Adjacent Office Condominium
For Sale
$514,000
8025 Wicker Avenue #B-C, St John, IN 46373
Two adjoining suites offer flexible professional office layouts with reception, work areas, private offices, and conference rooms.
Property Size14,530 SF
Price / SF$214.17
Days on Market15
Property Features for 8025 Wicker Avenue #B-C
General Information
Standard status
Active
Size
14,530 SF
Property subtype
Commercial
Zoning
COMMR
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$5,404
Amenities
monument signage
Building Details
Building Size
14,530 SF
Year Built
2008
Stories
1
Units
2
Listing Agency:
McColly Real Estate
(708) 243-1827
Listed By:
Jeffrey Fryzel · License #475168697
Source:
Jjillrealtygroup
Added: Aug 15
Changed: Aug 29
Last Checked: Aug 29 at 6:21PM
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 offering includes two neighboring office condominium units with a combined area of approximately 2,400 SF. Each suite measures 1,200 SF and may operate separately or as an integrated office environment. Interior improvements include reception areas, open work areas, enclosed offices, conference rooms, kitchen facilities, restrooms, and storage. The property was built in 2008 and is zoned COMMR.
Positioned along the US-41 corridor in St. John near the Schererville border, the units offer a monument signage opportunity. Both suites are vacant and available for immediate occupancy or tenant placement. The property is governed by a tenant-managed HOA, and the two units are also offered individually through the MLS.
Positioned along the US-41 corridor in St. John near the Schererville border, the units offer a monument signage opportunity. Both suites are vacant and available for immediate occupancy or tenant placement. The property is governed by a tenant-managed HOA, and the two units are also offered individually through the MLS.
Key Highlights
- Approximately 2,400 SF across two office condominium units, with each suite measuring 1,200 SF
- US‑41 corridor location in St. John near the Schererville border
- Monument signage opportunity along a highly visible commercial corridor
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
$30,443
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%
$608,860
$608.9K
Cap Rate 7%
$434,900
$434.9K
Cap Rate 9%
$338,256
$338.3K
Market Conditions
NOI Build-Up for 2,400 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
$51.8K $21.60/SF
− Vacancy
−$11.2K −$4.69/SF
EGI
$40.6K $16.91/SF
− OpEx
−$10.1K −$4.23/SF
NOI
$30.4K $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%
$608,860
Cap Rate 7%
$434,900
Cap Rate 9%
$338,256
Alternative Uses
Best Use
Office B
$434.9K
$380.5K – $507.4K
NOI $30,443 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$670.0K
$586.2K – $781.7K
NOI $46,899 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
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 - Two adjoining suites offer flexible professional office layouts with reception, work areas, private offices, and conference rooms.
Where is this office units located?
The property is located at 8025 Wicker Avenue #B-C St John, IN.
What is the asking price?
The asking price for this property is $514,000.
What are key features of this property?
This property features: Approximately 2,400 SF across two office condominium units, with each suite measuring 1,200 SF; US‑41 corridor location in St. John near the Schererville border; Monument signage opportunity along a highly visible commercial corridor
