Multi-Suite Office
For Sale
Contact for pricing
910 Richard Road, Dyer, IN 46311
Three-office-suite building with two leased units through late 2027 and an available 1,014 sf suite for occupancy.
Property Size4,000 SF
Price / SF$162.25
Days on Market60
Property Features for 910 Richard Road
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Office
Occupancy
74%
Additional Details
Office Units
3
Building Details
Year Built
1982
Listing Agency:
Latitude Commercial
(219) 864-0200
Listed By:
Chandler Kimmel · License #IN RB22001170
Source:
Crexi
Added: Jun 9
Changed: Jul 10
Last Checked: Aug 7 at 9:12AM
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 Latitude Commercial
Investment Insights
Based on property information with market context.
This for-sale office building is configured as three separate office suites of varying sizes. Two of the units, representing approximately 74% of the building, are currently occupied under leases that run into late 2027. A third suite is available for lease and measures 1,014 square feet; it was previously occupied by the building owner.
The property is located on Richard Road in Dyer, Indiana, just off the intersection of US 30 and Calumet Avenue. The asset sits in a southeastern suburb of Chicago and is within St. John Township in Lake County.
For buyers seeking an office property with in-place occupancy, this offering provides a combination of continued leased income through late 2027 and an additional suite that can be occupied by the buyer. For owner-users or tenants, the available 1,014 sf unit offers a straightforward path to move in and operate from a dedicated office space within a small, multi-suite building.
The property is located on Richard Road in Dyer, Indiana, just off the intersection of US 30 and Calumet Avenue. The asset sits in a southeastern suburb of Chicago and is within St. John Township in Lake County.
For buyers seeking an office property with in-place occupancy, this offering provides a combination of continued leased income through late 2027 and an additional suite that can be occupied by the buyer. For owner-users or tenants, the available 1,014 sf unit offers a straightforward path to move in and operate from a dedicated office space within a small, multi-suite building.
Key Highlights
- Three office suites in a building built in 1982
- Two units are currently leased with leases running into late 2027
- One 1,014 SF suite is available for lease and can be occupied by a buyer
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
$50,738
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
7.82%
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%
$1,014,760
$1.0M
Cap Rate 7%
$724,829
$724.8K
Cap Rate 9%
$563,756
$563.8K
Market Conditions
NOI Build-Up for 4,000 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
$86.4K $21.60/SF
− Vacancy
−$18.7K −$4.69/SF
EGI
$67.7K $16.91/SF
− OpEx
−$16.9K −$4.23/SF
NOI
$50.7K $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%
$1,014,760
Cap Rate 7%
$724,829
Cap Rate 9%
$563,756
Alternative Uses
Best Use
Office B
$724.8K
$634.2K – $845.6K
NOI $50,738 @ 7.0% cap · market cap 7.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.12M
$977.1K – $1.30M
NOI $78,165 @ 7.0% cap · market cap 12.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
74%
Occupancy
Location Intelligence
Trade Area within ½ mile
581
Businesses Nearby
Explore this area
Business Placement
Demographics for 46311, IN
22,431
Population
9,128
Households
2.5
Avg Household Size
43
Median Age
37%
College-Educated
96%
High-School Grad
12.6 sq mi
ZIP Area
1,780
Density / Sq Mi
$109,167
Median Household Income
$58,332
Median Earnings
$1,221
Median Rent
$300,000
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 - Three-office-suite building with two leased units through late 2027 and an available 1,014 sf suite for occupancy.
Where is this office units located?
The property is located at 910 Richard Road Dyer, IN.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Three office suites in a building built in 1982; Two units are currently leased with leases running into late 2027; One 1,014 SF suite is available for lease and can be occupied by a buyer
