Auto Shop with Overhead
For Sale
$250,000
Pending
13536 Morse Street, Cedar Lake, IN 46303
Commercial Sale, Cedar Lake, IN
Property Size2,506 SF
Lot Size0.22 Acres
Days on Market96
Property Features for 13536 Morse Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
10
Security features
Security System
Interior features
High Ceilings
Subdivision
Woodland Shores Add
Lot features
Corner Lot
Directions
I-65 to SR 55 south, west on 133rd Ave, south on Morse St to property at 13536 Morse St, Cedar Lake.
Standard status
Pending
APN
451526179049000043
Size
2,506 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WOODLAND SHORES ADD. OUTLOT D & PT. OF OUTLOT A LY'NG N. OF OUTLOT D
Tax Annual Amount
2397
Legal Description
WOODLAND SHORES ADD. OUTLOT D & PT. OF OUTLOT A LY'NG N. OF OUTLOT D
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Well
Amenities
overhead doors
customer waiting area
dedicated office space
Building Details
Year built
1967
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Anthony Christopher · License #RB22001074
(708) 715-6193
Added: Jun 12
Changed: Aug 19
Last Checked: Sep 15 at 6:06AM
MLS# 840721
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 2,506-square-foot auto shop was built in 1967 and is currently leased to a tint and vehicle customization business. The building offers an open interior with high ceilings, two 9-foot overhead doors, workspace for vehicle service or customization, a customer waiting area, and dedicated office space. Natural gas and forced-air heating serve the property.
Situated in Cedar Lake, Indiana, the property includes 0.22 acres with well water and public sewer. Ample parking supports customer and vehicle access, while the existing layout accommodates automotive-oriented operations and related commercial use.
Situated in Cedar Lake, Indiana, the property includes 0.22 acres with well water and public sewer. Ample parking supports customer and vehicle access, while the existing layout accommodates automotive-oriented operations and related commercial use.
Key Highlights
- 2,506‑square‑foot auto shop on 0.22 acres
- Currently leased to a tint and vehicle customization business
- Two 9‑foot overhead doors with open workspace
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
$14,539
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
5.82%
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%
$290,780
$290.8K
Cap Rate 7%
$207,700
$207.7K
Cap Rate 9%
$161,544
$161.5K
Market Conditions
NOI Build-Up for 2,506 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
$22.0K $8.76/SF
− Vacancy
−$1.2K −$0.47/SF
EGI
$20.8K $8.29/SF
− OpEx
−$6.2K −$2.49/SF
NOI
$14.5K $5.80/SF
Area
Lake County, IN
Vacancy
5.39%
Lease Rate
$8.76 /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%
$290,780
Cap Rate 7%
$207,700
Cap Rate 9%
$161,544
Alternative Uses
Best Use
Retail
$345.0K
$301.9K – $402.5K
NOI $24,149 @ 7.0% cap · market cap 9.66%
Second Best
Industrial
$207.7K
$181.7K – $242.3K
NOI $14,539 @ 7.0% cap · market cap 5.82%
Theoretical Best
Specialty Retail
$699.6K
$612.1K – $816.2K
NOI $48,970 @ 7.0% cap · market cap 19.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
115
Businesses Nearby
Well-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Similar Off Market Nearby
- Hybrid ReAuto — 7321 W 136th Ln, Cedar Lake, IN 46303
- Jeff's auto dreamers — 6201 W 136th Ave, Cedar Lake, IN 46303
- TJT Tire Service, LLC — 6730 W 133rd Ave, Cedar Lake, IN 46303
Frequently Asked Questions
What type of property is this?
Auto shop - Leased automotive facility with workspace, customer waiting area, office space, and ample parking.
Where is this auto shop located?
The property is located at 13536 Morse Street Cedar Lake, IN.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2,506‑square‑foot auto shop on 0.22 acres; Currently leased to a tint and vehicle customization business; Two 9‑foot overhead doors with open workspace
