8-Unit Mixed-Use
For Sale
$1,400,000
1423 119th Street, Whiting, IN 46394
Fully occupied property on 119th Street near Lake Michigan, local retail, dining, and major transportation routes.
Property Size9,350 SF
Days on Market90
Property Features for 1423 119th Street
General Information
Standard status
Active
Size
9,350 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Multifamily Units
8
Building Details
Building Size
9,350 SF
Tenancy
Multi
Listing Agency:
(810) 844-6813
Listed By:
Carson McDaniel
Source:
Kisergroup
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 7:20AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Carson McDaniel
Investment Insights
Based on property information with market context.
This eight-unit mixed-use property combines multifamily housing with retail tenancy in a fully occupied asset. The building is positioned along 119th Street and serves both residential and commercial functions within Whiting, Indiana.
The property is located near Lake Michigan and within reach of local retail, dining, and major transportation routes. Chicago is approximately 30 minutes away by car, providing access to the city while maintaining a Whiting location.
The property is located near Lake Michigan and within reach of local retail, dining, and major transportation routes. Chicago is approximately 30 minutes away by car, providing access to the city while maintaining a Whiting location.
Key Highlights
- Eight‑unit mixed‑use multifamily asset
- Fully occupied property
- Located along 119th Street in Whiting, Indiana
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
$92,565
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
6.61%
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%
$1,851,300
$1.9M
Cap Rate 7%
$1,322,357
$1.3M
Cap Rate 9%
$1,028,500
$1.0M
Market Conditions
NOI Build-Up for 9,350 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
$168.3K $18.00/SF
− Vacancy
−$20.2K −$2.16/SF
EGI
$148.1K $15.84/SF
− OpEx
−$55.5K −$5.94/SF
NOI
$92.6K $9.90/SF
Area
Lake County, IN
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,851,300
Cap Rate 7%
$1,322,357
Cap Rate 9%
$1,028,500
Alternative Uses
Best Use
Mixed Use
$1.32M
$1.16M – $1.54M
NOI $92,565 @ 7.0% cap · market cap 6.61%
Second Best
Retail
$1.29M
$1.13M – $1.50M
NOI $90,101 @ 7.0% cap · market cap 6.44%
Theoretical Best
Specialty Retail
$2.61M
$2.28M – $3.05M
NOI $182,711 @ 7.0% cap · market cap 13.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
Explore this area
Business Placement
Demographics for 46394, IN
11,725
Population
5,437
Households
2.2
Avg Household Size
41
Median Age
23%
College-Educated
86%
High-School Grad
4.7 sq mi
ZIP Area
2,495
Density / Sq Mi
$66,386
Median Household Income
$41,643
Median Earnings
$970
Median Rent
$162,900
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?
Mixed-use property - Fully occupied property on 119th Street near Lake Michigan, local retail, dining, and major transportation routes.
Where is this mixed-use property located?
The property is located at 1423 119th Street Whiting, IN.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Eight‑unit mixed‑use multifamily asset; Fully occupied property; Located along 119th Street in Whiting, Indiana
