Updated Three-Bedroom
For Sale
$319,900
14949 Carey Street, Cedar Lake, IN 46303
Residential, Cedar Lake, IN
Property Size1,714 SF
Lot Size0.14 Acres
Price / SF$186.64
Days on Market54
Property Features for 14949 Carey Street
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 1, Dining Room, Bathroom 2, Laundry Room, Bedroom 2, Bedroom 3, Bathroom 1
Parking features
Driveway
Patio and Porch features
Patio
Interior features
Cathedral Ceiling(s), Walk-In Closet(s), Kitchen Island, Granite Counters
Fireplace
1
Appliances
Dishwasher, Refrigerator, Microwave, Gas Range
Subdivision
Lynnsway 03
Lot features
Back Yard, Landscaped
Directions
Parrish to Carey
Standard status
Active
APN
451904227009000057
Size
1,714 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LYNNSWAY UNIT 3 N.1/2 OF LOT 215
Tax Annual Amount
2356
HOA Fee
$155 Monthly
Legal Description
LYNNSWAY UNIT 3 N.1/2 OF LOT 215
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
attached garage
custom-built fireplace
extended patio
walk-in closet
laundry room
Building Details
Year built
2019
Floors in Building
1
Listing Agency:
RE/MAX Realty Associates · RE/MAX International
(219) 922-8400
Listed By:
Mary Powers · License #RB14040108
(219) 682-8703
Added: Jul 24
Changed: Sep 12
Last Checked: Sep 15 at 7:06AM
MLS# 842887
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 2019-built half duplex offers 1,714 square feet of one-level living with three bedrooms and two bathrooms. The open interior connects the kitchen, dining area, and living room, with vaulted ceilings, hardwood flooring, granite countertops, a large island, stainless steel appliances, and a custom fireplace. The primary suite includes a walk-in closet and private bathroom, while a separate laundry room provides access to the attached 2.5-car garage.
Sliding glass doors open to an extended patio. Public water and public sewer serve the property, and natural gas provides heating. The home also includes a pantry, cathedral ceiling, driveway parking, and a 0.14-acre lot. HOA services include lawn mowing and snow removal.
Sliding glass doors open to an extended patio. Public water and public sewer serve the property, and natural gas provides heating. The home also includes a pantry, cathedral ceiling, driveway parking, and a 0.14-acre lot. HOA services include lawn mowing and snow removal.
Key Highlights
- 2019‑built half duplex with 1,714 square feet of living area
- Three‑bedroom, two‑bathroom layout with a private primary suite
- Open kitchen features granite counters, oversized island, vaulted ceiling, and stainless steel appliances
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
$17,040
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
5.33%
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%
$340,800
$340.8K
Cap Rate 7%
$243,429
$243.4K
Cap Rate 9%
$189,333
$189.3K
Market Conditions
NOI Build-Up for 1,714 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
$25.7K $15.00/SF
− Vacancy
−$1.4K −$0.80/SF
EGI
$24.3K $14.20/SF
− OpEx
−$7.3K −$4.26/SF
NOI
$17.0K $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%
$340,800
Cap Rate 7%
$243,429
Cap Rate 9%
$189,333
Alternative Uses
Best Use
Multifamily LT 5
$243.4K
$213.0K – $284.0K
NOI $17,040 @ 7.0% cap · market cap 5.33%
Second Best
Apartment 5plus
$216.6K
$189.6K – $252.7K
NOI $15,164 @ 7.0% cap · market cap 4.74%
Theoretical Best
Specialty Retail
$478.5K
$418.7K – $558.2K
NOI $33,494 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
10
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - One-level duplex residence with an open kitchen, private primary suite, attached garage, and outdoor patio.
Where is this duplex located?
The property is located at 14949 Carey 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: 2019‑built half duplex with 1,714 square feet of living area; Three‑bedroom, two‑bathroom layout with a private primary suite; Open kitchen features granite counters, oversized island, vaulted ceiling, and stainless steel appliances
