Class A Multi-Tenant Distribution
For Sale
Contact for pricing
503 East 98th Avenue, Crown Point, IN 46307
Newly constructed industrial facility with multiple occupants and efficient dock and drive-in loading capabilities.
Property Size51,804 SF
Price / SF$183.38
Days on Market23
Property Features for 503 East 98th Avenue
General Information
Standard status
Active
Size
51,804 SF
Class
A
Total Parking Spaces
55
Property subtype
Industrial
Zoning
C/I-S
Occupancy
100%
Lease Type
Net
Investment Type
Core
Net Operating Income
$608,603
Warehouse & Industrial
Clear Height
20 ft
Dock-High Doors
4
Drive-In Doors
4
Additional Details
Highway Access
Yes
Building Details
Year Built
2024
Buildings
1
Stories
1
Units
3
Tenancy
Multi
Listing Agency:
Greenstone Partners
(312) 234-0371
Listed By:
Jason St. John · License #IL 475142612
Source:
Crexi
Added: Aug 10
Changed: Aug 28
Last Checked: Sep 1 at 12:00AM
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 Greenstone Partners
Investment Insights
Based on property information with market context.
Completed in 2024, this 51,804-square-foot distribution center is configured for multi-tenant industrial occupancy and is fully leased to three tenants. The building was developed to Class A specifications, with 20-foot clear heights, four dock-high doors, and four drive-in doors supporting a range of modern distribution and light industrial operations. Zoning is C/I-S.
The property is positioned within AmeriPlex at the Crossroads, a large business park in Northwest Indiana, with access to Interstates 65 and 90/94. Its location is approximately 45 miles from downtown Chicago and approximately two hours from downtown Indianapolis. A Town of Merrillville tax incentive program is in place through 2035. The tenant roster includes Snyder’s-Lance, Inc., AutoMAK, and Innovated Manufacturing; Snyder’s-Lance is identified as an investment-grade-credit occupant, while AutoMAK and Innovated Manufacturing maintain headquarters at the property.
The property is positioned within AmeriPlex at the Crossroads, a large business park in Northwest Indiana, with access to Interstates 65 and 90/94. Its location is approximately 45 miles from downtown Chicago and approximately two hours from downtown Indianapolis. A Town of Merrillville tax incentive program is in place through 2035. The tenant roster includes Snyder’s-Lance, Inc., AutoMAK, and Innovated Manufacturing; Snyder’s-Lance is identified as an investment-grade-credit occupant, while AutoMAK and Innovated Manufacturing maintain headquarters at the property.
Key Highlights
- 51,804‑square‑foot distribution center completed in 2024
- Fully leased to three tenants
- 20‑foot clear heights for industrial operations
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
$364,942
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
3.84%
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%
$7,298,840
$7.3M
Cap Rate 7%
$5,213,457
$5.2M
Cap Rate 9%
$4,054,911
$4.1M
Market Conditions
NOI Build-Up for 51,804 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
$453.8K $8.76/SF
− Vacancy
−$24.5K −$0.47/SF
EGI
$429.3K $8.29/SF
− OpEx
−$64.4K −$1.24/SF
NOI
$364.9K $7.04/SF
Area
Lake County, IN
Vacancy
5.39%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
15.00%
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%
$7,298,840
Cap Rate 7%
$5,213,457
Cap Rate 9%
$4,054,911
Alternative Uses
Best Use
Warehouse
$5.21M
$4.56M – $6.08M
NOI $364,942 @ 7.0% cap · market cap 3.84%
Second Best
Industrial
$4.29M
$3.76M – $5.01M
NOI $300,540 @ 7.0% cap · market cap 3.16%
Theoretical Best
Specialty Retail
$14.46M
$12.65M – $16.87M
NOI $1,012,315 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
4
Dock-high doors
4
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Explore this area
Business Placement
Demographics for 46307, IN
69,248
Population
26,081
Households
2.7
Avg Household Size
41
Median Age
33%
College-Educated
94%
High-School Grad
87.2 sq mi
ZIP Area
794
Density / Sq Mi
$102,118
Median Household Income
$50,612
Median Earnings
$1,308
Median Rent
$293,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Distribution center - Newly constructed industrial facility with multiple occupants and efficient dock and drive-in loading capabilities.
Where is this distribution center located?
The property is located at 503 East 98th Avenue Crown Point, IN.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: 51,804‑square‑foot distribution center completed in 2024; Fully leased to three tenants; 20‑foot clear heights for industrial operations
