Dyer Galleria Condo For
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275 Joliet St, Dyer, IN 46311
4,860 SF Class A condo in Dyer Galleria.
Property Size4,860 SF
Price / SF$226.34
Days on Market148
Property Features for 275 Joliet St
General Information
Standard status
Active
Size
4,860 SF
Class
A
Property subtype
Office
Listing Agency:
COMMERCIAL IN-SITES
Listed By:
Adam Karras · License #IN RB15000457
Source:
Crexi
Added: Mar 26
Changed: Aug 11
Last Checked: Aug 18 at 10:26AM
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 COMMERCIAL IN-SITES
Investment Insights
Based on property information with market context.
This 4,860 SF condo is located on the second floor of a three-story building within the Galleria in Dyer. The interior includes 2 reception areas with seating, 10 exam rooms, 1 private office, 3 private bathrooms, 2 lab rooms, 2 consultation rooms, and an employee lounge. The property is part of a Class A mixed-use, multi-tenant business development consisting of two buildings. The building features a sprinkler system, an elevator, and common area restrooms on each floor. A recently seal-coated parking lot accommodates 125 cars. The property benefits from excellent visibility, with a 2024 traffic count of 31,634 cars daily. A new rooftop HVAC unit was installed in 2017. Situated on the north side of Joliet Street (US 30), the property is 2 blocks east of the Illinois border and 4 miles east of I-394. It is in close proximity to Dyer Town Hall, Dyer Police Station, Franciscan St. Margaret's Hospital, Copart Auto Auction, White Rhino, Subway, a Jewel/Osco anchored shopping center, Starbucks, Chili's, and McDonald's, along with numerous other restaurants, banks, and stores. The property is suitable for office and medical office space.
Key Highlights
- High‑traffic location with excellent visibility (31,634 cars daily).
- Spacious 4,860 SF Class A condo suitable for various business needs.
- Ample parking with a 125‑car capacity, recently seal coated.
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
$68,024
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
6.18%
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%
$1,360,480
$1.4M
Cap Rate 7%
$971,771
$971.8K
Cap Rate 9%
$755,822
$755.8K
Market Conditions
NOI Build-Up for 4,860 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
$126.0K $25.92/SF
− Vacancy
−$12.6K −$2.59/SF
EGI
$113.4K $23.33/SF
− OpEx
−$45.3K −$9.33/SF
NOI
$68.0K $14.00/SF
Area
Lake County, IN
Vacancy
10.00%
Lease Rate
$25.92 /SF/Yr
Expense Ratio
40.00%
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%
$1,360,480
Cap Rate 7%
$971,771
Cap Rate 9%
$755,822
Alternative Uses
Best Use
Healthcare Medical
$971.8K
$850.3K – $1.13M
NOI $68,024 @ 7.0% cap · market cap 6.18%
Second Best
Office B
$880.7K
$770.6K – $1.03M
NOI $61,647 @ 7.0% cap · market cap 5.60%
Theoretical Best
Specialty Retail
$1.36M
$1.19M – $1.58M
NOI $94,970 @ 7.0% cap · market cap 8.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
857
Businesses Nearby
Explore this area
Business Placement
Demographics for 46311, IN
22,431
Population
9,128
Households
2.5
Avg Household Size
43
Median Age
37%
College-Educated
96%
High-School Grad
12.6 sq mi
ZIP Area
1,780
Density / Sq Mi
$109,167
Median Household Income
$58,332
Median Earnings
$1,221
Median Rent
$300,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - 4,860 SF Class A condo in Dyer Galleria.
Where is this office units located?
The property is located at 275 Joliet St Dyer, IN.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: High‑traffic location with excellent visibility (31,634 cars daily).; Spacious 4,860 SF Class A condo suitable for various business needs.; Ample parking with a 125‑car capacity, recently seal coated.
