Indoor Business Park Flex
For Sale
$2,450,000
1650 W 45th St, Munster, IN 46321
Single-level flex setup with abundant parking and accessible rear entry for office and specialized retail use.
Property Size22,125 SF
Price / SF$110.73
Days on Market142
Property Features for 1650 W 45th St
General Information
Standard status
Active
Size
22,125 SF
Occupancy
83%
Building Details
Year Built
1975
Stories
1
Tenancy
Multi
Listing Agency:
Realty Executives Premier
Listed By:
John Consier, Jeana Consier · License #INDIANARB14038699
(219) 713-0943
Source:
Amyboston.realtopiare
Added: Jun 1
Changed: Oct 17
Last Checked: Oct 7 at 3:44PM
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 Realty Executives Premier
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Investment Insights
Based on property information with market context.
This indoor mini business park is built as a single level and organized around storefront-style spaces and business-ready interiors. Common areas feature a brick paver walkway and period-style lighting, creating an enclosed environment that supports both office users and specialized retail operations. Access to the property is available through front and rear entries, and the rear entry includes a ramp for wheelchair access.
The property is located in Munster, Indiana. Tenants and clients can park near either the front or rear entrances, with plenty of parking available on-site to support customer and employee arrival. The current public remarks indicate 83% occupancy and many long-term tenants.
For operators seeking a compact, enclosed configuration, the layout supports flexible tenant use, including business services and specialized retail. The combination of front-and-rear access, practical on-site parking, and wheelchair-accessible entry can be useful for tenant layouts that need straightforward customer flow, while the single-level design may help simplify daily operations across the property.
The property is located in Munster, Indiana. Tenants and clients can park near either the front or rear entrances, with plenty of parking available on-site to support customer and employee arrival. The current public remarks indicate 83% occupancy and many long-term tenants.
For operators seeking a compact, enclosed configuration, the layout supports flexible tenant use, including business services and specialized retail. The combination of front-and-rear access, practical on-site parking, and wheelchair-accessible entry can be useful for tenant layouts that need straightforward customer flow, while the single-level design may help simplify daily operations across the property.
Key Highlights
- Built in 1975 with an all on‑one‑level layout
- Indoor mini business park with 83% occupancy and many long‑time tenants
- Abundant parking with client parking near front or rear entries
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$213,207
Cap Rate
8.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,264,140
$4.3M
Cap Rate 7%
$3,045,814
$3.0M
Cap Rate 9%
$2,368,967
$2.4M
Market Conditions
NOI Build-Up for 22,125 SF
Gross rent
$318.6K $14.40/SF
− Vacancy
−$14.0K −$0.63/SF
EGI
$304.6K $13.77/SF
− OpEx
−$91.4K −$4.13/SF
NOI
$213.2K $9.64/SF
Area
Lake County, IN
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,264,140
Cap Rate 7%
$3,045,814
Cap Rate 9%
$2,368,967
Alternative Uses
Best Use
Office B
$4.01M
$3.51M – $4.68M
NOI $280,647 @ 7.0% cap · market cap 11.45%
Second Best
Retail
$3.05M
$2.67M – $3.55M
NOI $213,207 @ 7.0% cap · market cap 8.70%
Theoretical Best
Specialty Retail
$6.18M
$5.40M – $7.21M
NOI $432,350 @ 7.0% cap · market cap 17.65%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
83%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46321, IN
23,894
Population
9,786
Households
2.4
Avg Household Size
45
Median Age
48%
College-Educated
96%
High-School Grad
7.6 sq mi
ZIP Area
3,144
Density / Sq Mi
$105,764
Median Household Income
$57,796
Median Earnings
$1,480
Median Rent
$312,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Flex space - Single-level flex setup with abundant parking and accessible rear entry for office and specialized retail use.
Where is this flex space located?
The property is located at 1650 W 45th St Munster, IN.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Built in 1975 with an all on‑one‑level layout; Indoor mini business park with 83% occupancy and many long‑time tenants; Abundant parking with client parking near front or rear entries
