Two-Home Multifamily
For Sale
$350,000
612 W 149th St, East Chicago, IN 46312
Two brick residences on one parcel, with both homes currently leased and configured for extended household living.
Property Size3,092 SF
Price / SF$113.20
Days on Market257
Property Features for 612 W 149th St
General Information
Standard status
Active
Size
3,092 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,574
Listing Agency:
McColly Real Estate
(219) 779-4128
Listed By:
Sofia Espinoza
(219) 779-4128
Source:
Exprealty
Added: Dec 18, 2025
Changed: Aug 30
Last Checked: Aug 31 at 5:58PM
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 McColly Real Estate
Investment Insights
Based on property information with market context.
This multifamily property includes two separate brick homes on a single parcel. The residence at 614 offers four bedrooms, two and a half baths, a tri-level layout, sunroom, family room, and a second kitchen in the lower level. The residence at 612 includes three bedrooms and three baths in a bi-level design, along with a basement unit featuring three bedrooms, a kitchen, and one bath.
Both homes are currently leased. The property is in East Chicago, with access to Downtown Chicago, and its layout supports separate household use or a multigenerational living arrangement.
Both homes are currently leased. The property is in East Chicago, with access to Downtown Chicago, and its layout supports separate household use or a multigenerational living arrangement.
Key Highlights
- Two separate brick homes situated on one parcel
- 614 includes 4 bedrooms, 2.5 baths, a tri‑level layout, sunroom, and lower‑level second kitchen
- 612 includes 3 bedrooms, 3 baths, a bi‑level layout, and a basement 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
$27,355
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
7.82%
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%
$547,100
$547.1K
Cap Rate 7%
$390,786
$390.8K
Cap Rate 9%
$303,944
$303.9K
Market Conditions
NOI Build-Up for 3,092 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
$52.7K $17.04/SF
− Vacancy
−$3.0K −$0.95/SF
EGI
$49.7K $16.09/SF
− OpEx
−$22.4K −$7.24/SF
NOI
$27.4K $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 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%
$547,100
Cap Rate 7%
$390,786
Cap Rate 9%
$303,944
Alternative Uses
Best Use
Apartment 5plus
$390.8K
$341.9K – $455.9K
NOI $27,355 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$863.2K
$755.3K – $1.01M
NOI $60,422 @ 7.0% cap · market cap 17.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
579
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two brick residences on one parcel, with both homes currently leased and configured for extended household living.
Where is this multifamily property located?
The property is located at 612 W 149th St East Chicago, IN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two separate brick homes situated on one parcel; 614 includes 4 bedrooms, 2.5 baths, a tri‑level layout, sunroom, and lower‑level second kitchen; 612 includes 3 bedrooms, 3 baths, a bi‑level layout, and a basement unit
