Listing Agency: McColly Real Estate w***@mccolly.com Show Phone

Listed By: Sofia Espinoza Show Phone

Source: Exprealty

Added: Dec 18, 2025 Changed: Oct 3 Last Checked: Oct 16 at 1:26PM

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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.

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 / Yr

$27,355

Cap Rate

7.82%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$547,100 $547.1K

Cap Rate 7%

$390,786 $390.8K

Cap Rate 9%

$303,944 $303.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,092 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $60,422 @ 7.0% cap · market cap 17.26%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Real Estate Agency Law Firm Kitchen & Bath Showroom HVAC Service Nail Salon Gym & Fitness Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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