Waterfront Duplex
For Sale
Under Contract
$269,900
6169 Avocet Circle, Hobart, IN 46342
Residential, Hobart, IN
Property Size1,606 SF
Lot Size0.19 Acres
Price / SF$168.06
Days on Market15
Property Features for 6169 Avocet Circle
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 2, Bathroom 2, Dining Room, Bedroom 1
Parking features
Driveway, Open, Garage
Patio and Porch features
Porch, Patio
Interior features
Ceiling Fan(s), Country Kitchen, Vaulted Ceiling(s), Soaking Tub, Recessed Lighting, Open Floorplan, Laminate Counters, Kitchen Island, High Ceilings, Eat-in Kitchen, Entrance Foyer, Double Vanity
Fireplace
1
Appliances
Dryer, Washer, Refrigerator, Microwave, Gas Range, Dishwasher, Disposal
Subdivision
Barrington Ridge 15
Lot features
Front Yard, Sprinklers In Rear, Sprinklers In Front, Rectangular Lot, Landscaped
Directions
30 & Grand Blvd, Head north on grand, turn right on Bracken Pkwy, turn right on Dunlin Ct, turn right on the second Avocet sign, home is on the right
Standard status
Active Under Contract
APN
451308129003000046
Size
1,606 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BARRINGTON RIDGE UNIT 15 N.1/2 OF LOT 253
Tax Annual Amount
1848
HOA Fee
$240 Quarterly
Legal Description
BARRINGTON RIDGE UNIT 15 N.1/2 OF LOT 253
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Water front features
Pond
Water front
1
Amenities
gas fireplace
3-seasons room
inground sprinkler system
Building Details
Year built
2002
Floors in Building
1
Listing Agency:
Century 21 Circle · Century 21 Real Estate
(219) 661-3000
Listed By:
Michael Cacovski · License #RB14050465
(219) 730-3227
Added: Aug 11
Changed: Aug 24
Last Checked: Aug 25 at 10:06AM
MLS# 843765
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,606-square-foot duplex property was built in 2002 and occupies a 0.19-acre lot. Interior features include vaulted living-room ceilings, a gas fireplace, vinyl flooring, an open kitchen with island and laminate counters, and a primary suite with a walk-in closet, soaking tub, and double vanity. The kitchen includes a gas range, refrigerator, dishwasher, microwave, disposal, washer, and dryer.
Outdoor features include a three-season room, porch, patio, inground sprinkler system, and pond frontage. The property also includes a two-car attached garage, driveway parking, natural gas heating, public water, and public sewer. Lawn and snow maintenance are handled by the association.
Outdoor features include a three-season room, porch, patio, inground sprinkler system, and pond frontage. The property also includes a two-car attached garage, driveway parking, natural gas heating, public water, and public sewer. Lawn and snow maintenance are handled by the association.
Key Highlights
- Pond waterfront setting with rear views from the three‑season room
- 1,606 square feet on a 0.19‑acre lot
- Two‑car attached garage plus driveway parking
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
$15,966
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
5.92%
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%
$319,320
$319.3K
Cap Rate 7%
$228,086
$228.1K
Cap Rate 9%
$177,400
$177.4K
Market Conditions
NOI Build-Up for 1,606 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
$24.1K $15.00/SF
− Vacancy
−$1.3K −$0.80/SF
EGI
$22.8K $14.20/SF
− OpEx
−$6.8K −$4.26/SF
NOI
$16.0K $9.94/SF
Area
Lake County, IN
Vacancy
5.32%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$319,320
Cap Rate 7%
$228,086
Cap Rate 9%
$177,400
Alternative Uses
Best Use
Multifamily LT 5
$228.1K
$199.6K – $266.1K
NOI $15,966 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$203.0K
$177.6K – $236.8K
NOI $14,209 @ 7.0% cap · market cap 5.26%
Theoretical Best
Specialty Retail
$448.3K
$392.3K – $523.1K
NOI $31,383 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
Explore this area
Business Placement
Demographics for 46342, IN
32,540
Population
13,774
Households
2.4
Avg Household Size
40
Median Age
21%
College-Educated
93%
High-School Grad
35.0 sq mi
ZIP Area
930
Density / Sq Mi
$72,163
Median Household Income
$41,574
Median Earnings
$1,110
Median Rent
$193,400
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?
Duplex - Waterfront setting with a pond, attached garage, and finished three-season room overlooking the rear yard.
Where is this duplex located?
The property is located at 6169 Avocet Circle Hobart, IN.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Pond waterfront setting with rear views from the three‑season room; 1,606 square feet on a 0.19‑acre lot; Two‑car attached garage plus driveway parking
