4-Suite Flex
For Sale
$1,760,700
13861 Alexander Street, Cedar Lake, IN 46303
Commercial Sale, Cedar Lake, IN
Property Size10,000 SF
Lot Size1.44 Acres
Price / SF$176.07
Days on Market109
Property Features for 13861 Alexander Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
Business
Parking
54
Exterior features
Lighting
Subdivision
Railside Business Park
Lot features
Paved
High school
Hanover Central High School
Elementary school district
Hanover
Middle school district
Hanover
High school district
Hanover
Directions
RT 41 TO 141ST AVE, TURN EAST -CONTINUE TO ALEXANDER STREET ON NORTH SIDE OF ROAD
Standard status
Active
Size
10,000 SF
Lot size
1.44 Acres
Taxes and HOA fees
Tax Year
2027
Tax Description
Railside Business Park, Lot 27
Tax Annual Amount
1200
Legal Description
Railside Business Park, Lot 27
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Water front features
Pond
Water front
1
Building Details
Year built
2025
Listing Agency:
McColly Real Estate
(219) 374-2121
Listed By:
Shelly Faber · License #RB14044470
(219) 775-1799
Added: May 15
Changed: Aug 19
Last Checked: Aug 31 at 12:06PM
MLS# 838958
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This under-construction flex property provides 10,000 square feet of commercial space within an open floor plan designed for division into four suites of approximately 2,500 square feet each. Two end-cap positions offer prominent placement for signage. The property is scheduled for completion in 2025 and includes lighting, natural-gas heating, and forced-air heating.
The site at 13861 Alexander Street in Cedar Lake is near local schools and Route 41, with public water and public sewer serving the property. Cable is available, and a pond is among the site's waterfront features.
The offering also includes six B3-zoned commercial lots. The stated zoning supports uses including business and professional offices, retail, medical and dental facilities, restaurants and hotels, recreation centers, vocational and trade schools, senior care facilities, breweries, and community centers.
The site at 13861 Alexander Street in Cedar Lake is near local schools and Route 41, with public water and public sewer serving the property. Cable is available, and a pond is among the site's waterfront features.
The offering also includes six B3-zoned commercial lots. The stated zoning supports uses including business and professional offices, retail, medical and dental facilities, restaurants and hotels, recreation centers, vocational and trade schools, senior care facilities, breweries, and community centers.
Key Highlights
- 10,000 square feet of under‑construction commercial space
- Open floor plan with four suites of approximately 2,500 square feet each
- Two end‑caps provide prominent signage placement
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
$126,846
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
7.20%
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%
$2,536,920
$2.5M
Cap Rate 7%
$1,812,086
$1.8M
Cap Rate 9%
$1,409,400
$1.4M
Market Conditions
NOI Build-Up for 10,000 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
$216.0K $21.60/SF
− Vacancy
−$46.9K −$4.69/SF
EGI
$169.1K $16.91/SF
− OpEx
−$42.3K −$4.23/SF
NOI
$126.8K $12.68/SF
Area
Lake County, IN
Vacancy
21.70%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,536,920
Cap Rate 7%
$1,812,086
Cap Rate 9%
$1,409,400
Alternative Uses
Best Use
Office B
$1.81M
$1.59M – $2.11M
NOI $126,846 @ 7.0% cap · market cap 7.20%
Second Best
Industrial
$828.8K
$725.2K – $966.9K
NOI $58,015 @ 7.0% cap · market cap 3.29%
Theoretical Best
Specialty Retail
$2.79M
$2.44M – $3.26M
NOI $195,413 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
48
Businesses Nearby
Balanced
Demand for This Use
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Under-construction commercial space features an open layout, two end-caps, and access to public water and sewer.
Where is this flex space located?
The property is located at 13861 Alexander Street Cedar Lake, IN.
What is the asking price?
The asking price for this property is $1,760,700.
What are key features of this property?
This property features: 10,000 square feet of under‑construction commercial space; Open floor plan with four suites of approximately 2,500 square feet each; Two end‑caps provide prominent signage placement
