Office Condominium with Open
For Sale
$255,000
8025 Wicker Avenue, St John, IN 46373
Commercial Sale, St. John, IN
Property Size1,200 SF
Lot Size3.12 Acres
Price / SF$212.50
Days on Market164
Property Features for 8025 Wicker Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
10
Interior features
Ceiling Fan(s), Open Floorplan, High Ceilings
Appliances
Refrigerator
Subdivision
Tri-Town Commons
Lot features
Paved
Directions
Building is on the East side of US41 between 77th Ave and Lake Central High School
Standard status
Active
APN
451121152002000036
Size
1,200 SF
Lot size
3.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
TRI-TOWN COMMONS UNIT B
Tax Annual Amount
2643
Legal Description
TRI-TOWN COMMONS UNIT B
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
2008
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Jeffrey Fryzel · License #475168697
(708) 243-1827
Added: Mar 10
Changed: Aug 19
Last Checked: Aug 20 at 5:06PM
MLS# 835206
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 1,200-square-foot office condominium provides a practical layout for office or service-oriented operations. The interior includes an open front work area, two private offices, a conference room, kitchenette with refrigerator, restroom, storage closet, carpeted flooring, ceiling fans, and high ceilings. Built in 2008, the unit is currently vacant and ready for occupancy or tenant placement.
The property is positioned along US-41 in the St. John/Schererville corridor and includes an opportunity for monument signage. Public water and public sewer serve the building, with forced-air heating in place. An adjacent 1,200-square-foot Unit C is also available, allowing the two units to be acquired together for approximately 2,400 square feet. The building operates under a tenant-managed HOA.
The property is positioned along US-41 in the St. John/Schererville corridor and includes an opportunity for monument signage. Public water and public sewer serve the building, with forced-air heating in place. An adjacent 1,200-square-foot Unit C is also available, allowing the two units to be acquired together for approximately 2,400 square feet. The building operates under a tenant-managed HOA.
Key Highlights
- 1,200 SF office condominium with open front workspace
- Two enclosed offices plus a dedicated conference room
- Vacant unit available for immediate occupancy or tenant placement
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
$15,222
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
5.97%
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%
$304,440
$304.4K
Cap Rate 7%
$217,457
$217.5K
Cap Rate 9%
$169,133
$169.1K
Market Conditions
NOI Build-Up for 1,200 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
$25.9K $21.60/SF
− Vacancy
−$5.6K −$4.69/SF
EGI
$20.3K $16.91/SF
− OpEx
−$5.1K −$4.23/SF
NOI
$15.2K $12.68/SF
Area
Lake County, IN
Vacancy
21.70%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$304,440
Cap Rate 7%
$217,457
Cap Rate 9%
$169,133
Alternative Uses
Best Use
Office B
$217.5K
$190.3K – $253.7K
NOI $15,222 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$335.0K
$293.1K – $390.8K
NOI $23,450 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
309
Businesses Nearby
Explore this area
Business Placement
Demographics for 46373, IN
17,839
Population
6,616
Households
2.7
Avg Household Size
44
Median Age
42%
College-Educated
94%
High-School Grad
10.9 sq mi
ZIP Area
1,637
Density / Sq Mi
$123,203
Median Household Income
$70,957
Median Earnings
$953
Median Rent
$375,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Vacant office suite with enclosed offices, a conference room, kitchenette, restroom, and storage.
Where is this office units located?
The property is located at 8025 Wicker Avenue St John, IN.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 1,200 SF office condominium with open front workspace; Two enclosed offices plus a dedicated conference room; Vacant unit available for immediate occupancy or tenant placement
