Updated Condo with Community
For Sale
$184,900
Pending
245 W Joliet Street 201, Schererville, IN 46375
Updated 2-bedroom condo with pool, clubhouse, and tennis court.
Property Size1,180 SF
Lot Size6.68 Acres
Days on Market571
Property Features for 245 W Joliet Street 201
General Information
Standard status
Pending
Size
1,180 SF
Lot size
6.68 Acres
Property subtype
Condo/Townhome
Building Details
Year Built
1986
Listing Agency:
Trueblood Real Estate, LLC
(219) 713-0501
Listed By:
Aleksandar Krnich · License #RB18000319
(219) 713-0501
Source:
Exitrealty
Added: Jan 28, 2025
Changed: Jul 10
Last Checked: Jul 23 at 9:05AM
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 Trueblood Real Estate, LLC
Investment Insights
Based on property information with market context.
This updated second-floor condo in Schererville features 2 bedrooms and 1 renovated bathroom. The bathroom includes a large vanity and newer shower tile. The master suite has a walk-in closet. The living area is centered around a fireplace. Laminate wood style flooring and natural light enhance the bright and airy feel of the home. The fully equipped kitchen includes stainless steel appliances and ample cabinet space. A separate dining area is suitable for hosting. In-unit laundry and a large storage room provide convenience. A peaceful balcony offers a spot to relax. Community amenities include an in-ground pool, clubhouse, and tennis court. HOA's also cover water and trash. The property size is 1180 square feet.
Key Highlights
- Move‑in‑ready condo with modern updates and maintenance‑free living.
- Community amenities include an in‑ground pool, clubhouse, and tennis court.
- Spacious 2‑bedroom unit with a renovated bathroom and walk‑in closet in the master suite.
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
$10,440
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
5.65%
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%
$208,800
$208.8K
Cap Rate 7%
$149,143
$149.1K
Cap Rate 9%
$116,000
$116.0K
Market Conditions
NOI Build-Up for 1,180 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
$20.1K $17.04/SF
− Vacancy
−$1.1K −$0.95/SF
EGI
$19.0K $16.09/SF
− OpEx
−$8.5K −$7.24/SF
NOI
$10.4K $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%
$208,800
Cap Rate 7%
$149,143
Cap Rate 9%
$116,000
Alternative Uses
Best Use
Apartment 5plus
$149.1K
$130.5K – $174.0K
NOI $10,440 @ 7.0% cap · market cap 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$329.4K
$288.2K – $384.3K
NOI $23,059 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
550
Businesses Nearby
Explore this area
Business Placement
Demographics for 46375, IN
24,051
Population
10,064
Households
2.4
Avg Household Size
46
Median Age
36%
College-Educated
96%
High-School Grad
12.8 sq mi
ZIP Area
1,879
Density / Sq Mi
$89,646
Median Household Income
$51,448
Median Earnings
$1,250
Median Rent
$295,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated 2-bedroom condo with pool, clubhouse, and tennis court.
Where is this residential income property located?
The property is located at 245 W Joliet Street 201 Schererville, IN.
What is the asking price?
The asking price for this property is $184,900.
What are key features of this property?
This property features: Move‑in‑ready condo with modern updates and maintenance‑free living.; Community amenities include an in‑ground pool, clubhouse, and tennis court.; Spacious 2‑bedroom unit with a renovated bathroom and walk‑in closet in the master suite.
