Mixed-Use Property with
For Sale
$684,999
3447 45th Street, Highland, IN 46322
Commercial Sale, Highland, IN
Property Size5,374 SF
Lot Size0.61 Acres
Price / SF$127.47
Days on Market203
Property Features for 3447 45th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
15
Basement
Partially Finished
View
Park, City
Directions
Heading East from Kennedy building is on your left hand side before Bike path
Standard status
Active
APN
450727377009000026
Size
5,374 SF
Lot size
0.61 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PT SW S.27 T.36 R.9 .609 A. 240.57X79.24X177.28X174.37 FT.
Tax Annual Amount
6458
Legal Description
PT SW S.27 T.36 R.9 .609 A. 240.57X79.24X177.28X174.37 FT.
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
1967
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Anthony Christopher · License #RB22001074
(708) 715-6193
Added: Jan 29
Changed: Aug 19
Last Checked: Aug 20 at 3:06PM
MLS# 833377
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 mixed-use property combines a 5,374-square-foot commercial shell with an attached garage and a connected residential component. The residence contains three bedrooms and three bathrooms, with a partially finished basement. The commercial space was previously used as a bar and has been gutted, leaving the interior ready for restoration. A liquor license is included with the sale.
Built in 1967, the property occupies 0.609 acres and is served by public water and public sewer. Baseboard heating is present, and the residential portion provides a substantial complement to the commercial improvements. The attached garage creates direct connectivity between the commercial and residential areas.
Built in 1967, the property occupies 0.609 acres and is served by public water and public sewer. Baseboard heating is present, and the residential portion provides a substantial complement to the commercial improvements. The attached garage creates direct connectivity between the commercial and residential areas.
Key Highlights
- 5,374 SF mixed‑use property on 0.609 acres
- Gutted commercial shell with attached garage
- Connected 3‑bedroom, 3‑bath residence
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
$51,449
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
7.51%
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%
$1,028,980
$1.0M
Cap Rate 7%
$734,986
$735.0K
Cap Rate 9%
$571,656
$571.7K
Market Conditions
NOI Build-Up for 5,374 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
$74.2K $13.80/SF
− Vacancy
−$5.6K −$1.04/SF
EGI
$68.6K $12.77/SF
− OpEx
−$17.1K −$3.19/SF
NOI
$51.4K $9.57/SF
Area
Vermillion County, IN
Vacancy
7.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
25.00%
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%
$1,028,980
Cap Rate 7%
$734,986
Cap Rate 9%
$571,656
Alternative Uses
Best Use
Specialty Retail
$735.0K
$643.1K – $857.5K
NOI $51,449 @ 7.0% cap · market cap 7.51%
Second Best
Mixed Use
$550.2K
$481.4K – $641.9K
NOI $38,511 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$950.7K
$831.9K – $1.11M
NOI $66,552 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
48k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 58%
Dining 28%
Apparel 14%
Family Express
Shops & Services
14,926 visits/mo
0.2 miles
Dollar General
Shops & Services
10,529 visits/mo
0.2 miles
Burger King
Dining
7,096 visits/mo
0.2 miles
Goodwill
Apparel
6,756 visits/mo
0.2 miles
Dairy Queen
Dining
3,477 visits/mo
0.2 miles
Demographics for 46322, IN
23,984
Population
10,791
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
93%
High-School Grad
6.9 sq mi
ZIP Area
3,476
Density / Sq Mi
$76,219
Median Household Income
$47,458
Median Earnings
$1,202
Median Rent
$219,500
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?
Mixed-use property - Gutted commercial shell includes an attached garage, three-bedroom residence, and liquor license.
Where is this mixed-use property located?
The property is located at 3447 45th Street Highland, IN.
What is the asking price?
The asking price for this property is $684,999.
What are key features of this property?
This property features: 5,374 SF mixed‑use property on 0.609 acres; Gutted commercial shell with attached garage; Connected 3‑bedroom, 3‑bath residence
