Duplex with Finished
For Sale
$425,000
455 Woodlawn Ave, Chesterton, IN 46304
Two-bedroom units, private yards, and updated mechanical and window systems support flexible owner-occupant use.
Property Size2,360 SF
Price / SF$180.08
Days on Market22
Property Features for 455 Woodlawn Ave
General Information
Standard status
Active
Size
2,360 SF
Property subtype
Residential Income
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$16,800
Taxes and HOA fees
Annual Taxes
$3,463
Amenities
private backyards
Building Details
Buildings
1
Listing Agency:
McColly Real Estate
(219) 789-1228
Listed By:
Paul Boyter · License #IN-14020663
(219) 789-1228
Source:
Exprealty
Added: Aug 3
Changed: Aug 23
Last Checked: Aug 22 at 4:37PM
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 McColly Real Estate
Investment Insights
Based on property information with market context.
Built in 1992, this duplex includes two residential units, each with 2 bedrooms and 2 bathrooms. The 455 side features a finished basement that expands its usable living and entertaining area, along with a new air conditioner and appliances replaced last year. New windows were installed in 2025. Both units have large private backyards suitable for outdoor use.
The property is located at 455 Woodlawn Avenue in Chesterton, near Lake Michigan beaches, downtown Chesterton, and the European Market. Access to the South Shore Line and I-94 supports regional commuting, with downtown Chicago approximately 45 minutes away. The layout combines an owner-occupied residence with a separate adjoining rental unit.
The property is located at 455 Woodlawn Avenue in Chesterton, near Lake Michigan beaches, downtown Chesterton, and the European Market. Access to the South Shore Line and I-94 supports regional commuting, with downtown Chicago approximately 45 minutes away. The layout combines an owner-occupied residence with a separate adjoining rental unit.
Key Highlights
- Duplex with 2 bedrooms and 2 bathrooms in each unit
- Finished basement included with the 455 side
- New windows installed in 2025
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
$21,498
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
5.06%
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%
$429,960
$430.0K
Cap Rate 7%
$307,114
$307.1K
Cap Rate 9%
$238,867
$238.9K
Market Conditions
NOI Build-Up for 2,360 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
$32.6K $13.80/SF
− Vacancy
−$1.9K −$0.79/SF
EGI
$30.7K $13.01/SF
− OpEx
−$9.2K −$3.90/SF
NOI
$21.5K $9.11/SF
Area
Porter County, IN
Vacancy
5.70%
Lease Rate
$13.80 /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%
$429,960
Cap Rate 7%
$307,114
Cap Rate 9%
$238,867
Alternative Uses
Best Use
Multifamily LT 5
$307.1K
$268.7K – $358.3K
NOI $21,498 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$267.7K
$234.3K – $312.4K
NOI $18,741 @ 7.0% cap · market cap 4.41%
Theoretical Best
Healthcare Medical
$894.5K
$782.7K – $1.04M
NOI $62,612 @ 7.0% cap · market cap 14.73%
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
653
Businesses Nearby
Explore this area
Business Placement
Demographics for 46304, IN
26,835
Population
11,521
Households
2.3
Avg Household Size
41
Median Age
35%
College-Educated
96%
High-School Grad
57.8 sq mi
ZIP Area
464
Density / Sq Mi
$88,551
Median Household Income
$52,704
Median Earnings
$1,169
Median Rent
$278,300
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 - Two-bedroom units, private yards, and updated mechanical and window systems support flexible owner-occupant use.
Where is this duplex located?
The property is located at 455 Woodlawn Ave Chesterton, IN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Duplex with 2 bedrooms and 2 bathrooms in each unit; Finished basement included with the 455 side; New windows installed in 2025
