New Construction
New
For Sale
$445,000
8432 Shell Drive, St John, IN 46373
Residential, St. John, IN
Property Size1,790 SF
Lot Size0.31 Acres
Price / SF$248.60
Days on Market6
Property Features for 8432 Shell Drive
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Great Room, Bathroom 2, Laundry Room
Parking features
Open, Garage
Window features
Insulated Windows
Patio and Porch features
Patio, Porch
Interior features
Ceiling Fan(s), Walk-In Closet(s), Recessed Lighting, Open Floorplan, Kitchen Island, His and Hers Closets, Granite Counters, Eat-in Kitchen, Double Vanity
Exterior features
Lighting, Private Yard
Fireplace
1
Appliances
Dryer, Washer, Stainless Steel Appliance(s), Refrigerator, Microwave, Gas Water Heater, Gas Range, Dishwasher, Disposal
Subdivision
Gardenia Gardens
Lot features
Back Yard, Sprinklers In Rear, Sprinklers In Front, Landscaped, Front Yard, Cul-De-Sac
Elementary school district
Lake Central
Middle school district
Lake Central
High school district
Lake Central
Directions
Route 41 to Lake Central Drive. East on Lake Central Drive to Shell Drive. South on Shell Drive to property.
Standard status
Active
APN
451121351038000035
Size
1,790 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
MEYERS ADD. UNIT 3 BL.4 N.1/2 OF LOT 9 (8432 SHELL DR)
Tax Annual Amount
234
HOA Fee
$180 Monthly
Legal Description
MEYERS ADD. UNIT 3 BL.4 N.1/2 OF LOT 9 (8432 SHELL DR)
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
2026
Floors in Building
1
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Renee Egnatz · License #227267792
(219) 808-7337
Added: Aug 27
Changed: Aug 28
Last Checked: Sep 1 at 11:06AM
MLS# 844434
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 1,790-square-foot duplex is under construction on a 0.31-acre professionally landscaped lot in St. John. Estimated completion is mid-November. The layout includes an open living and dining area, a kitchen with custom cabinetry, a large island, granite counters, premium stainless steel appliances, and an eat-in area. Two bedrooms are complemented by a separate office, while the primary suite offers walk-in closet space and a private en-suite bath. Luxury vinyl flooring, recessed lighting, large windows, and a main-level laundry room with included washer and dryer are among the interior features.
An attached garage provides covered parking and storage, and the property also includes a private yard, patio, porch, natural-gas forced-air heating, public water, and public sewer. The home is near shopping, dining, parks, and schools, with cable service available. The planned 2026 construction incorporates energy-efficient features.
An attached garage provides covered parking and storage, and the property also includes a private yard, patio, porch, natural-gas forced-air heating, public water, and public sewer. The home is near shopping, dining, parks, and schools, with cable service available. The planned 2026 construction incorporates energy-efficient features.
Key Highlights
- 1,790‑square‑foot duplex on a 0.31‑acre professionally landscaped lot
- Under construction with estimated completion in mid‑November
- Two bedrooms plus a separate office and main‑level laundry
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
$17,795
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
4.00%
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%
$355,900
$355.9K
Cap Rate 7%
$254,214
$254.2K
Cap Rate 9%
$197,722
$197.7K
Market Conditions
NOI Build-Up for 1,790 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
$26.9K $15.00/SF
− Vacancy
−$1.4K −$0.80/SF
EGI
$25.4K $14.20/SF
− OpEx
−$7.6K −$4.26/SF
NOI
$17.8K $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%
$355,900
Cap Rate 7%
$254,214
Cap Rate 9%
$197,722
Alternative Uses
Best Use
Multifamily LT 5
$254.2K
$222.4K – $296.6K
NOI $17,795 @ 7.0% cap · market cap 4.00%
Second Best
Apartment 5plus
$226.2K
$198.0K – $263.9K
NOI $15,836 @ 7.0% cap · market cap 3.56%
Theoretical Best
Specialty Retail
$499.7K
$437.2K – $583.0K
NOI $34,979 @ 7.0% cap · market cap 7.86%
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
254
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 Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Under-construction residence with two bedrooms, a separate office, attached garage, and main-level laundry.
Where is this duplex located?
The property is located at 8432 Shell Drive St John, IN.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: 1,790‑square‑foot duplex on a 0.31‑acre professionally landscaped lot; Under construction with estimated completion in mid‑November; Two bedrooms plus a separate office and main‑level laundry
