Ranch-Style Residential Income
New
For Sale
$354,900
8942 Finley Court, Cedar Lake, IN 46303
Residential, Cedar Lake, IN
Property Size1,818 SF
Lot Size0.18 Acres
Price / SF$195.21
Days on Market4
Property Features for 8942 Finley Court
General Information
Property type
Residential
Property subtype
Duplex
Zoning description
residential
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 2, Den, Bathroom 2, Bathroom 1, Laundry Room, Dining Room, Bedroom 1
Parking features
Open, Driveway, Garage
Window features
Blinds
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Walk-In Closet(s), Stone Counters, Pantry, Open Floorplan, Kitchen Island, Eat-in Kitchen, Entrance Foyer, Double Vanity, Crown Molding
Exterior features
Rain Gutters
Appliances
Dryer, Washer, Stainless Steel Appliance(s), Refrigerator, Microwave, Gas Range, Dishwasher
Subdivision
Mill Crk Sub Ph 1
Lot features
Back Yard, Sprinklers In Rear, Sprinklers In Front, Landscaped, Front Yard, Few Trees
Directions
US 41 South to US 231 (109th Ave). East on US 231 to Park Place. South on Park Place to Green Meadow Dr. West on Green Meadow Dr to Finley Ct. North on Finley Ct to 8942 Finley Ct.
Standard status
Active
APN
451510126008000015
Size
1,818 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MILL CREEK PHASE 1 LOT 21 EX. E'LY 37FT.
Tax Annual Amount
3174
HOA Fee
$173 Monthly
Legal Description
MILL CREEK PHASE 1 LOT 21 EX. E'LY 37FT.
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
open-concept layout
granite countertops
stainless steel appliances
pantry
center island
walk-in closet
walk-in shower
main-level laundry
insulated garage
Building Details
Year built
2017
Floors in Building
1
Listing Agency:
Better Homes and Gardens Real · Better Homes and Gardens Real Estate
(219) 999-8990
Listed By:
Amy Blanton
(219) 613-2363
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 29 at 10:06PM
MLS# 844349
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 ranch-style half duplex provides 1,818 square feet of single-level living space on a 0.18-acre lot. The interior includes two bedrooms, two bathrooms, a den or office, dining area, laundry room, and an open kitchen with granite counters, 42-inch cabinets, stainless steel appliances, pantry storage, and a center island. The primary bedroom includes a walk-in closet and private bathroom with a walk-in shower and double vanity. Fresh paint, natural-gas forced-air heating, and a 2-car attached garage add practical functionality. Built in 2017, the property also has a porch, rain gutters, public water, and public sewer.
Located at 8942 Finley Court in Cedar Lake, Indiana, the residence is positioned on a cul-de-sac. Association services include lawn care and snow removal. Washer, dryer, refrigerator, microwave, gas range, and dishwasher are included.
Located at 8942 Finley Court in Cedar Lake, Indiana, the residence is positioned on a cul-de-sac. Association services include lawn care and snow removal. Washer, dryer, refrigerator, microwave, gas range, and dishwasher are included.
Key Highlights
- 1,818‑square‑foot ranch‑style half duplex on a 0.18‑acre lot
- Two bedrooms, two bathrooms, plus a den or office
- Kitchen with granite counters, 42‑inch cabinetry, island seating, pantry, 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
$16,084
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
4.53%
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%
$321,680
$321.7K
Cap Rate 7%
$229,771
$229.8K
Cap Rate 9%
$178,711
$178.7K
Market Conditions
NOI Build-Up for 1,818 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
$31.0K $17.04/SF
− Vacancy
−$1.7K −$0.95/SF
EGI
$29.2K $16.09/SF
− OpEx
−$13.2K −$7.24/SF
NOI
$16.1K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$321,680
Cap Rate 7%
$229,771
Cap Rate 9%
$178,711
Alternative Uses
Best Use
Apartment 5plus
$229.8K
$201.1K – $268.1K
NOI $16,084 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$507.5K
$444.1K – $592.1K
NOI $35,526 @ 7.0% cap · market cap 10.01%
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
67
Businesses Nearby
Explore this area
Business Placement
Demographics for 46303, IN
17,028
Population
6,922
Households
2.5
Avg Household Size
39
Median Age
24%
College-Educated
95%
High-School Grad
28.8 sq mi
ZIP Area
591
Density / Sq Mi
$78,659
Median Household Income
$43,217
Median Earnings
$1,197
Median Rent
$271,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Ranch-style half duplex with upgraded kitchen, den or office, primary suite, and association-maintained lawn and snow removal.
Where is this residential income property located?
The property is located at 8942 Finley Court Cedar Lake, IN.
What is the asking price?
The asking price for this property is $354,900.
What are key features of this property?
This property features: 1,818‑square‑foot ranch‑style half duplex on a 0.18‑acre lot; Two bedrooms, two bathrooms, plus a den or office; Kitchen with granite counters, 42‑inch cabinetry, island seating, pantry, and stainless steel appliances
