Former Bank Building with
For Sale
Contact for pricing
Pending
1300 Sheffield Ave, Dyer, IN 46311
2547 SF former bank with drive-thru on corner lot.
Property Size2,547 SF
Lot Size0.99 Acres
Days on Market171
Property Features for 1300 Sheffield Ave
General Information
Standard status
Pending
Size
2,547 SF
Class
C
Lot size
0.99 Acres
Property subtype
Retail
Building Details
Year Built
1976
Listing Agency:
Latitude Commercial
(219) 864-0200
Listed By:
Myles Rapchak · License #IN RB14052315
Source:
Crexi
Added: Feb 21
Changed: Aug 8
Last Checked: Jul 25 at 8:29AM
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 Latitude Commercial
Investment Insights
Based on property information with market context.
The property is a 2547 square foot former Peoples Bank building available for sale. Situated on the hard corner of Sheffield Ave and Monticello Dr, it offers high visibility. The building includes drive-thru windows, making it suitable for quick-service restaurant (QSR) use. The property is located on a corner lot of just under an acre. It is located less than 1/4 mile from the Indiana/Illinois state line, with traffic counts exceeding 8,000 vehicles per day. The property is located in Dyer, IN, near the Indiana/Illinois border. Dyer is a town in St. John Township, Lake County, Indiana.
Key Highlights
- High‑visibility corner location on Sheffield Ave & Monticello Dr.
- Existing drive‑thru windows, suitable for QSR or other businesses.
- Large corner lot (just under an acre).
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
$24,544
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
6.91%
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%
$490,880
$490.9K
Cap Rate 7%
$350,629
$350.6K
Cap Rate 9%
$272,711
$272.7K
Market Conditions
NOI Build-Up for 2,547 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
$36.7K $14.40/SF
− Vacancy
−$1.6K −$0.63/SF
EGI
$35.1K $13.77/SF
− OpEx
−$10.5K −$4.13/SF
NOI
$24.5K $9.64/SF
Area
Lake County, IN
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$490,880
Cap Rate 7%
$350,629
Cap Rate 9%
$272,711
Alternative Uses
Best Use
Specialty Retail
$711.0K
$622.2K – $829.5K
NOI $49,772 @ 7.0% cap · market cap 14.02%
Second Best
Retail
$350.6K
$306.8K – $409.1K
NOI $24,544 @ 7.0% cap · market cap 6.91%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
19k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Home Improvements & Furnishings 41%
Dining 7%
Casey's General Store
Shops & Services
7,893 visits/mo
0.4 miles
Gus Bock's Ace Hardware
Home Improvements & Furnishings
7,739 visits/mo
0.1 miles
Centier Bank
Shops & Services
2,070 visits/mo
0.1 miles
SUBWAY
Dining
1,305 visits/mo
0.4 miles
Demographics for 46311, IN
22,431
Population
9,128
Households
2.5
Avg Household Size
43
Median Age
37%
College-Educated
96%
High-School Grad
12.6 sq mi
ZIP Area
1,780
Density / Sq Mi
$109,167
Median Household Income
$58,332
Median Earnings
$1,221
Median Rent
$300,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - 2547 SF former bank with drive-thru on corner lot.
Where is this bank located?
The property is located at 1300 Sheffield Ave Dyer, IN.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: High‑visibility corner location on Sheffield Ave & Monticello Dr.; Existing drive‑thru windows, suitable for QSR or other businesses.; Large corner lot (just under an acre).
