Commercial Land with Restaurant
For Sale
$249,000
20508 Wicker Boulevard, Lowell, IN 46356
COMMERCIAL - Lowell, IN
Property Size2,130 SF
Lot Size3.29 Acres
Price / SF$116.90
Days on Market526
Property Features for 20508 Wicker Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
50
Directions
Just south of Belshaw road on Route 41
Standard status
Active
APN
452308226009000037
Size
2,130 SF
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
Utilities
Propane
Sewer type
Septic Tank
Heating system
Propane (Heating)
Water source
Well
Building Details
Year built
1945
Listing Agency:
Weichert, Realtors-Moke Agency
(219) 662-3000
Listed By:
Joseph Moke · License #RB14023373
(219) 808-2400
Added: Mar 13, 2025
Changed: Aug 4
Last Checked: Aug 20 at 11:06PM
MLS# 817414
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 features a 3.29-acre parcel situated on Route 41, offering opportunities for investors and entrepreneurs. It includes a 1,092 square foot commercial building designed as a restaurant, with space for semi-truck parking. Additionally, the property contains a fixer-upper single-family home with some updates already completed. The property is located in Lowell, Indiana.
Key Highlights
- High‑visibility location on Route 41
- 3+ acre parcel with ample semi‑truck parking
- 1,092 sq ft commercial building suitable for a restaurant
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
$18,844
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
7.57%
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%
$376,880
$376.9K
Cap Rate 7%
$269,200
$269.2K
Cap Rate 9%
$209,378
$209.4K
Market Conditions
NOI Build-Up for 2,130 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
$36.3K $17.04/SF
− Vacancy
−$2.0K −$0.95/SF
EGI
$34.3K $16.09/SF
− OpEx
−$15.4K −$7.24/SF
NOI
$18.8K $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%
$376,880
Cap Rate 7%
$269,200
Cap Rate 9%
$209,378
Alternative Uses
Best Use
Specialty Retail
$594.6K
$520.3K – $693.7K
NOI $41,623 @ 7.0% cap · market cap 16.72%
Second Best
Apartment 5plus
$269.2K
$235.6K – $314.1K
NOI $18,844 @ 7.0% cap · market cap 7.57%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 Retail 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?
Commercial land - 3+ acre parcel with commercial building and fixer-upper home.
Where is this commercial land 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: High‑visibility location on Route 41; 3+ acre parcel with **ample semi‑truck parking**; 1,092 sq ft commercial building **suitable for a restaurant**
