Brick Duplex Property with
New
For Sale
$435,000
8434 Shell Drive, St John, IN 46373
Residential, St. John, IN
Property Size1,605 SF
Lot Size0.31 Acres
Price / SF$271.03
Days on Market3
Property Features for 8434 Shell Drive
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Great Room, Bathroom 2, Bedroom 2, Laundry Room, Bathroom 1, Bedroom 1
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, Entrance Foyer, Double Vanity, Crown Molding
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
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
451121351039000035
Size
1,605 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MEYERS ADD. UNIT 3 BL.4 S.1/2 OF LOT 9 (8434 SHELL DR)
Tax Annual Amount
279
HOA Fee
$180 Monthly
Legal Description
MEYERS ADD. UNIT 3 BL.4 S.1/2 OF LOT 9 (8434 SHELL DR)
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
fireplace
irrigation system
landscape lighting
private patio
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
Last Checked: Aug 29 at 8:06PM
MLS# 844421
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 under-construction duplex property includes a brand-new ranch townhome with 1,605 square feet of living space. The two-bedroom residence is arranged around an open-concept great room and kitchen with custom cabinetry, granite counters, a kitchen island, stainless steel appliances, and a brick-surround fireplace. The private primary suite offers a walk-in closet and en-suite bath with a walk-in shower, while main-level laundry adds convenience. Additional features include luxury vinyl flooring, recessed lighting, an attached two-car garage, private patio, irrigation system, landscape lighting, Anderson windows, a tankless water heater, and a 30-year roof.
The property is located in St. John, Indiana, near shopping, dining, parks, and schools. Public water and public sewer serve the property, and the HOA covers lawn care, snow removal, and irrigation. Estimated completion is mid November, with a 2026 year built designation.
The property is located in St. John, Indiana, near shopping, dining, parks, and schools. Public water and public sewer serve the property, and the HOA covers lawn care, snow removal, and irrigation. Estimated completion is mid November, with a 2026 year built designation.
Key Highlights
- 1,605‑square‑foot two‑bedroom ranch townhome
- Attached 2‑car garage with additional open parking
- Custom kitchen with granite counters and stainless steel appliances
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
$15,956
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
3.67%
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%
$319,120
$319.1K
Cap Rate 7%
$227,943
$227.9K
Cap Rate 9%
$177,289
$177.3K
Market Conditions
NOI Build-Up for 1,605 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%
$319,120
Cap Rate 7%
$227,943
Cap Rate 9%
$177,289
Alternative Uses
Best Use
Multifamily LT 5
$227.9K
$199.5K – $265.9K
NOI $15,956 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$202.9K
$177.5K – $236.7K
NOI $14,200 @ 7.0% cap · market cap 3.26%
Theoretical Best
Specialty Retail
$448.1K
$392.1K – $522.7K
NOI $31,364 @ 7.0% cap · market cap 7.21%
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
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Frequently Asked Questions
What type of property is this?
Duplex - Under-construction ranch townhome featuring an open layout, private patio, and low-maintenance exterior improvements.
Where is this duplex located?
The property is located at 8434 Shell Drive St John, IN.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 1,605‑square‑foot two‑bedroom ranch townhome; Attached 2‑car garage with additional open parking; Custom kitchen with granite counters and stainless steel appliances
