Duplex Property with Restaurant-Ready
For Sale
$249,000
20508 Wicker Boulevard, Lowell, IN 46356
MULTI_FAMILY - Lowell, IN
Property Size1,092 SF
Lot Size3.29 Acres
Price / SF$228.02
Days on Market526
Property Features for 20508 Wicker Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1
Parking features
Off Street
Pets allowed
Yes
Appliances
Gas Range, Range Hood
Lot features
Back Yard, Wooded
Directions
Just south of Belshaw Road on Route 41
Standard status
Active
APN
452308226009000037
Lot size
3.29 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
N1/2 OF E1/2 N1/2 NE1/4 NE1/4 S.8 T.32 R.9 EX S.175FT OF W.420FT 3.29 AC
Tax Annual Amount
4528
Legal Description
N1/2 OF E1/2 N1/2 NE1/4 NE1/4 S.8 T.32 R.9 EX S.175FT OF W.420FT 3.29 AC
Utilities
Sewer type
Septic Tank
Heating system
Propane (Heating)
Water source
Well
Building Details
Year built
1945
Floors in Building
1
Listing Agency:
Weichert, Realtors-Moke Agency
(219) 662-3000
Listed By:
Joseph Moke · License #RB14023373
(219) 808-2400
Added: Mar 13, 2025
Changed: Aug 1
Last Checked: Aug 20 at 11:06PM
MLS# 817412
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 property sits on 3.29 acres and includes a 1,092 square foot commercial building set up to be a restaurant. The listing also notes room for semi-truck parking, plus off-street parking. A fixer-upper single-family home on the property is described as having some updates already.
The property is located on Route 41. It is served by a well for water and a septic tank for sewer. Heating is listed as propane.
Additional interior details include a gas range and a range hood. The property is identified with a 1945 year built. This mix of improvements and on-site infrastructure may appeal to buyers looking for an owner-operator setup or redevelopment options on a sizable Route 41 parcel.
The property is located on Route 41. It is served by a well for water and a septic tank for sewer. Heating is listed as propane.
Additional interior details include a gas range and a range hood. The property is identified with a 1945 year built. This mix of improvements and on-site infrastructure may appeal to buyers looking for an owner-operator setup or redevelopment options on a sizable Route 41 parcel.
Key Highlights
- 3.29‑acre parcel on Route 41
- 1,092 SF commercial building set up for restaurant use
- Room for semi‑truck parking plus off‑street parking
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
$21,339
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
8.57%
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%
$426,780
$426.8K
Cap Rate 7%
$304,843
$304.8K
Cap Rate 9%
$237,100
$237.1K
Market Conditions
NOI Build-Up for 1,092 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
$29.5K $27.00/SF
− Vacancy
−$1.0K −$0.95/SF
EGI
$28.5K $26.06/SF
− OpEx
−$7.1K −$6.51/SF
NOI
$21.3K $19.54/SF
Area
Lake County, IN
Vacancy
3.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
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%
$426,780
Cap Rate 7%
$304,843
Cap Rate 9%
$237,100
Alternative Uses
Best Use
Specialty Retail
$304.8K
$266.7K – $355.7K
NOI $21,339 @ 7.0% cap · market cap 8.57%
Second Best
Multifamily LT 5
$155.1K
$135.7K – $180.9K
NOI $10,856 @ 7.0% cap · market cap 4.36%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 46356, IN
18,668
Population
7,290
Households
2.6
Avg Household Size
41
Median Age
20%
College-Educated
96%
High-School Grad
112.5 sq mi
ZIP Area
166
Density / Sq Mi
$87,535
Median Household Income
$51,151
Median Earnings
$1,190
Median Rent
$256,300
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?
Duplex - A Route 41 parcel with well water, septic service, propane heat, and an existing restaurant-ready commercial building.
Where is this duplex located?
The property is located at 20508 Wicker Boulevard Lowell, IN.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 3.29‑acre parcel on Route 41; 1,092 SF commercial building set up for restaurant use; Room for semi‑truck parking plus off‑street parking
