Four-Unit Office
For Sale
$700,000
9421 Joliet St, St John, IN 46373
Updated multi-suite office property with paved parking and full occupancy.
Property Size3,740 SF
Price / SF$187.17
Days on Market26
Property Features for 9421 Joliet St
General Information
Standard status
Active
Size
3,740 SF
Building Details
Year Built
2008
Listing Agency:
JK Pro Realty, LLC
(219) 712-1567
Listed By:
Jimmy Karalis · License #RB14035192
Source:
Realtopiare
Added: Aug 5
Changed: Aug 30
Last Checked: Aug 30 at 1:38AM
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 JK Pro Realty, LLC
Investment Insights
Based on property information with market context.
Built in 2008, this 3,740-square-foot office building is arranged as four separate units and has been updated. The property includes its own paved parking lot and is fully rented, providing an established occupancy profile for an owner-user or office/medical use.
The building is located just off Route 41/Wicker Avenue in St. John, Indiana. Its configuration supports multiple occupants within a single commercial asset, while the existing unit layout and on-site parking add practical functionality for office operations.
The building is located just off Route 41/Wicker Avenue in St. John, Indiana. Its configuration supports multiple occupants within a single commercial asset, while the existing unit layout and on-site parking add practical functionality for office operations.
Key Highlights
- 3,740‑square‑foot office building constructed in 2008
- Four separate office units within the building
- Fully rented at the time of listing
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
$52,348
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
7.48%
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%
$1,046,960
$1.0M
Cap Rate 7%
$747,829
$747.8K
Cap Rate 9%
$581,644
$581.6K
Market Conditions
NOI Build-Up for 3,740 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
$96.9K $25.92/SF
− Vacancy
−$9.7K −$2.59/SF
EGI
$87.2K $23.33/SF
− OpEx
−$34.9K −$9.33/SF
NOI
$52.3K $14.00/SF
Area
Lake County, IN
Vacancy
10.00%
Lease Rate
$25.92 /SF/Yr
Expense Ratio
40.00%
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%
$1,046,960
Cap Rate 7%
$747,829
Cap Rate 9%
$581,644
Alternative Uses
Best Use
Healthcare Medical
$747.8K
$654.4K – $872.5K
NOI $52,348 @ 7.0% cap · market cap 7.48%
Second Best
Office B
$677.7K
$593.0K – $790.7K
NOI $47,440 @ 7.0% cap · market cap 6.78%
Theoretical Best
Specialty Retail
$1.04M
$913.6K – $1.22M
NOI $73,084 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
542
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Updated multi-suite office property with paved parking and full occupancy.
Where is this office building located?
The property is located at 9421 Joliet St St John, IN.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 3,740‑square‑foot office building constructed in 2008; Four separate office units within the building; Fully rented at the time of listing
