First-Floor Office/Retail
For Sale
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9410 Calumet Ave, Munster, IN 46321
First-floor condominium with an in-place lease plus an unfinished unit within a mixed-use campus on Calumet Avenue.
Property Size3,300 SF
Price / SF$242.12
Days on Market232
Property Features for 9410 Calumet Ave
General Information
Standard status
Active
Size
3,300 SF
Property subtype
OFFICE
Site & Location
Traffic Count
30,297 vehicles/day
Highway Access
Yes
Listing Agency:
Commercial In-Sites, LLC
Listed By:
David A Lasser
(219) 795-1100
Source:
Moodyscre
Added: Feb 3
Changed: Sep 17
Last Checked: Sep 22 at 9:27PM
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 Commercial In-Sites, LLC
Investment Insights
Based on property information with market context.
This 1st-floor office/retail condominium includes Unit 103A/B. Unit 103A is 1,500 USF and is currently split and leased to Vision Boutique / My Eye Doctor for three years expiring 11/13/28, with two three-year extensions ending 11/13/2034. Unit 103B is 1,500 USF and is presented as an unfinished shell. A $50.00/USF tenant improvement allowance is noted for the space.
Located on the west side of Calumet Avenue in the Munster Maple Leaf Crossing commercial corridor, approximately 1/2 mile south of Community hospital and 2 miles south of I-80/94. The property is also listed as 1/4 mile north of Centennial Village. An INDOT 2025 traffic count on Calumet Ave is provided as 30,297 vehicles per day.
Planned 2026 POA interior common area and exterior areas dues are estimated at $9,310.02 per suite ($2.82/USF). 2025 pay 2026 real estate taxes are estimated at $19,170.58 ($5.81/USF), with totals cited as $10.24/USF.
Located on the west side of Calumet Avenue in the Munster Maple Leaf Crossing commercial corridor, approximately 1/2 mile south of Community hospital and 2 miles south of I-80/94. The property is also listed as 1/4 mile north of Centennial Village. An INDOT 2025 traffic count on Calumet Ave is provided as 30,297 vehicles per day.
Planned 2026 POA interior common area and exterior areas dues are estimated at $9,310.02 per suite ($2.82/USF). 2025 pay 2026 real estate taxes are estimated at $19,170.58 ($5.81/USF), with totals cited as $10.24/USF.
Key Highlights
- 1st‑floor 3,300 SF office/retail condominium unit (Unit 103A/B) on the Calumet Avenue mixed‑use campus
- 103A (1,500 SF) is currently leased to Vision Boutique/My Eye Doctor for three years expiring 11/13/28, with two 3‑year extensions through 11/13/2034
- 103B (1,500 SF) is an unfinished shell; includes a $50.00/SF tenant improvement allowance
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
$41,859
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
5.24%
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%
$837,180
$837.2K
Cap Rate 7%
$597,986
$598.0K
Cap Rate 9%
$465,100
$465.1K
Market Conditions
NOI Build-Up for 3,300 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
$71.3K $21.60/SF
− Vacancy
−$15.5K −$4.69/SF
EGI
$55.8K $16.91/SF
− OpEx
−$14.0K −$4.23/SF
NOI
$41.9K $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%
$837,180
Cap Rate 7%
$597,986
Cap Rate 9%
$465,100
Alternative Uses
Best Use
Office B
$598.0K
$523.2K – $697.7K
NOI $41,859 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$921.2K
$806.1K – $1.07M
NOI $64,486 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
30,297 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,843
Businesses Nearby
Explore this area
Business Placement
Demographics for 46321, IN
23,894
Population
9,786
Households
2.4
Avg Household Size
45
Median Age
48%
College-Educated
96%
High-School Grad
7.6 sq mi
ZIP Area
3,144
Density / Sq Mi
$105,764
Median Household Income
$57,796
Median Earnings
$1,480
Median Rent
$312,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - First-floor condominium with an in-place lease plus an unfinished unit within a mixed-use campus on Calumet Avenue.
Where is this office units located?
The property is located at 9410 Calumet Ave Munster, IN.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 1st‑floor 3,300 SF office/retail condominium unit (Unit 103A/B) on the Calumet Avenue mixed‑use campus; 103A (1,500 SF) is currently leased to Vision Boutique/My Eye Doctor for three years expiring 11/13/28, with two 3‑year extensions through 11/13/2034; 103B (1,500 SF) is an unfinished shell; includes a $50.00/SF tenant improvement allowance
