Ranch-Style Residential Income
New
For Sale
$319,900
14922 Drummond Street, Cedar Lake, IN 46303
Residential, Cedar Lake, IN
Property Size1,586 SF
Lot Size0.14 Acres
Price / SF$201.70
Days on Market2
Property Features for 14922 Drummond Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning description
residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Laundry Room, Bedroom 3, Bathroom 2, Dining Room, Family Room
Parking features
Driveway, Open
Patio and Porch features
Patio
Interior features
Cathedral Ceiling(s), Walk-In Closet(s), Vaulted Ceiling(s), Tray Ceiling(s), Recessed Lighting, Pantry, Open Floorplan, Kitchen Island, High Ceilings, Granite Counters, Entrance Foyer, Ceiling Fan(s)
Exterior features
Private Yard
Fencing
Fenced
Appliances
Dryer, Water Softener Owned, Washer, Stainless Steel Appliance(s), Refrigerator, Microwave, Gas Water Heater, Gas Range, Dishwasher, Disposal
Subdivision
Lynnsway 03
Lot features
Back Yard, Private, Landscaped, Front Yard
Elementary school district
Tri-Creek
Middle school district
Tri-Creek
High school district
Tri-Creek
Directions
Rt 41 to 151st, east to Parrish, subdivision is on the left
Standard status
Active
APN
451904227024000057
Size
1,586 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LYNNSWAY UNIT 3 N.1/2 OF LOT 204
Tax Annual Amount
2396
HOA Fee
$155 Monthly
Legal Description
LYNNSWAY UNIT 3 N.1/2 OF LOT 204
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas, Central
Water source
Public
Amenities
fenced backyard
extended patio with gazebo
stainless steel appliances
walk-in closet with built-ins
Building Details
Year built
2020
Floors in Building
1
Listing Agency:
Better Homes and Gardens Real · Better Homes and Gardens Real Estate
(219) 999-8990
Listed By:
Melissa Crubaugh · License #475197688
(219) 670-4510
Added: Sep 24
Last Checked: Sep 25 at 8:06AM
MLS# 845861
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.
Built in 2020, this 1,586-square-foot, one-level half duplex has three bedrooms and an open kitchen, dining, and living area beneath a vaulted ceiling. The kitchen includes a pantry, stainless steel appliances, granite counters, and an island. The primary suite has a walk-in closet with built-ins and a private bath; two additional bedrooms share a hall bath. A laundry room connects to the attached 2.5-car garage.
The home sits on a 0.1435-acre lot with a fenced backyard, extended patio, and gazebo. HOA services include lawn care and snow removal. Additional features include central natural gas heating, public water and sewer, and a driveway.
The home sits on a 0.1435-acre lot with a fenced backyard, extended patio, and gazebo. HOA services include lawn care and snow removal. Additional features include central natural gas heating, public water and sewer, and a driveway.
Key Highlights
- 1,586‑square‑foot, three‑bedroom half duplex
- Built in 2020 on a 0.1435‑acre lot
- Attached 2.5‑car garage
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
$14,032
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
4.39%
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%
$280,640
$280.6K
Cap Rate 7%
$200,457
$200.5K
Cap Rate 9%
$155,911
$155.9K
Market Conditions
NOI Build-Up for 1,586 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
$27.0K $17.04/SF
− Vacancy
−$1.5K −$0.95/SF
EGI
$25.5K $16.09/SF
− OpEx
−$11.5K −$7.24/SF
NOI
$14.0K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$280,640
Cap Rate 7%
$200,457
Cap Rate 9%
$155,911
Alternative Uses
Best Use
Apartment 5plus
$200.5K
$175.4K – $233.9K
NOI $14,032 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$442.7K
$387.4K – $516.5K
NOI $30,992 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
13
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
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Frequently Asked Questions
What type of property is this?
Residential income property - A three-bedroom half duplex pairs an open kitchen and living area with a fenced backyard and patio.
Where is this residential income property located?
The property is located at 14922 Drummond Street Cedar Lake, IN.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: 1,586‑square‑foot, three‑bedroom half duplex; Built in 2020 on a 0.1435‑acre lot; Attached 2.5‑car garage
