Office Condominium with Reception
For Sale
$259,000
8025 Wicker Avenue #C, St John, IN 46373
Vacant suite includes conference, kitchen, restroom, and storage areas.
Property Size14,530 SF
Price / SF$215.83
Days on Market153
Property Features for 8025 Wicker Avenue #C
General Information
Standard status
Active
Size
14,530 SF
Property subtype
Commercial
Zoning
COMMR
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,560
Building Details
Building Size
14,530 SF
Year Built
2008
Stories
1
Units
1
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Jeffrey Fryzel · License #475168697
(219) 322-5508
Source:
Perillorealestategroup
Added: Mar 10
Changed: Aug 9
Last Checked: Aug 9 at 5:13AM
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.
Suite C is a 1,200 SF office condominium completed in 2008 and currently vacant. The interior includes a reception area with built-in front desk, an enclosed office, and a large conference room that can be configured as two offices. A kitchen with refrigerator and microwave, restroom, and substantial storage room round out the layout. COMMR zoning supports the property’s commercial office use.
The condominium is positioned on US-41 along the St. John / Schererville corridor, with traffic exposure and an opportunity for monument signage. Neighboring Suite B, also 1,200 SF, is available separately and may allow a purchaser to assemble approximately 2,400 SF. The property is governed by a tenant-managed HOA and is available for immediate occupancy or lease-up.
The condominium is positioned on US-41 along the St. John / Schererville corridor, with traffic exposure and an opportunity for monument signage. Neighboring Suite B, also 1,200 SF, is available separately and may allow a purchaser to assemble approximately 2,400 SF. The property is governed by a tenant-managed HOA and is available for immediate occupancy or lease-up.
Key Highlights
- 1,200 SF office condominium in a 2008 building
- Reception area with built‑in front desk, enclosed office, and flexible conference room
- Kitchen includes refrigerator and microwave; unit also has a restroom and larger storage room
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
$16,796
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
6.48%
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%
$335,920
$335.9K
Cap Rate 7%
$239,943
$239.9K
Cap Rate 9%
$186,622
$186.6K
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
$31.1K $25.92/SF
− Vacancy
−$3.1K −$2.59/SF
EGI
$28.0K $23.33/SF
− OpEx
−$11.2K −$9.33/SF
NOI
$16.8K $14.00/SF
Area
Lake County, IN
Vacancy
10.00%
Lease Rate
$25.92 /SF/Yr
Expense Ratio
40.00%
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%
$335,920
Cap Rate 7%
$239,943
Cap Rate 9%
$186,622
Alternative Uses
Best Use
Healthcare Medical
$239.9K
$210.0K – $279.9K
NOI $16,796 @ 7.0% cap · market cap 6.48%
Second Best
Office B
$217.5K
$190.3K – $253.7K
NOI $15,222 @ 7.0% cap · market cap 5.88%
Theoretical Best
Specialty Retail
$335.0K
$293.1K – $390.8K
NOI $23,450 @ 7.0% cap · market cap 9.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
379
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 suite includes conference, kitchen, restroom, and storage areas.
Where is this office units located?
The property is located at 8025 Wicker Avenue #C St John, IN.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: 1,200 SF office condominium in a 2008 building; Reception area with built‑in front desk, enclosed office, and flexible conference room; Kitchen includes refrigerator and microwave; unit also has a restroom and larger storage room
