Renovated Eight-Unit Apartment
509 E Commercial Ave, Lowell, IN 46356
For Sale
$740,000
Brick construction and dedicated rear parking support a fully updated multifamily asset in a downtown setting.
Property Size7,277 SF
Days on Market94
Property Features for 509 E Commercial Ave
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Multifamily Units
Building Details
Building Size
Year Built
Year Renovated
Construction
Listed By:
Michael Julius · License IN #475218869
(773) 293-5031
Source:
Kisergroup
Added: Aug 8
Changed: Nov 6
Last Checked: Nov 8 at 2:55AM
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 Michael Julius
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1924, this 4,740-square-foot apartment building contains eight units within a brick structure. Every apartment has been renovated. Five units received comprehensive renovations, including new plumbing and electrical systems, between 2018 and 2023; the remaining three were renovated during 2024 and 2025. The property also includes a dedicated rear parking area with 10 spaces.
The building is located on Commercial Avenue in downtown Lowell, within walking distance of restaurants, retail, parks, and community amenities. Its setting provides access to Northwest Indiana and the broader Chicagoland employment base.
The building is located on Commercial Avenue in downtown Lowell, within walking distance of restaurants, retail, parks, and community amenities. Its setting provides access to Northwest Indiana and the broader Chicagoland employment base.
Key Highlights
- Eight‑unit apartment building with 4,740 square feet
- All eight apartments renovated, including three completed in 2024 and 2025
- Five units received gut renovations between 2018 and 2023
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$64,381
Cap Rate
8.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,287,620
$1.3M
Cap Rate 7%
$919,729
$919.7K
Cap Rate 9%
$715,344
$715.3K
Market Conditions
NOI Build-Up for 7,277 SF
Gross rent
$124.0K $17.04/SF
− Vacancy
−$6.9K −$0.95/SF
EGI
$117.1K $16.09/SF
− OpEx
−$52.7K −$7.24/SF
NOI
$64.4K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,287,620
Cap Rate 7%
$919,729
Cap Rate 9%
$715,344
Alternative Uses
Best Use
Apartment 5plus
$919.7K
$804.8K – $1.07M
NOI $64,381 @ 7.0% cap · market cap 8.70%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.03M
$1.78M – $2.37M
NOI $142,202 @ 7.0% cap · market cap 19.22%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
344
Businesses Nearby
Explore this area
Business Placement
Demographics for 46356, IN
18,668
Population
7,290
Households
2.6
Avg Household Size
41
Median Age
20%
College-Educated
96%
High-School Grad
112.5 sq mi
ZIP Area
166
Density / Sq Mi
$87,535
Median Household Income
$51,151
Median Earnings
$1,190
Median Rent
$256,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Apartment buildings in Lake County, IN
Properties on Market for Apartment buildings in Lake County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Brick construction and dedicated rear parking support a fully updated multifamily asset in a downtown setting.
Where is this apartment building located?
The property is located at 509 E Commercial Ave Lowell, IN.
What is the asking price?
The asking price for this property is $740,000.
What are key features of this property?
This property features: Eight‑unit apartment building with 4,740 square feet; All eight apartments renovated, including three completed in 2024 and 2025; Five units received gut renovations between 2018 and 2023
