Updated Duplex with Four-Seasons
New
For Sale
$324,900
13574 Freedom Way, Cedar Lake, IN 46303
Residential, Cedar Lake, IN
Property Size1,632 SF
Lot Size0.31 Acres
Price / SF$199.08
Days on Market6
Property Features for 13574 Freedom Way
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 1, Den, Bonus Room
Parking features
Open
Interior features
Granite Counters, Pantry, Open Floorplan, Kitchen Island
Appliances
Dishwasher, Refrigerator, Microwave, Gas Range
Subdivision
Centennial Villas Ph 2
Lot features
Back Yard, Landscaped, Front Yard
Elementary school
Jane Ball Elementary School
Middle school
Hanover Central Middle School
High school
Hanover Central High School
Elementary school district
Hanover
Middle school district
Hanover
High school district
Hanover
Directions
From Route 41 to 141st Ave to Heritage Way then left on Flagstaff which turns into Richmond Ave then left on Prospect Dr then right onto Freedom Way follow curve to property
Standard status
Active
APN
451528254006000014
Size
1,632 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CENTENNIAL VILLAS PHASE 2 S..1/2 OF LOT 21 (13574 FREEDOM WAY)
Tax Annual Amount
3200
HOA Fee
$185 Monthly
Legal Description
CENTENNIAL VILLAS PHASE 2 S..1/2 OF LOT 21 (13574 FREEDOM WAY)
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
2024
Floors in Building
1
Listing Agency:
Better Homes and Gardens Real
(219) 365-8000
Listed By:
Jessica Ivin
(219) 688-4524
Added: Aug 15
Changed: Aug 20
Last Checked: Aug 20 at 7:06PM
MLS# 843879
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 2024-built duplex property offers 1,632 square feet of single-level living on a 0.3057-acre lot. The layout includes two bedrooms, a bonus room, two bathrooms, an open kitchen with granite counters, an island, pantry, tile backsplash, and gas range, plus a dedicated laundry room. A four-seasons room connects to the patio, while the primary suite includes a walk-in closet and private en-suite bathroom. Natural gas forced-air heat serves the home, with public water and public sewer available.
The property is located at 13574 Freedom Way in Cedar Lake, Indiana. The backyard setting has no homes directly behind it, and the HOA handles lawn maintenance and snow removal. Open parking is provided.
The property is located at 13574 Freedom Way in Cedar Lake, Indiana. The backyard setting has no homes directly behind it, and the HOA handles lawn maintenance and snow removal. Open parking is provided.
Key Highlights
- 1,632‑square‑foot duplex property built in 2024
- 0.3057‑acre lot at 13574 Freedom Way, Cedar Lake, IN 46303
- Two bedrooms plus a bonus room and den
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
$16,224
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
4.99%
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%
$324,480
$324.5K
Cap Rate 7%
$231,771
$231.8K
Cap Rate 9%
$180,267
$180.3K
Market Conditions
NOI Build-Up for 1,632 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
$24.5K $15.00/SF
− Vacancy
−$1.3K −$0.80/SF
EGI
$23.2K $14.20/SF
− OpEx
−$7.0K −$4.26/SF
NOI
$16.2K $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%
$324,480
Cap Rate 7%
$231,771
Cap Rate 9%
$180,267
Alternative Uses
Best Use
Multifamily LT 5
$231.8K
$202.8K – $270.4K
NOI $16,224 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$206.3K
$180.5K – $240.7K
NOI $14,439 @ 7.0% cap · market cap 4.44%
Theoretical Best
Specialty Retail
$455.6K
$398.6K – $531.5K
NOI $31,891 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
295
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Single-level layout includes flexible bonus space, private outdoor setting, and HOA-covered lawn and snow care.
Where is this duplex located?
The property is located at 13574 Freedom Way Cedar Lake, IN.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 1,632‑square‑foot duplex property built in 2024; 0.3057‑acre lot at 13574 Freedom Way, Cedar Lake, IN 46303; Two bedrooms plus a bonus room and den
