Crown Point Commercial
For Sale
$474,500
111 East State Road 8, Crown Point, IN 46307
1.83 acres zoned B-3 near Broadway intersection.
Property Size2,647 SF
Lot Size1.83 Acres
Price / SF$179.26
Days on Market125
Property Features for 111 East State Road 8
General Information
Standard status
Active
Size
2,647 SF
Lot size
1.83 Acres
Property subtype
Office
Building Details
Building Size
2,647 SF
Year Built
1948
Listing Agency:
RE/MAX
(219) 241-8401
Listed By:
Matt Evans · License #RB14034485
Source:
Remaxcommercial
Added: Apr 10
Changed: Aug 8
Last Checked: Aug 12 at 3:11AM
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 RE/MAX
Investment Insights
Based on property information with market context.
This commercial property is located in Crown Point on Highway 231/8, offering 1.83 acres zoned B-3 near the Broadway intersection. The existing structure provides approximately 2,647 square feet suitable for office or retail use. The former house includes three large rooms on the main floor, a bathroom, kitchen, and dining areas. Upstairs, there are two rooms and another bathroom. Additional features include a screened porch and a two-car garage with attic space. The B-3 zoning typically accommodates various commercial uses, such as office, retail, restaurant, drive-thru, medical, and veterinary services. Nearby businesses include CVS, Rush Physical Therapy, iSmile Orthodontics, Peoples Bank, and Stracci Law Group. The property currently has two access points off the existing driveway. Other nearby parcels are on the market which could form an assemblage opportunity for potential buyers. Buyers should verify their intended use and any redevelopment requirements or improvements needed with the City of Crown Point planning department.
Key Highlights
- 1.83 acres of land in Crown Point with B‑3 zoning.
- High‑traffic location on Hwy 231 / 8 near the Broadway intersection.
- B‑3 zoning allows for a variety of commercial uses such as office, retail, restaurant, and medical.
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
$33,576
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
7.08%
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%
$671,520
$671.5K
Cap Rate 7%
$479,657
$479.7K
Cap Rate 9%
$373,067
$373.1K
Market Conditions
NOI Build-Up for 2,647 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
$57.2K $21.60/SF
− Vacancy
−$12.4K −$4.69/SF
EGI
$44.8K $16.91/SF
− OpEx
−$11.2K −$4.23/SF
NOI
$33.6K $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%
$671,520
Cap Rate 7%
$479,657
Cap Rate 9%
$373,067
Alternative Uses
Best Use
Office B
$479.7K
$419.7K – $559.6K
NOI $33,576 @ 7.0% cap · market cap 7.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$738.9K
$646.6K – $862.1K
NOI $51,726 @ 7.0% cap · market cap 10.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 46307, IN
69,248
Population
26,081
Households
2.7
Avg Household Size
41
Median Age
33%
College-Educated
94%
High-School Grad
87.2 sq mi
ZIP Area
794
Density / Sq Mi
$102,118
Median Household Income
$50,612
Median Earnings
$1,308
Median Rent
$293,500
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.
Frequently Asked Questions
What type of property is this?
Office units - 1.83 acres zoned B-3 near Broadway intersection.
Where is this office units located?
The property is located at 111 East State Road 8 Crown Point, IN.
What is the asking price?
The asking price for this property is $474,500.
What are key features of this property?
This property features: 1.83 acres of land in Crown Point with B‑3 zoning.; High‑traffic location on Hwy 231 / 8 near the Broadway intersection.; B‑3 zoning allows for a variety of commercial uses such as office, retail, restaurant, and medical.
