Mixed-Use Property with Retail
For Sale
$1,490,000
14424 Morse St, Cedar Lake, IN 46303
Most residential units feature recent renovations and modern finishes alongside an on-site retail component.
Property Size13,320 SF
Price / SF$111.86
Days on Market34
Property Features for 14424 Morse St
General Information
Standard status
Active
Size
13,320 SF
Taxes and HOA fees
Annual Taxes
$17,973
Listing Agency:
Ellsbury Group
(630) 418-3093
Listed By:
Andrew Page
(630) 418-3093
Source:
Exprealty
Added: Jul 14
Changed: Aug 13
Last Checked: Aug 15 at 10:31AM
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 Ellsbury Group
Investment Insights
Based on property information with market context.
This mixed-use property combines 15 residential units with one retail space at 14424 Morse St in Cedar Lake, Indiana. Nearly all residential units have undergone recent renovations featuring modern finishes, creating a refreshed residential component within the property’s combined residential and retail configuration.
Key Highlights
- 15 residential units plus one retail space
- Nearly all residential units recently renovated
- Modern finishes in the renovated residential units
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
$131,868
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
8.85%
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%
$2,637,360
$2.6M
Cap Rate 7%
$1,883,829
$1.9M
Cap Rate 9%
$1,465,200
$1.5M
Market Conditions
NOI Build-Up for 13,320 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
$239.8K $18.00/SF
− Vacancy
−$28.8K −$2.16/SF
EGI
$211.0K $15.84/SF
− OpEx
−$79.1K −$5.94/SF
NOI
$131.9K $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%
$2,637,360
Cap Rate 7%
$1,883,829
Cap Rate 9%
$1,465,200
Alternative Uses
Best Use
Mixed Use
$1.88M
$1.65M – $2.20M
NOI $131,868 @ 7.0% cap · market cap 8.85%
Second Best
Retail
$1.83M
$1.60M – $2.14M
NOI $128,358 @ 7.0% cap · market cap 8.61%
Theoretical Best
Specialty Retail
$3.72M
$3.25M – $4.34M
NOI $260,289 @ 7.0% cap · market cap 17.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
72
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?
Mixed-use property - Most residential units feature recent renovations and modern finishes alongside an on-site retail component.
Where is this mixed-use property located?
The property is located at 14424 Morse St Cedar Lake, IN.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: 15 residential units plus one retail space; Nearly all residential units recently renovated; Modern finishes in the renovated residential units
