Mixed-Use Plaza with Income
160-206 Rail Road, Chesterton, IN 46304
Mixed-use plaza with commercial, residential, and development opportunities.
Type:Commercial/Industrial
Property size:
21,240 SFLot size:
4.01 AcresPrice / SF:
$202/SF- Added:
- Mar 16, 2026
- Days on Market:
- 67
- Last Refresh:
- Apr 5 at 10:09 pm
Property Features for 160-206 Rail Road
General Information
- Standard status
- Active
- Size
- 21,240 SF
- Lot size
- 4.01 Acres
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 2015
Listing agent Cheryl Bonin License #RB14018897
Listing office CHERYL Real Estate Services, L (219) 714-7148
Listing date Mar 16, 2026
Source Exitrealty
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 CHERYL Real Estate Services, L
HighLights
- 100% occupancy of all offices and condominium units.
- Includes two large buildable lots suitable for commercial or multifamily mixed‑use development.
- Consists of a diverse property mix: offices, condominiums, and garages.
- Features 84 parking spaces.
- Includes multiple garage structures: two five‑bay garages and two four‑bay garages.
- Constructed in 2015.
Overview
Tamarack Plaza is a mixed-use property featuring a commercial building with 4 offices, four 4-unit buildings containing 16 condominiums, two 5-bay garages, and two 4-bay garages. The property includes 84 parking spaces and two large buildable lots suitable for commercial or multifamily mixed-use development. The existing office spaces and residential units are currently 100% occupied. The property size is 21,240 square feet.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$2.84M
NOI $255,160 @ 9.00% cap · cautious / downside scenario
Moderate
$3.65M
NOI $255,160 @ 7.00% cap · market / base-case scenario
Aggressive
$5.10M
NOI $255,160 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $361.9k | $17.04 |
| − Vacancy | −$21.7k | −$1.02 |
| EGI | $340.2k | $16.02 |
| − OpEx | −$85.1k | −$4.00 |
| NOI | $255.2k | $12.01 |
21,240 SF · lease $17.04/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$3.65M
$3.19M – $4.25M
NOI $255,160 @ 7.0% cap · market cap 5.93%
Second Best
Mixed Use
$2.78M
$2.43M – $3.24M
NOI $194,665 @ 7.0% cap · market cap 4.53%
Theoretical Best
Healthcare Medical
$8.05M
$7.04M – $9.39M
NOI $563,509 @ 7.0% cap · market cap 13.10%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Office buildings
Location Insight
- Map
- Local Demand
- City
- Chesterton
- County
- Porter
- State
- Indiana
- Longitude
- -87.046227
- Latitude
- 41.590194
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Mixed-use plaza with commercial, residential, and development opportunities.
Where is this mixed-use property located?
The property is located at 160-206 Rail Road Chesterton, IN.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: 100% occupancy of all offices and condominium units.; Includes two large buildable lots suitable for commercial or multifamily mixed‑use development.; Consists of a diverse property mix: offices, condominiums, and garages.
