New Construction Flex
For Sale
$1,251,000
Pending
13851 Alexander Street, Cedar Lake, IN 46303
Commercial Sale, Cedar Lake, IN
Property Size9,520 SF
Lot Size1.39 Acres
Days on Market482
Property Features for 13851 Alexander Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
Industrial
Parking
18
Subdivision
Railside Business Park
Lot features
Rectangular Lot
High school
Hanover Central High School
Elementary school district
Hanover
Middle school district
Hanover
High school district
Hanover
Directions
RT 41 TO 141ST AVE (EAST SIDE) TURN EAST CONTINUE TO ENTRANCE ON THE NORTH SIDE OF THE ROAD.
Standard status
Pending
Size
9,520 SF
Lot size
1.39 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Railside Business Park, Lot 26
Tax Annual Amount
1000
Legal Description
Railside Business Park, Lot 26
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
2025
Listing Agency:
McColly Real Estate
(219) 374-2121
Listed By:
Shelly Faber · License #RB14044470
(219) 775-1799
Added: Jun 2, 2025
Changed: Sep 5
Last Checked: Sep 26 at 10:06AM
MLS# 821880
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 space includes a 9,520-square-foot office/warehouse building on 1.39 acres at Railside Business Park. The open interior is designed for customization, allowing the finished workspace to be configured around business requirements. Planned improvements include a concrete floor with drains, three-phase electric service, exterior landscaping, lighting, and asphalt parking.
The property is located in Cedar Lake with access to Rt 41, Rt 231, and the Rt 2 interchange on I-65, along with routes toward Illinois via Rt 10 and Rt 114. The listed use opportunities include warehousing, distribution, automotive-related operations, laboratories, light manufacturing, contractor offices, construction-related storage, and other B-3 and M-1 uses. Public water and public sewer serve the property, and cable is available.
The property is located in Cedar Lake with access to Rt 41, Rt 231, and the Rt 2 interchange on I-65, along with routes toward Illinois via Rt 10 and Rt 114. The listed use opportunities include warehousing, distribution, automotive-related operations, laboratories, light manufacturing, contractor offices, construction-related storage, and other B-3 and M-1 uses. Public water and public sewer serve the property, and cable is available.
Key Highlights
- 9,520 square feet of office/warehouse space
- 1.39‑acre site within Railside Business Park
- 2025 construction with the building currently under construction
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
$67,065
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
5.36%
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%
$1,341,300
$1.3M
Cap Rate 7%
$958,071
$958.1K
Cap Rate 9%
$745,167
$745.2K
Market Conditions
NOI Build-Up for 9,520 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
$83.4K $8.76/SF
− Vacancy
−$4.5K −$0.47/SF
EGI
$78.9K $8.29/SF
− OpEx
−$11.8K −$1.24/SF
NOI
$67.1K $7.04/SF
Area
Lake County, IN
Vacancy
5.39%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
15.00%
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%
$1,341,300
Cap Rate 7%
$958,071
Cap Rate 9%
$745,167
Alternative Uses
Best Use
Office B
$1.73M
$1.51M – $2.01M
NOI $120,757 @ 7.0% cap · market cap 9.65%
Second Best
Warehouse
$958.1K
$838.3K – $1.12M
NOI $67,065 @ 7.0% cap · market cap 5.36%
Theoretical Best
Specialty Retail
$2.66M
$2.33M – $3.10M
NOI $186,033 @ 7.0% cap · market cap 14.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Under-construction flex space provides an open interior for customized business operations.
Where is this flex space located?
The property is located at 13851 Alexander Street Cedar Lake, IN.
What is the asking price?
The asking price for this property is $1,251,000.
What are key features of this property?
This property features: 9,520 square feet of office/warehouse space; 1.39‑acre site within Railside Business Park; 2025 construction with the building currently under construction
