All-Brick Duplex with Two
For Sale
Contact for pricing
Pending
13131-35 Schneider Street, Cedar Lake, IN 46303
Two separate residences with hardwood floors, covered porches, basements, and garages, offered for owner-occupant or income use.
Property Size2,190 SF
Days on Market51
Property Features for 13131-35 Schneider Street
General Information
Standard status
Pending
Size
2,190 SF
Total Parking Spaces
3
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1945
Listing Agency:
Berkshire Hathaway Indiana
Listed By:
David Harkabus · License #IN
Source:
Crexi
Added: Jun 22
Changed: Aug 8
Last Checked: Jul 24 at 6:15PM
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 Berkshire Hathaway Indiana
Investment Insights
Based on property information with market context.
This all-brick duplex offers two separate homes on one property, each with its own basement and garage. The South Unit features three bedrooms and one bath with a 1-car garage, while the North Unit offers two bedrooms and one bath with a 2-car garage. Both units include hardwood floors, covered porches, and an owned water softener, and each is equipped with a stove, refrigerator, and washer and dryer. The property also includes a large backyard for additional outdoor space.
The building is located in Cedar Lake and is described as being close to dining and shopping, with the owner disclosing that the duplex is being sold as-is with no repairs. Updates called out include HVAC from 2019, roof from 2019, water heaters and appliances from 2017, well and pump from 2014, windows from 2010, and blown-in insulation from 2009. The seller also notes minor basement seepage in the South Unit during extreme rainfall events, and minor seepage in the North Unit only after the unusually heavy June 16–18 rain event.
For tenants, buyers, or owner-occupants, the layout supports separate living arrangements with independent basements and garages for each unit. The chimneys are disclosed as needing some repair, and the covered porches are missing a piece of wrought iron railing; the seller also notes the porches were not intended as entry points and are missing stairs. Each unit’s appliances and owned water softener help support straightforward day-to-day occupancy.
The building is located in Cedar Lake and is described as being close to dining and shopping, with the owner disclosing that the duplex is being sold as-is with no repairs. Updates called out include HVAC from 2019, roof from 2019, water heaters and appliances from 2017, well and pump from 2014, windows from 2010, and blown-in insulation from 2009. The seller also notes minor basement seepage in the South Unit during extreme rainfall events, and minor seepage in the North Unit only after the unusually heavy June 16–18 rain event.
For tenants, buyers, or owner-occupants, the layout supports separate living arrangements with independent basements and garages for each unit. The chimneys are disclosed as needing some repair, and the covered porches are missing a piece of wrought iron railing; the seller also notes the porches were not intended as entry points and are missing stairs. Each unit’s appliances and owned water softener help support straightforward day-to-day occupancy.
Key Highlights
- All‑brick property built in 1945 with two separate homes on one lot, each with its own basement and garage
- South unit: 3BR/1BA, 1,127 SF, includes 1‑car garage; features hardwood floors and a covered porch
- North unit: 2BR/1BA, 1,063 SF, includes 2‑car garage; features hardwood floors and a covered porch
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
$21,772
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
5.90%
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%
$435,440
$435.4K
Cap Rate 7%
$311,029
$311.0K
Cap Rate 9%
$241,911
$241.9K
Market Conditions
NOI Build-Up for 2,190 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
$32.9K $15.00/SF
− Vacancy
−$1.7K −$0.80/SF
EGI
$31.1K $14.20/SF
− OpEx
−$9.3K −$4.26/SF
NOI
$21.8K $9.94/SF
Area
Lake County, IN
Vacancy
5.32%
Lease Rate
$15.00 /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%
$435,440
Cap Rate 7%
$311,029
Cap Rate 9%
$241,911
Alternative Uses
Best Use
Multifamily LT 5
$311.0K
$272.2K – $362.9K
NOI $21,772 @ 7.0% cap · market cap 5.90%
Second Best
Apartment 5plus
$276.8K
$242.2K – $322.9K
NOI $19,375 @ 7.0% cap · market cap 5.25%
Theoretical Best
Specialty Retail
$611.4K
$534.9K – $713.3K
NOI $42,795 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
245
Businesses Nearby
Explore this area
Business Placement
Demographics for 46303, IN
17,028
Population
6,922
Households
2.5
Avg Household Size
39
Median Age
24%
College-Educated
95%
High-School Grad
28.8 sq mi
ZIP Area
591
Density / Sq Mi
$78,659
Median Household Income
$43,217
Median Earnings
$1,197
Median Rent
$271,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences with hardwood floors, covered porches, basements, and garages, offered for owner-occupant or income use.
Where is this duplex located?
The property is located at 13131-35 Schneider Street Cedar Lake, IN.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: All‑brick property built in 1945 with two separate homes on one lot, each with its own basement and garage; South unit: 3BR/1BA, 1,127 SF, includes 1‑car garage; features hardwood floors and a covered porch; North unit: 2BR/1BA, 1,063 SF, includes 2‑car garage; features hardwood floors and a covered porch
