Single-Level Two-Bedroom
New
For Sale
$299,900
13694 Freedom Way, Cedar Lake, IN 46303
Residential, Cedar Lake, IN
Property Size1,465 SF
Lot Size0.34 Acres
Price / SF$204.71
Days on Market1
Property Features for 13694 Freedom Way
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bathroom 2, Bedroom 1, Bonus Room, Bedroom 2, Dining Room, Bathroom 1
Parking features
Driveway, Open, Garage
Interior features
Ceiling Fan(s), Kitchen Island
Appliances
Dryer, Washer, Refrigerator, Range, Microwave, Gas Water Heater, Dishwasher, Disposal
Subdivision
Centennial Villas-Phase 1
Lot features
Back Yard, Landscaped
Directions
Take 141st into Centennial (Heritage Way), left at stop sign onto Flagstaff St. (turns into Richmond Ave). At stop sign at Prospect Drive turn left. Take the next right onto Freedom Way. Follow Freedom Way to the Centennial Estates Villas.
Standard status
Active
APN
451528252006000014
Size
1,465 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
CENTENNIAL VILLAS PHASE 1 LOT 14 EX. N.48.74FT
Tax Annual Amount
3325
HOA Fee
$137 Monthly
Legal Description
CENTENNIAL VILLAS PHASE 1 LOT 14 EX. N.48.74FT
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Central
Water source
Public
Amenities
stainless steel appliances
center island
sunroom
fireplace
laundry room
garage
reverse-osmosis drinking water system
exterior CCTV cameras
Building Details
Year built
2022
Floors in Building
1
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Gina Guarino · License #475133794
(219) 765-6698
Added: Sep 3
Last Checked: Sep 3 at 6:06PM
MLS# 844774
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 1,465-square-foot half duplex, built in 2022, provides single-level living on a slab with two bedrooms and 1.75 baths. The interior includes an open living and dining arrangement, a kitchen with stainless steel appliances and a center island, plus a sunroom that expands the usable living area. The primary bedroom has a walk-in closet and private three-quarter bath with a double vanity and walk-in shower. A second bedroom, full guest bath, fireplace, dedicated laundry room, and storage add practical functionality.
The property sits on a 0.34-acre lot in Cedar Lake, Indiana. Exterior features include maintenance-free living, a finished and drywalled garage, driveway parking, CCTV cameras, and a Culligan reverse-osmosis drinking water system. Public water and public sewer serve the property, with forced-air heating and central air conditioning.
The property sits on a 0.34-acre lot in Cedar Lake, Indiana. Exterior features include maintenance-free living, a finished and drywalled garage, driveway parking, CCTV cameras, and a Culligan reverse-osmosis drinking water system. Public water and public sewer serve the property, with forced-air heating and central air conditioning.
Key Highlights
- 1,465 SF half duplex on a 0.34‑acre lot
- Built in 2022 with single‑level slab construction
- Two bedrooms and 1.75 baths, including a private primary suite bath
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
$14,564
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
4.86%
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%
$291,280
$291.3K
Cap Rate 7%
$208,057
$208.1K
Cap Rate 9%
$161,822
$161.8K
Market Conditions
NOI Build-Up for 1,465 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 $15.00/SF
− Vacancy
−$1.2K −$0.80/SF
EGI
$20.8K $14.20/SF
− OpEx
−$6.2K −$4.26/SF
NOI
$14.6K $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%
$291,280
Cap Rate 7%
$208,057
Cap Rate 9%
$161,822
Alternative Uses
Best Use
Multifamily LT 5
$208.1K
$182.1K – $242.7K
NOI $14,564 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$185.2K
$162.0K – $216.0K
NOI $12,961 @ 7.0% cap · market cap 4.32%
Theoretical Best
Specialty Retail
$409.0K
$357.9K – $477.1K
NOI $28,628 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
240
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
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Frequently Asked Questions
What type of property is this?
Duplex - Open interiors include a kitchen island, sunroom, fireplace, dedicated laundry, and finished garage.
Where is this duplex located?
The property is located at 13694 Freedom Way Cedar Lake, IN.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,465 SF half duplex on a 0.34‑acre lot; Built in 2022 with single‑level slab construction; Two bedrooms and 1.75 baths, including a private primary suite bath
