Well-Maintained Four-Unit Apartment
For Sale
$550,000
5107 W 77th Ct, Schererville, IN 46375
Four residential units with separate furnaces and water heaters, plus tenant-paid gas and electric.
Property Size3,112 SF
Lot Size0.28 Acres
Price / SF$176.74
Days on Market66
Property Features for 5107 W 77th Ct
General Information
Standard status
Active
Size
3,112 SF
Lot size
0.28 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Year Built
1974
Tenancy
Multi
Listing Agency:
Ellsbury Group
Listed By:
Tariq Suboh · License #RB20000815
(219) 805-5200
Source:
Jason.northwestindianahomelistings
Added: Jul 4
Changed: Sep 2
Last Checked: Sep 7 at 9:51AM
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 Ellsbury Group
Investment Insights
Based on property information with market context.
This well-maintained four-unit multifamily property offers a practical rental mix of (2) 2-bedroom, 1-bath units and (2) 1-bedroom, 1-bath units. Each unit has its own furnace and water heater, supporting individual utility management. Tenants pay for gas and electric, while the owner is responsible for water, sewer, and trash.
The building sits on a 0.28-acre lot. The property is located in Schererville near shopping, dining, major employers, and commuter routes.
For buyers seeking a turn-key income-producing asset, the current structure and unit configuration provide an efficient setup for managed, long-term residential operations.
The building sits on a 0.28-acre lot. The property is located in Schererville near shopping, dining, major employers, and commuter routes.
For buyers seeking a turn-key income-producing asset, the current structure and unit configuration provide an efficient setup for managed, long-term residential operations.
Key Highlights
- 4‑unit multifamily property built in 1974
- Unit mix: (2) 2‑bedroom, 1‑bath and (2) 1‑bedroom, 1‑bath
- Each unit has its own furnace and water heater
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
$27,532
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
5.01%
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%
$550,640
$550.6K
Cap Rate 7%
$393,314
$393.3K
Cap Rate 9%
$305,911
$305.9K
Market Conditions
NOI Build-Up for 3,112 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
$53.0K $17.04/SF
− Vacancy
−$3.0K −$0.95/SF
EGI
$50.1K $16.09/SF
− OpEx
−$22.5K −$7.24/SF
NOI
$27.5K $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 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%
$550,640
Cap Rate 7%
$393,314
Cap Rate 9%
$305,911
Alternative Uses
Best Use
Apartment 5plus
$393.3K
$344.2K – $458.9K
NOI $27,532 @ 7.0% cap · market cap 5.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$868.7K
$760.2K – $1.01M
NOI $60,812 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
327
Businesses Nearby
Explore this area
Business Placement
Demographics for 46375, IN
24,051
Population
10,064
Households
2.4
Avg Household Size
46
Median Age
36%
College-Educated
96%
High-School Grad
12.8 sq mi
ZIP Area
1,879
Density / Sq Mi
$89,646
Median Household Income
$51,448
Median Earnings
$1,250
Median Rent
$295,400
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?
Multifamily property - Four residential units with separate furnaces and water heaters, plus tenant-paid gas and electric.
Where is this multifamily property located?
The property is located at 5107 W 77th Ct Schererville, IN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4‑unit multifamily property built in 1974; Unit mix: (2) 2‑bedroom, 1‑bath and (2) 1‑bedroom, 1‑bath; Each unit has its own furnace and water heater
