30-Unit Renovated Apartment
For Sale
$2,900,000
5125 Georgia Street, Gary, IN 46409
Renovated multifamily asset with updated units, individual appliances, laundry hookups, and separate furnaces.
Property Size30,045 SF
Price / SF$96.52
Days on Market139
Property Features for 5125 Georgia Street
General Information
Standard status
Active
Size
30,045 SF
Property subtype
Commercial Sale / Multi Family
Additional Details
Asking Price
$2,900,000
Multifamily Units
30
Taxes and HOA fees
Annual Taxes
$27,855
Amenities
Asphalt
Central Air
2
No
Vinyl
Forced Air
Brick
Building Details
Year Built
1966
Listing Agency:
The Lyons Group Real Estate
(219) 805-9193
Listed By:
Christina Lee
(219) 805-9193
Source:
Compass
Added: Apr 14
Changed: Aug 29
Last Checked: Aug 29 at 4:00PM
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 The Lyons Group Real Estate
Investment Insights
Based on property information with market context.
This 30-unit apartment property in Gary, Indiana, underwent a full renovation and contains 30,045 square feet. Unit interiors include modern updates, individual appliances, washer and dryer hookups, and separate furnaces. Central air and forced-air systems are also present, while brick forms the exterior construction.
Built in 1966, the property is located at 5125 Georgia Street. The unit count and range of in-unit features provide a defined multifamily configuration for evaluation by apartment investors.
Built in 1966, the property is located at 5125 Georgia Street. The unit count and range of in-unit features provide a defined multifamily configuration for evaluation by apartment investors.
Key Highlights
- 30‑unit apartment property with 30,045 square feet
- Fully renovated multifamily building
- Individual appliances in each unit
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
$265,813
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
9.17%
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%
$5,316,260
$5.3M
Cap Rate 7%
$3,797,329
$3.8M
Cap Rate 9%
$2,953,478
$3.0M
Market Conditions
NOI Build-Up for 30,045 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
$512.0K $17.04/SF
− Vacancy
−$28.7K −$0.95/SF
EGI
$483.3K $16.09/SF
− OpEx
−$217.5K −$7.24/SF
NOI
$265.8K $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%
$5,316,260
Cap Rate 7%
$3,797,329
Cap Rate 9%
$2,953,478
Alternative Uses
Best Use
Apartment 5plus
$3.80M
$3.32M – $4.43M
NOI $265,813 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.39M
$7.34M – $9.79M
NOI $587,117 @ 7.0% cap · market cap 20.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
Explore this area
Business Placement
Demographics for 46409, IN
6,975
Population
4,238
Households
1.6
Avg Household Size
35
Median Age
12%
College-Educated
85%
High-School Grad
3.6 sq mi
ZIP Area
1,938
Density / Sq Mi
$40,637
Median Household Income
$29,769
Median Earnings
$1,194
Median Rent
$73,300
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?
Apartment building - Renovated multifamily asset with updated units, individual appliances, laundry hookups, and separate furnaces.
Where is this apartment building located?
The property is located at 5125 Georgia Street Gary, IN.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 30‑unit apartment property with 30,045 square feet; Fully renovated multifamily building; Individual appliances in each unit
