All-Brick Side-by-Side
For Sale
Under Contract
$188,900
223 Adelaide Place, Munster, IN 46321
Residential, Munster, IN
Property Size864 SF
Lot Size0.09 Acres
Price / SF$218.63
Days on Market49
Property Features for 223 Adelaide Place
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Basement, Dining Room, Bedroom 1, Bedroom 2
Parking features
Garage, On Street, Open, Alley
Patio and Porch features
Deck
Interior features
Ceiling Fan(s)
Basement
Unfinished, Storage Space
Subdivision
Town/Munster
Lot features
Back Yard, Front Yard, Few Trees
Directions
Hohman Ave to Adelaide Place
Standard status
Active Under Contract
APN
450613181013000027
Size
864 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
HOLLYWOOD OF HAMMOND E. 2 FT. L.13 BL.3 W. 29 FT. OF L.14 BL.3
Tax Annual Amount
1548
Legal Description
HOLLYWOOD OF HAMMOND E. 2 FT. L.13 BL.3 W. 29 FT. OF L.14 BL.3
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1944
Floors in Building
2
Listing Agency:
Realty Executives Premier · Realty Executives International
(219) 462-2224
Listed By:
Annette McIntyre
(219) 363-1117
Added: Sep 5
Changed: Oct 16
Last Checked: Oct 23 at 6:06PM
MLS# 844884
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.
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Investment Insights
Based on property information with market context.
This side-by-side duplex at 223 Adelaide Place features all-brick construction, hardwood flooring, fresh interior paint, and functional layouts with dining areas, bedrooms, bathrooms, and basement space. Each unit offers 2 bedrooms and 1 full bath. The property was built in 1944 and includes ceiling fans, natural-gas forced-air heat, central air, updated windows, and public water and sewer service.
A newer 2-car garage, built in 2019, provides enclosed parking and storage, while additional parking options include an alley, open spaces, and on-street parking. The 0.0854-acre property is located in Munster, Indiana, near Interstate 94 and the South Shore Train Line serving Chicago and South Bend. A deck adds outdoor space, and the property is positioned near local parks, trails, playgrounds, recreation facilities, and community amenities.
A newer 2-car garage, built in 2019, provides enclosed parking and storage, while additional parking options include an alley, open spaces, and on-street parking. The 0.0854-acre property is located in Munster, Indiana, near Interstate 94 and the South Shore Train Line serving Chicago and South Bend. A deck adds outdoor space, and the property is positioned near local parks, trails, playgrounds, recreation facilities, and community amenities.
Key Highlights
- Side‑by‑side duplex with all‑brick construction
- Each unit includes 2 bedrooms and 1 full bath
- Newer 2‑car garage built in 2019
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,589
Cap Rate
4.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$171,780
$171.8K
Cap Rate 7%
$122,700
$122.7K
Cap Rate 9%
$95,433
$95.4K
Market Conditions
NOI Build-Up for 864 SF
Gross rent
$13.0K $15.00/SF
− Vacancy
−$689 −$0.80/SF
EGI
$12.3K $14.20/SF
− OpEx
−$3.7K −$4.26/SF
NOI
$8.6K $9.94/SF
Area
Lake County, IN
Vacancy
5.32%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$171,780
Cap Rate 7%
$122,700
Cap Rate 9%
$95,433
Alternative Uses
Best Use
Multifamily LT 5
$122.7K
$107.4K – $143.2K
NOI $8,589 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$109.2K
$95.6K – $127.4K
NOI $7,644 @ 7.0% cap · market cap 4.05%
Theoretical Best
Specialty Retail
$241.2K
$211.1K – $281.4K
NOI $16,884 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
190
Businesses Nearby
Explore this area
Business Placement
Demographics for 46321, IN
23,894
Population
9,786
Households
2.4
Avg Household Size
45
Median Age
48%
College-Educated
96%
High-School Grad
7.6 sq mi
ZIP Area
3,144
Density / Sq Mi
$105,764
Median Household Income
$57,796
Median Earnings
$1,480
Median Rent
$312,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with refreshed interiors, updated major systems, and a newer detached garage.
Where is this duplex located?
The property is located at 223 Adelaide Place Munster, IN.
What is the asking price?
The asking price for this property is $188,900.
What are key features of this property?
This property features: Side‑by‑side duplex with all‑brick construction; Each unit includes 2 bedrooms and 1 full bath; Newer 2‑car garage built in 2019
