5-Unit Brick Apartment
For Sale
$549,000
Pending
1820 Davis Ave, Whiting, IN 46394
Renovated apartments with garage rentals and a coin-operated laundry facility.
Property Size2,718 SF
Days on Market318
Property Features for 1820 Davis Ave
General Information
Standard status
Pending
Size
2,718 SF
Property subtype
Commercial
Additional Details
Multifamily Units
5
Amenities
coin-operated laundry
Building Details
Year Built
1965
Buildings
1
Construction
all-brick
Listing Agency:
Grinker & Garcia Real Estate
(773) 731-9303
Listed By:
Rigoberto Garcia · License #471018167
Source:
Nwindianahomesearcher
Added: Oct 17, 2025
Changed: Aug 30
Last Checked: Aug 30 at 12:38PM
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 Grinker & Garcia Real Estate
Investment Insights
Based on property information with market context.
Constructed in 1965, this five-unit apartment building has an all-brick exterior and updated interiors throughout. Each residence has been renovated, and the property includes a coin-operated laundry facility along with garage rentals that provide additional revenue streams.
The building is located in Whiting, Indiana, minutes from Lake Michigan and downtown Chicago. Operating history includes low vacancy rates and long-term tenants, supporting an established rental profile.
The building is located in Whiting, Indiana, minutes from Lake Michigan and downtown Chicago. Operating history includes low vacancy rates and long-term tenants, supporting an established rental profile.
Key Highlights
- Five‑unit apartment building with an all‑brick exterior
- Built in 1965 and fully updated
- Each apartment has been 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
$24,047
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
4.38%
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%
$480,940
$480.9K
Cap Rate 7%
$343,529
$343.5K
Cap Rate 9%
$267,189
$267.2K
Market Conditions
NOI Build-Up for 2,718 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
$46.3K $17.04/SF
− Vacancy
−$2.6K −$0.95/SF
EGI
$43.7K $16.09/SF
− OpEx
−$19.7K −$7.24/SF
NOI
$24.0K $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%
$480,940
Cap Rate 7%
$343,529
Cap Rate 9%
$267,189
Alternative Uses
Best Use
Apartment 5plus
$343.5K
$300.6K – $400.8K
NOI $24,047 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$758.8K
$663.9K – $885.2K
NOI $53,113 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Explore this area
Business Placement
Demographics for 46394, IN
11,725
Population
5,437
Households
2.2
Avg Household Size
41
Median Age
23%
College-Educated
86%
High-School Grad
4.7 sq mi
ZIP Area
2,495
Density / Sq Mi
$66,386
Median Household Income
$41,643
Median Earnings
$970
Median Rent
$162,900
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?
Apartment building - Renovated apartments with garage rentals and a coin-operated laundry facility.
Where is this apartment building located?
The property is located at 1820 Davis Ave Whiting, IN.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Five‑unit apartment building with an all‑brick exterior; Built in 1965 and fully updated; Each apartment has been renovated
