Two-Unit
For Sale
$190,000
408 Vernon Ave, East Chicago, IN 46312
Both residences have three bedrooms and are currently tenant-occupied.
Property Size1,496 SF
Price / SF$127.01
Days on Market9
Property Features for 408 Vernon Ave
General Information
Standard status
Active
Size
1,496 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$2,704
Listing Agency:
Listing Leaders
(219) 462-5478
Listed By:
Sonia Veschak · License #RB18000494
(219) 306-7036
Source:
Exprealty
Added: Oct 26
Changed: Nov 1
Last Checked: Nov 3 at 8:36AM
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 Listing Leaders
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Investment Insights
Based on property information with market context.
This duplex contains two three-bedroom residences, with a total of 1,496 square feet. Both units are tenant-occupied, providing an existing residential rental configuration.
The property is in East Chicago, near shopping, local amenities, major roadways, and commuter routes. It is offered individually, and a package purchase with two other East Chicago properties may be considered.
The property is in East Chicago, near shopping, local amenities, major roadways, and commuter routes. It is offered individually, and a package purchase with two other East Chicago properties may be considered.
Key Highlights
- Two 3‑bedroom units
- 1,496 square feet total
- Both units are tenant‑occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,872
Cap Rate
7.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$297,440
$297.4K
Cap Rate 7%
$212,457
$212.5K
Cap Rate 9%
$165,244
$165.2K
Market Conditions
NOI Build-Up for 1,496 SF
Gross rent
$22.4K $15.00/SF
− Vacancy
−$1.2K −$0.80/SF
EGI
$21.2K $14.20/SF
− OpEx
−$6.4K −$4.26/SF
NOI
$14.9K $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%
$297,440
Cap Rate 7%
$212,457
Cap Rate 9%
$165,244
Alternative Uses
Best Use
Multifamily LT 5
$212.5K
$185.9K – $247.9K
NOI $14,872 @ 7.0% cap · market cap 7.83%
Second Best
Apartment 5plus
$189.1K
$165.4K – $220.6K
NOI $13,235 @ 7.0% cap · market cap 6.97%
Theoretical Best
Specialty Retail
$417.6K
$365.4K – $487.2K
NOI $29,234 @ 7.0% cap · market cap 15.39%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
536
Businesses Nearby
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Business Placement
Demographics for 46312, IN
26,370
Population
12,429
Households
2.1
Avg Household Size
33
Median Age
10%
College-Educated
74%
High-School Grad
14.0 sq mi
ZIP Area
1,884
Density / Sq Mi
$41,071
Median Household Income
$32,930
Median Earnings
$820
Median Rent
$92,400
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 - Both residences have three bedrooms and are currently tenant-occupied.
Where is this duplex located?
The property is located at 408 Vernon Ave East Chicago, IN.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Two 3‑bedroom units; 1,496 square feet total; Both units are tenant‑occupied
