Updated Two-Unit
For Sale
$179,900
4908 Northcote Ave, East Chicago, IN 46312
Fully occupied duplex with matching residential layouts, enclosed porches, fenced outdoor areas, and off-street parking.
Property Size1,620 SF
Price / SF$111.05
Days on Market28
Property Features for 4908 Northcote Ave
General Information
Standard status
Active
Size
1,620 SF
Total Parking Spaces
4
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,682
Amenities
covered front porch
enclosed front porch
rear porch
fenced yard
Building Details
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Reeder Companies
(219) 712-7150
Listed By:
Nathan Reeder · License #RB14034744
(219) 712-7150
Source:
Exprealty
Added: Jul 17
Changed: Aug 13
Last Checked: Aug 13 at 4:34AM
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 Reeder Companies
Investment Insights
Based on property information with market context.
Located at 4908 Northcote Ave in East Chicago, this 1,620 SF duplex contains one residence on each floor. Both units follow the same configuration, with a living room, eat-in kitchen, two bedrooms, and a full bathroom. Enclosed front and rear porches provide additional transition and storage areas, while the rear porch connects to an unfinished attic and cellar-style basement.
The property includes a fully fenced front yard, a separate fenced backyard, and four off-street parking spaces. Both units are currently occupied, and the property is professionally managed. Tenants pay their own NIPSCO gas and electric service; the owner covers water, sewer, and trash through the East Chicago utility arrangement. The building has also been updated and maintained.
The property includes a fully fenced front yard, a separate fenced backyard, and four off-street parking spaces. Both units are currently occupied, and the property is professionally managed. Tenants pay their own NIPSCO gas and electric service; the owner covers water, sewer, and trash through the East Chicago utility arrangement. The building has also been updated and maintained.
Key Highlights
- 1,620 SF duplex with one unit on the first floor and one on the second floor
- Each unit includes 2 bedrooms, an eat‑in kitchen, living room, and full bath
- Fully occupied and professionally managed
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
$16,105
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
8.95%
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%
$322,100
$322.1K
Cap Rate 7%
$230,071
$230.1K
Cap Rate 9%
$178,944
$178.9K
Market Conditions
NOI Build-Up for 1,620 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
$24.3K $15.00/SF
− Vacancy
−$1.3K −$0.80/SF
EGI
$23.0K $14.20/SF
− OpEx
−$6.9K −$4.26/SF
NOI
$16.1K $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 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%
$322,100
Cap Rate 7%
$230,071
Cap Rate 9%
$178,944
Alternative Uses
Best Use
Multifamily LT 5
$230.1K
$201.3K – $268.4K
NOI $16,105 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$204.7K
$179.2K – $238.9K
NOI $14,332 @ 7.0% cap · market cap 7.97%
Theoretical Best
Specialty Retail
$452.2K
$395.7K – $527.6K
NOI $31,657 @ 7.0% cap · market cap 17.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily 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?
Duplex - Fully occupied duplex with matching residential layouts, enclosed porches, fenced outdoor areas, and off-street parking.
Where is this duplex located?
The property is located at 4908 Northcote Ave East Chicago, IN.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: 1,620 SF duplex with one unit on the first floor and one on the second floor; Each unit includes 2 bedrooms, an eat‑in kitchen, living room, and full bath; Fully occupied and professionally managed
