Six-Unit Brick Apartment
For Sale
Contact for pricing
1337 Willow Court, Schererville, IN 46375
Three-story brick construction combines two-bedroom and one-bedroom floor plans in a residential income property.
Property Size6,000 SF
Lot Size0.38 Acres
Price / SF$150
Days on Market58
Property Features for 1337 Willow Court
General Information
Standard status
Active
Size
6,000 SF
Total Parking Spaces
12
Lot size
0.38 Acres
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$45,984
Units
Unit Mix
4 x 2BR/1BA, 2 x 1BR/1BA
Multifamily Units
6
Additional Details
Highway Access
Yes
Building Details
Year Built
1978
Buildings
1
Stories
3
Units
6
Tenancy
Multi
Construction
brick
Listing Agency:
Horvath & Tremblay
Listed By:
Anthony Spangler · License #IL 475173833
(312) 533-8899
Source:
Crexi
Added: Aug 19
Changed: Oct 2
Last Checked: Oct 15 at 12:06AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This three-story brick apartment property contains six residential units arranged as four 2-Bedroom/1-Bathroom apartments and two 1-Bedroom/1-Bathroom apartments. The building provides 5,000 square feet of gross living area within 6,000 square feet of gross area. Constructed in 1978, the property sits on a 0.38-acre parcel and includes twelve off-street parking spaces.
The property is located in Schererville, Indiana, with access to established residential neighborhoods, retail corridors, and commercial centers. Regional connectivity includes U.S. Route 30 and U.S. Route 41, while Interstate 94 is nearby for travel throughout Northwest Indiana and toward the greater Chicago metropolitan area.
The property is located in Schererville, Indiana, with access to established residential neighborhoods, retail corridors, and commercial centers. Regional connectivity includes U.S. Route 30 and U.S. Route 41, while Interstate 94 is nearby for travel throughout Northwest Indiana and toward the greater Chicago metropolitan area.
Key Highlights
- Four (4) 2‑Bedroom/1‑Bathroom units and two (2) 1‑Bedroom/1‑Bathroom units
- 5,000 square feet of gross living area within 6,000 square feet of gross area
- Three‑story brick building constructed in 1978
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,083
Cap Rate
5.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,061,660
$1.1M
Cap Rate 7%
$758,329
$758.3K
Cap Rate 9%
$589,811
$589.8K
Market Conditions
NOI Build-Up for 6,000 SF
Gross rent
$102.2K $17.04/SF
− Vacancy
−$5.7K −$0.95/SF
EGI
$96.5K $16.09/SF
− OpEx
−$43.4K −$7.24/SF
NOI
$53.1K $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 Rate 5%
$1,061,660
Cap Rate 7%
$758,329
Cap Rate 9%
$589,811
Alternative Uses
Best Use
Apartment 5plus
$758.3K
$663.5K – $884.7K
NOI $53,083 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.67M
$1.47M – $1.95M
NOI $117,248 @ 7.0% cap · market cap 13.03%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
Explore this area
Business Placement
Demographics for 46375, IN
24,051
Population
10,064
Households
2.4
Avg Household Size
46
Median Age
36%
College-Educated
96%
High-School Grad
12.8 sq mi
ZIP Area
1,879
Density / Sq Mi
$89,646
Median Household Income
$51,448
Median Earnings
$1,250
Median Rent
$295,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story brick construction combines two-bedroom and one-bedroom floor plans in a residential income property.
Where is this apartment building located?
The property is located at 1337 Willow Court Schererville, IN.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Four (4) 2‑Bedroom/1‑Bathroom units and two (2) 1‑Bedroom/1‑Bathroom units; 5,000 square feet of gross living area within 6,000 square feet of gross area; Three‑story brick building constructed in 1978
