Single-Level Mixed-Use
For Sale
$2,450,000
1650 W 45th Street, Munster, IN 46321
Commercial Sale, Munster, IN
Property Size22,125 SF
Lot Size2.10 Acres
Price / SF$110.73
Days on Market135
Property Features for 1650 W 45th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
50
Exterior features
Lighting
Accessibility
Accessible Approach with Ramp
Subdivision
Shopping Center 45 Ave Add
Elementary school district
Munster
Middle school district
Munster
High school district
Munster
Directions
US 41 to 45th Street West. On left / South side of 45th Just past the light where Citgo station is.
Standard status
Active
APN
450732103001000027
Size
22,125 SF
Lot size
2.10 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
45TH AVENUE SHOPPING CENTER ADDITION LOT 1
Tax Annual Amount
42184
Legal Description
45TH AVENUE SHOPPING CENTER ADDITION LOT 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
brick paver walk way
old fashioned lighting
storefronts of yesterday
ramp for wheel chair access
Building Details
Year built
1975
Listing Agency:
Realty Executives Premier · Realty Executives International
(219) 462-2224
Listed By:
John Consier · License #INDIANARB14038699
(219) 713-0943
Added: May 24
Changed: Sep 24
Last Checked: Oct 5 at 7:06PM
MLS# 839487
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 22,125-square-foot mixed-use property is arranged on a single level and operates as an indoor mini business park. The building has 83 percent occupancy, long-term tenants, storefront-style interiors, brick paver walkways, and traditional-style lighting. Forced-air heating powered by natural gas serves the property, while cable is available.
Set on 2.1 acres in Munster, the property provides parking near both the front and rear entrances. A rear ramp supports accessible entry, and public water and sewer serve the site. The configuration accommodates office users, businesses, and specialized retail operations within an established commercial setting.
Set on 2.1 acres in Munster, the property provides parking near both the front and rear entrances. A rear ramp supports accessible entry, and public water and sewer serve the site. The configuration accommodates office users, businesses, and specialized retail operations within an established commercial setting.
Key Highlights
- 22,125 square feet on a 2.1‑acre site
- 83 percent occupancy with many long‑term tenants
- Single‑level layout with storefront‑style interiors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$219,038
Cap Rate
8.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,380,760
$4.4M
Cap Rate 7%
$3,129,114
$3.1M
Cap Rate 9%
$2,433,756
$2.4M
Market Conditions
NOI Build-Up for 22,125 SF
Gross rent
$398.3K $18.00/SF
− Vacancy
−$47.8K −$2.16/SF
EGI
$350.5K $15.84/SF
− OpEx
−$131.4K −$5.94/SF
NOI
$219.0K $9.90/SF
Area
Lake County, IN
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,380,760
Cap Rate 7%
$3,129,114
Cap Rate 9%
$2,433,756
Alternative Uses
Best Use
Office B
$4.01M
$3.51M – $4.68M
NOI $280,647 @ 7.0% cap · market cap 11.45%
Second Best
Mixed Use
$3.13M
$2.74M – $3.65M
NOI $219,038 @ 7.0% cap · market cap 8.94%
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.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
83%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
651
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - One-story commercial setting with office, business, and specialized retail possibilities, plus accessible rear entry.
Where is this mixed-use property located?
The property is located at 1650 W 45th Street 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: 22,125 square feet on a 2.1‑acre site; 83 percent occupancy with many long‑term tenants; Single‑level layout with storefront‑style interiors
