All-Brick Side-by-Side
New
For Sale
$199,900
223 Adelaide Place, Munster, IN 46321
Residential, Munster, IN
Property Size864 SF
Lot Size0.09 Acres
Price / SF$231.37
Days on Market2
Property Features for 223 Adelaide Place
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Dining Room, Bedroom 1, Bathroom 1, Basement, Bedroom 2
Parking features
On Street, Open, Alley, Garage
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
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 · License #RB14030902
(219) 363-1117
Added: Sep 5
Last Checked: Sep 6 at 9:06AM
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.
Investment Insights
Based on property information with market context.
This all-brick, side-by-side duplex was built in 1944 and includes a two-car garage constructed in 2019. The described unit provides two bedrooms, one full bath, a dining room, basement, hardwood flooring, and a deck. Interior features include ceiling fans, while heating is provided by a forced-air natural gas system with central air. Parking includes garage, alley, open, and on-street options.
The property sits on a 0.0854-acre lot in Munster, Indiana, with public water and public sewer service. Interstate 94 is located minutes away. Windows, the furnace and central air system, and the roof are all less than 5 years old, and the interior has been freshly painted. Immediate possession is available.
The property sits on a 0.0854-acre lot in Munster, Indiana, with public water and public sewer service. Interstate 94 is located minutes away. Windows, the furnace and central air system, and the roof are all less than 5 years old, and the interior has been freshly painted. Immediate possession is available.
Key Highlights
- All‑brick side‑by‑side duplex built in 1944
- Two‑car garage built in 2019
- Described unit includes 2 bedrooms and 1 full bath
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
$8,589
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
4.30%
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%
$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
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
$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 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%
$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 4.30%
Second Best
Apartment 5plus
$109.2K
$95.6K – $127.4K
NOI $7,644 @ 7.0% cap · market cap 3.82%
Theoretical Best
Specialty Retail
$241.2K
$211.1K – $281.4K
NOI $16,884 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - The described unit offers two bedrooms, one full bath, hardwood floors, and access to a newer two-car 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 $199,900.
What are key features of this property?
This property features: All‑brick side‑by‑side duplex built in 1944; Two‑car garage built in 2019; Described unit includes 2 bedrooms and 1 full bath
