First-Floor Office/Retail Condominium
For Sale
$850,000
9410 Calumet Ave, Munster, IN 46321
First-floor unit combines a finished leased suite and an unfinished shell within a mixed-use campus.
Property Size61,200 SF
Price / SF$257.58
Days on Market184
Property Features for 9410 Calumet Ave
General Information
Standard status
Active
Size
61,200 SF
Class
A
Property subtype
Multi Tenant Office
Site & Location
Traffic Count
30,297 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
61,200 SF
Year Built
2023
Listing Agency:
Commercial In-Sites
(219) 795-1100
Listed By:
David Lasser
(219) 795-1100
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 14
Last Checked: Jul 23 at 8:54AM
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 Commercial In-Sites
Investment Insights
Based on property information with market context.
This offering is a 1st floor office/retail condominium unit totaling 3,300 USF (3,861 RSF), presented as Unit 103A/B. Unit 103A is currently split and leased as 1,800 USF (2,106 RSF) to Vision Boutique/My Eye Doctor, with a three-year lease term and two additional three-year extensions. Unit 103B is an unfinished shell measuring 1,500 USF (1,755 RSF).
The property is located on the west side of Calumet Avenue, 1/2 mile south of Community hospital, and 2 miles south of I-80/94. It sits 1/4 mile north of Centennial Village, a mix of high-end retail and office space. INDOT 2025 traffic counts on Calumet Ave are listed at 30,297 vehicles per day.
Condominium association estimates provided include 2026 projected POA interior common area and 2026 projected POA exterior area dues of $9,310.02 per suite. Real estate taxes are listed at $18,063.56 for the 2024 pay 2025 cycle.
The property is located on the west side of Calumet Avenue, 1/2 mile south of Community hospital, and 2 miles south of I-80/94. It sits 1/4 mile north of Centennial Village, a mix of high-end retail and office space. INDOT 2025 traffic counts on Calumet Ave are listed at 30,297 vehicles per day.
Condominium association estimates provided include 2026 projected POA interior common area and 2026 projected POA exterior area dues of $9,310.02 per suite. Real estate taxes are listed at $18,063.56 for the 2024 pay 2025 cycle.
Key Highlights
- 3,300 USF (Unit 103A/B) first‑floor office/retail condo unit with 3,861 RSF total in a mixed‑use campus built in 2023
- Unit 103A is 1,800 USF (2,106 RSF) leased to Vision Boutique/My Eye Doctor with 3‑year term and two 3‑year extensions
- Unit 103B is 1,500 USF (1,755 RSF) unfinished shell, offering space to finish for additional occupancy or leasing
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
$46,189
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
5.43%
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%
$923,780
$923.8K
Cap Rate 7%
$659,843
$659.8K
Cap Rate 9%
$513,211
$513.2K
Market Conditions
NOI Build-Up for 3,300 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
$85.5K $25.92/SF
− Vacancy
−$8.6K −$2.59/SF
EGI
$77.0K $23.33/SF
− OpEx
−$30.8K −$9.33/SF
NOI
$46.2K $14.00/SF
Area
Lake County, IN
Vacancy
10.00%
Lease Rate
$25.92 /SF/Yr
Expense Ratio
40.00%
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%
$923,780
Cap Rate 7%
$659,843
Cap Rate 9%
$513,211
Alternative Uses
Best Use
Healthcare Medical
$659.8K
$577.4K – $769.8K
NOI $46,189 @ 7.0% cap · market cap 5.43%
Second Best
Office B
$598.0K
$523.2K – $697.7K
NOI $41,859 @ 7.0% cap · market cap 4.92%
Theoretical Best
Specialty Retail
$921.2K
$806.1K – $1.07M
NOI $64,486 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30,297 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,843
Businesses Nearby
Explore this area
Business Placement
Demographics for 46321, IN
23,894
Population
9,786
Households
2.4
Avg Household Size
45
Median Age
48%
College-Educated
96%
High-School Grad
7.6 sq mi
ZIP Area
3,144
Density / Sq Mi
$105,764
Median Household Income
$57,796
Median Earnings
$1,480
Median Rent
$312,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - First-floor unit combines a finished leased suite and an unfinished shell within a mixed-use campus.
Where is this office units located?
The property is located at 9410 Calumet Ave Munster, IN.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 3,300 USF (Unit 103A/B) first‑floor office/retail condo unit with 3,861 RSF total in a mixed‑use campus built in 2023; Unit 103A is 1,800 USF (2,106 RSF) leased to Vision Boutique/My Eye Doctor with 3‑year term and two 3‑year extensions; Unit 103B is 1,500 USF (1,755 RSF) unfinished shell, offering space to finish for additional occupancy or leasing
