7-Unit Apartment
For Sale
$950,000
Pending
182 W North St, Crown Point, IN 46307
Multifamily property with renovated units and updated exterior components near downtown Crown Point Square.
Property Size7,647 SF
Days on Market154
Property Features for 182 W North St
General Information
Standard status
Pending
Size
7,647 SF
Class
Class A
Property subtype
Commercial
Units
Unit Mix
2 x 2BR, 4 x 1BR, 1 x studio
Multifamily Units
7
Building Details
Year Built
1953
Listing Agency:
Ellsbury Group
(219) 805-5200
Listed By:
Tariq Suboh · License #RB20000815
Source:
Nwindianahomesearcher
Added: Mar 28
Changed: Aug 27
Last Checked: Aug 27 at 9:49PM
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 Ellsbury Group
Investment Insights
Based on property information with market context.
This 7-unit apartment property contains 7,647 square feet and was built in 1953. The unit mix includes two two-bedroom apartments, four one-bedroom apartments, and one studio. Most units have undergone recent renovations, providing updated interior finishes across much of the building.
Property improvements include a brand-new roof installed this year, along with updated windows, siding, and gutters. The asset is within walking distance of downtown Crown Point Square at 182 W North St in Crown Point, Indiana.
Property improvements include a brand-new roof installed this year, along with updated windows, siding, and gutters. The asset is within walking distance of downtown Crown Point Square at 182 W North St in Crown Point, Indiana.
Key Highlights
- 7,647‑square‑foot apartment property built in 1953
- Seven‑unit mix: two two‑bedroom units, four one‑bedroom units, and one studio
- Most units recently renovated
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
$67,654
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
7.12%
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%
$1,353,080
$1.4M
Cap Rate 7%
$966,486
$966.5K
Cap Rate 9%
$751,711
$751.7K
Market Conditions
NOI Build-Up for 7,647 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
$130.3K $17.04/SF
− Vacancy
−$7.3K −$0.95/SF
EGI
$123.0K $16.09/SF
− OpEx
−$55.4K −$7.24/SF
NOI
$67.7K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,353,080
Cap Rate 7%
$966,486
Cap Rate 9%
$751,711
Alternative Uses
Best Use
Apartment 5plus
$966.5K
$845.7K – $1.13M
NOI $67,654 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.13M
$1.87M – $2.49M
NOI $149,432 @ 7.0% cap · market cap 15.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
1,149
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with renovated units and updated exterior components near downtown Crown Point Square.
Where is this apartment building located?
The property is located at 182 W North St Crown Point, IN.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 7,647‑square‑foot apartment property built in 1953; Seven‑unit mix: two two‑bedroom units, four one‑bedroom units, and one studio; Most units recently renovated
