Calumet Avenue Commercial Condominium
For Sale
Contact for pricing
9410 Calumet Ave Suite 103A/B, Munster, IN 46321
First-floor condominium unit in a rapidly developing commercial corridor.
Property Size3,300 SF
Price / SF$242.12
Days on Market147
Property Features for 9410 Calumet Ave Suite 103A/B
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Mixed Use, Office, Retail
Occupancy
100%
Listing Agency:
Commercial In-Sites LLC
(219) 795-1100
Listed By:
David Lasser · License #IN RB14026085
Source:
Crexi
Added: Mar 27
Changed: Aug 8
Last Checked: Aug 19 at 11:53AM
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.
Located within the Munster Maple Leaf Crossing, this first-floor condominium unit offers an opportunity for investment or occupancy. The 3,300 USF (3,861 RSF) unit is currently divided, with Unit 103A (1,800 USF/2,106 RSF) leased to Vision Boutique/My Eye Doctor for three years, with options for two additional three-year extensions. Unit 103B (1,500 USF/1,755 RSF) is an unfinished shell. The property is part of a community featuring a Hyatt Place Hotel, modern professional offices, and proximity to Centennial Park. Current tenants include Centers for Digestive Health, Dr. Mary Tilak & Associates, Zubair Cosmetic Genecology & Med Spa, Restful Sleep Indigo Partners, and Center for Vein Restoration. The projected POA dues for interior common areas and exterior areas for 2025 are estimated at $9,310.02 per suite, or $1.73/USF/$1.48/RSF. Real estate taxes for 2024, payable in 2025, are $18,063.56, or approximately $5.47/USF and $4.70/RSF. Situated on the west side of Calumet Avenue, the property is located ½ mile south of Community Hospital and 2 miles south of I-80/94. It is also located 1/4 mile north of Centennial Village. The location is suitable for tenants in the medical and professional industries. The INDOT 2025 traffic count on Calumet Ave is 30,297 vehicles per day.
Key Highlights
- Leased Investment Opportunity: Collect rent immediately from a portion of the unit (Unit 103A) leased to Vision Boutique/My Eye Doctor with a lease extending up to 9 years.
- Prime Location: Situated in the rapidly developing Munster Maple Leaf Crossing on Calumet Avenue, a high‑traffic commercial corridor.
- High‑Growth Area: Located within a mixed‑use campus integrating office, medical, and retail, near Community Hospital and Centennial Village.
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
Mixed Use
$466.7K
$408.4K – $544.5K
NOI $32,670 @ 7.0% cap · market cap 4.09%
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
Property Profile
Current Use
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - First-floor condominium unit in a rapidly developing commercial corridor.
Where is this mixed-use property located?
The property is located at 9410 Calumet Ave Suite 103A/B 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: Leased Investment Opportunity: Collect rent immediately from a portion of the unit (Unit 103A) leased to Vision Boutique/My Eye Doctor with a lease extending up to 9 years.; Prime Location: Situated in the rapidly developing Munster Maple Leaf Crossing on Calumet Avenue, a high‑traffic commercial corridor.; High‑Growth Area: Located within a mixed‑use campus integrating office, medical, and retail, near Community Hospital and Centennial Village.
