10-Unit Apartment
For Sale
$1,200,000
1021 West Columbus Drive, East Chicago, IN 46312
Three-story apartment property with two-bedroom residences, hardwood flooring, and commercial zoning.
Property Size12,432 SF
Price / SF$96.53
Days on Market989
Property Features for 1021 West Columbus Drive
General Information
Standard status
Active
Size
12,432 SF
Property subtype
Commercial Sale / Multi Family
Zoning
Commercial
Units
Unit Mix
10 x 2BR
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$11,332
Amenities
hardwood flooring
Rubber
None, Window Unit(s)
3
Yes
Hardwood, Luxury Vinyl
Radiant
Gas Range, Refrigerator
Concrete, Storage Space, Unfinished, Daylight
Built-in Features, Laminate Counters, High Ceilings, Entrance Foyer
Lighting
Block, Brick/Mortar
Brick
Building Details
Year Built
1927
Stories
3
Listing Agency:
Integrity Realty Partners
(219) 628-3432
Listed By:
Angela Manning · License #RB17000786
(219) 628-3432
Source:
Compass
Added: Dec 15, 2023
Changed: Aug 29
Last Checked: Aug 29 at 8:23PM
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 Integrity Realty Partners
Investment Insights
Based on property information with market context.
This apartment property contains 10 two-bedroom units arranged across three stories and encompasses 12,432 square feet. Hardwood flooring is featured throughout the residences, with additional luxury vinyl noted. The building was constructed in 1927 and has a brick exterior with block and brick/mortar construction elements.
Commercial zoning supports the property’s existing multifamily configuration. Interior features include high ceilings, entrance foyer areas, built-in features, laminate counters, radiant heating, window-unit cooling, and a daylight basement with storage space. The property is located near a school in East Chicago, Indiana.
Commercial zoning supports the property’s existing multifamily configuration. Interior features include high ceilings, entrance foyer areas, built-in features, laminate counters, radiant heating, window-unit cooling, and a daylight basement with storage space. The property is located near a school in East Chicago, Indiana.
Key Highlights
- 10 two‑bedroom apartment units across 3 stories
- 12,432 square feet of apartment building area
- Commercial zoning
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
$109,988
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
9.17%
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%
$2,199,760
$2.2M
Cap Rate 7%
$1,571,257
$1.6M
Cap Rate 9%
$1,222,089
$1.2M
Market Conditions
NOI Build-Up for 12,432 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
$211.8K $17.04/SF
− Vacancy
−$11.9K −$0.95/SF
EGI
$200.0K $16.09/SF
− OpEx
−$90.0K −$7.24/SF
NOI
$110.0K $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 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%
$2,199,760
Cap Rate 7%
$1,571,257
Cap Rate 9%
$1,222,089
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,988 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.47M
$3.04M – $4.05M
NOI $242,937 @ 7.0% cap · market cap 20.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
202
Businesses Nearby
Explore this area
Business Placement
Demographics for 46312, IN
26,370
Population
12,429
Households
2.1
Avg Household Size
33
Median Age
10%
College-Educated
74%
High-School Grad
14.0 sq mi
ZIP Area
1,884
Density / Sq Mi
$41,071
Median Household Income
$32,930
Median Earnings
$820
Median Rent
$92,400
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?
Apartment building - Three-story apartment property with two-bedroom residences, hardwood flooring, and commercial zoning.
Where is this apartment building located?
The property is located at 1021 West Columbus Drive East Chicago, IN.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 10 two‑bedroom apartment units across 3 stories; 12,432 square feet of apartment building area; Commercial zoning
