bathroom and walk‑in closet in the master suite.