Duplex Property with
New
For Sale
$250,000
1642 Flag Court, Crown Point, IN 46307
Residential, Crown Point, IN
Property Size1,273 SF
Lot Size0.17 Acres
Price / SF$196.39
Days on Market2
Property Features for 1642 Flag Court
General Information
Property type
Residential
Property subtype
Duplex
Zoning description
residential
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Kitchen, Bedroom 1, Bedroom 2, Laundry Room
Parking features
Open, Driveway, Garage
Security features
Security System
Window features
Insulated Windows
Patio and Porch features
Patio
Interior features
Cathedral Ceiling(s), Walk-In Closet(s), Pantry, Laminate Counters, Eat-in Kitchen, Entrance Foyer, Ceiling Fan(s)
Exterior features
Rain Gutters
Fireplace
1
Appliances
Dryer, Washer, Refrigerator, Microwave, Gas Water Heater, Gas Range, Dishwasher, Disposal
Subdivision
Burge Estates 03
Lot features
Back Yard, Landscaped, Front Yard, Cul-De-Sac
Directions
Route 30 to Burr Street go South on Burr Street to W85th Ave, West to Liberty Dr, North on Liberty Drive to Flag Court on the East.
Standard status
Active
APN
451124355008000036
Size
1,273 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
BURGE ESTATES UNIT 3 E1/2 OF LOT 43
Tax Annual Amount
3914
Legal Description
BURGE ESTATES UNIT 3 E1/2 OF LOT 43
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1999
Floors in Building
1
Listing Agency:
Better Homes and Gardens Real · Better Homes and Gardens Real Estate
(219) 999-8990
Listed By:
Lisa Justice
(219) 743-0291
Added: Aug 26
Last Checked: Aug 27 at 9:06AM
MLS# 844338
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 duplex property at 1642 Flag Court includes 1,273 square feet on a 0.1717-acre lot. The interior has two bedrooms, two bathrooms, a kitchen with an eat-in area, pantry, laminate counters, and a foyer. A cathedral ceiling, walk-in closet, ceiling fans, and a dedicated laundry room add to the configuration. The home was built in 1999 and includes a fireplace.
Exterior features include a patio, rain gutters, driveway parking, open parking, and a garage. Appliances include a washer, dryer, refrigerator, microwave, gas range, dishwasher, and disposal. Natural-gas forced-air heat, a gas water heater, public water, and public sewer are also provided. The property is located in Crown Point, Indiana, near shopping, dining, schools, parks, and local amenities.
Exterior features include a patio, rain gutters, driveway parking, open parking, and a garage. Appliances include a washer, dryer, refrigerator, microwave, gas range, dishwasher, and disposal. Natural-gas forced-air heat, a gas water heater, public water, and public sewer are also provided. The property is located in Crown Point, Indiana, near shopping, dining, schools, parks, and local amenities.
Key Highlights
- 1,273‑square‑foot duplex property on a 0.1717‑acre lot
- Two bedrooms and two bathrooms with a dedicated laundry room
- Built in 1999 with a fireplace and cathedral ceiling
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
$12,655
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
5.06%
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%
$253,100
$253.1K
Cap Rate 7%
$180,786
$180.8K
Cap Rate 9%
$140,611
$140.6K
Market Conditions
NOI Build-Up for 1,273 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
$19.1K $15.00/SF
− Vacancy
−$1.0K −$0.80/SF
EGI
$18.1K $14.20/SF
− OpEx
−$5.4K −$4.26/SF
NOI
$12.7K $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%
$253,100
Cap Rate 7%
$180,786
Cap Rate 9%
$140,611
Alternative Uses
Best Use
Multifamily LT 5
$180.8K
$158.2K – $210.9K
NOI $12,655 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$160.9K
$140.8K – $187.7K
NOI $11,262 @ 7.0% cap · market cap 4.50%
Theoretical Best
Specialty Retail
$355.4K
$311.0K – $414.6K
NOI $24,876 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
174
Businesses Nearby
Explore this area
Business Placement
Demographics for 46307, IN
69,248
Population
26,081
Households
2.7
Avg Household Size
41
Median Age
33%
College-Educated
94%
High-School Grad
87.2 sq mi
ZIP Area
794
Density / Sq Mi
$102,118
Median Household Income
$50,612
Median Earnings
$1,308
Median Rent
$293,500
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?
Duplex - Two-bedroom residence with a functional interior, private patio, and public water and sewer service.
Where is this duplex located?
The property is located at 1642 Flag Court Crown Point, IN.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,273‑square‑foot duplex property on a 0.1717‑acre lot; Two bedrooms and two bathrooms with a dedicated laundry room; Built in 1999 with a fireplace and cathedral ceiling
