Fully Occupied 19-Unit Apartment
For Sale
$1,775,000
1923 Clark St, Whiting, IN 46394
All-brick 19-unit apartment building with 15 recently remodeled units and separate utilities billing.
Property Size16,000 SF
Price / SF$110.94
Days on Market119
Property Features for 1923 Clark St
General Information
Standard status
Active
Size
16,000 SF
Occupancy
100%
Additional Details
Multifamily Units
19
Taxes and HOA fees
Annual Taxes
$24,338
Amenities
on-site laundry
Building Details
Construction
Brick/Stone
Tenancy
Multi
Listing Agency:
Rose Real Estate
(219) 614-4578
Listed By:
Michael Larson
(219) 614-4578
Source:
Exprealty
Added: May 4
Changed: Aug 27
Last Checked: Aug 29 at 11:54AM
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 Rose Real Estate
Investment Insights
Based on property information with market context.
This all-brick/stone 19-unit apartment building is fully occupied and offers (1) 2-bedroom/1-bath unit, (13) 1-bedroom/1-bath units, and (5) studio apartments. Fifteen of the 19 apartments have been remodeled within the last three years. Each apartment is separately metered for NIPSCO (gas/electric), and units feature wall air conditioning with boiler/radiator heat. The landlord pays common area utilities, as well as water, sewer, and garbage. An on-site laundry room provides additional income.
The property is located in the heart of Downtown Whiting and is described as walkable to local restaurants and retailers, with proximity to Lake Michigan. It is listed as less than 2 miles from Horseshoe Casino and within 2 miles of Wolf Lake Pavilion, Lost Marsh Golf Course, Super Walmart, and Starbucks, along with other national retailers.
The building’s unit mix and separately metered structure support efficient tenant utility billing, with landlord-paid common services covering water, sewer, and garbage. On-site laundry further supplements building income.
The property is located in the heart of Downtown Whiting and is described as walkable to local restaurants and retailers, with proximity to Lake Michigan. It is listed as less than 2 miles from Horseshoe Casino and within 2 miles of Wolf Lake Pavilion, Lost Marsh Golf Course, Super Walmart, and Starbucks, along with other national retailers.
The building’s unit mix and separately metered structure support efficient tenant utility billing, with landlord-paid common services covering water, sewer, and garbage. On-site laundry further supplements building income.
Key Highlights
- All‑brick/stone 19‑unit apartment building built in 1926, fully occupied
- Unit mix: 1 two‑bedroom (1 bath), 13 one‑bedroom (1 bath), and 5 studios (1 bath)
- 15 of the 19 apartments were remodeled within the last 3 years
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
$141,555
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
7.97%
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%
$2,831,100
$2.8M
Cap Rate 7%
$2,022,214
$2.0M
Cap Rate 9%
$1,572,833
$1.6M
Market Conditions
NOI Build-Up for 16,000 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
$272.6K $17.04/SF
− Vacancy
−$15.3K −$0.95/SF
EGI
$257.4K $16.09/SF
− OpEx
−$115.8K −$7.24/SF
NOI
$141.6K $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%
$2,831,100
Cap Rate 7%
$2,022,214
Cap Rate 9%
$1,572,833
Alternative Uses
Best Use
Apartment 5plus
$2.02M
$1.77M – $2.36M
NOI $141,555 @ 7.0% cap · market cap 7.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.47M
$3.91M – $5.21M
NOI $312,660 @ 7.0% cap · market cap 17.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
558
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 - All-brick 19-unit apartment building with 15 recently remodeled units and separate utilities billing.
Where is this apartment building located?
The property is located at 1923 Clark St Whiting, IN.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: All‑brick/stone 19‑unit apartment building built in 1926, fully occupied; Unit mix: 1 two‑bedroom (1 bath), 13 one‑bedroom (1 bath), and 5 studios (1 bath); 15 of the 19 apartments were remodeled within the last 3 years
