Updated Ranch
New
For Sale
$259,900
9424 Erie Street, Highland, IN 46322
Residential, Highland, IN
Property Size1,200 SF
Lot Size0.09 Acres
Price / SF$216.58
Days on Market2
Property Features for 9424 Erie Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning description
residential
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Rooms
Bathroom 1, Laundry Room, Bedroom 1, Dining Room, Bathroom 2, Bedroom 2
Parking features
Driveway, Open
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Walk-In Closet(s)
Exterior features
Storage
Appliances
Dryer, Washer, Stainless Steel Appliance(s), Refrigerator, Microwave, Gas Range, Dishwasher
Subdivision
Wicker Blvd Add
Lot features
Landscaped, Paved
Elementary school district
Highland
Middle school district
Highland
High school district
Highland
Directions
Kennedy to 45th Ave East to Erie North to home
Standard status
Active
APN
450728405026000026
Size
1,200 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WICKER BLVD ADD BLOCK 6 LOT 12 & S.7FT OF LOT 11
Tax Annual Amount
3621
Legal Description
WICKER BLVD ADD BLOCK 6 LOT 12 & S.7FT OF LOT 11
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
concrete patio
storage shed
Building Details
Year built
1999
Floors in Building
1
Additional Structures
Storage
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Lisa Grady · License #RB14039656
(219) 308-6237
Added: Aug 28
Last Checked: Aug 29 at 8:06PM
MLS# 844446
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.
Built in 1999, this 1,200-square-foot ranch duplex offers two bedrooms, two bathrooms, and a flexible office that can serve as additional living or work space. Recent interior improvements include LVP flooring and carpet, while the kitchen has stainless steel appliances, newer cabinetry, and newer countertops. The primary bedroom includes a walk-in closet and private bathroom. A second bedroom sits near the additional hallway bathroom and opens to the patio through exterior doors.
The 0.09-acre property also includes an attached one-car garage, concrete patio, storage shed, driveway, and open parking. Public water and public sewer serve the property, and heating is provided by natural gas forced air. Shopping, restaurants, and the state line are nearby. The sale is subject to an as-is condition, with no HOA.
The 0.09-acre property also includes an attached one-car garage, concrete patio, storage shed, driveway, and open parking. Public water and public sewer serve the property, and heating is provided by natural gas forced air. Shopping, restaurants, and the state line are nearby. The sale is subject to an as-is condition, with no HOA.
Key Highlights
- 1,200‑square‑foot ranch duplex built in 1999
- Two bedrooms and two bathrooms, plus a flexible office
- Kitchen with stainless steel appliances, newer cabinetry, and newer countertops
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
$8,011
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
3.08%
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%
$160,220
$160.2K
Cap Rate 7%
$114,443
$114.4K
Cap Rate 9%
$89,011
$89.0K
Market Conditions
NOI Build-Up for 1,200 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
$12.2K $10.20/SF
− Vacancy
−$796 −$0.66/SF
EGI
$11.4K $9.54/SF
− OpEx
−$3.4K −$2.86/SF
NOI
$8.0K $6.68/SF
Area
Vermillion County, IN
Vacancy
6.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$160,220
Cap Rate 7%
$114,443
Cap Rate 9%
$89,011
Alternative Uses
Best Use
Multifamily LT 5
$114.4K
$100.1K – $133.5K
NOI $8,011 @ 7.0% cap · market cap 3.08%
Second Best
Apartment 5plus
$106.4K
$93.1K – $124.1K
NOI $7,445 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$212.3K
$185.8K – $247.7K
NOI $14,861 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
868
Businesses Nearby
Explore this area
Business Placement
Demographics for 46322, IN
23,984
Population
10,791
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
93%
High-School Grad
6.9 sq mi
ZIP Area
3,476
Density / Sq Mi
$76,219
Median Household Income
$47,458
Median Earnings
$1,202
Median Rent
$219,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Updated ranch layout includes stainless steel appliances, a flexible office area, attached garage, patio, and storage shed.
Where is this duplex located?
The property is located at 9424 Erie Street Highland, IN.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: 1,200‑square‑foot ranch duplex built in 1999; Two bedrooms and two bathrooms, plus a flexible office; Kitchen with stainless steel appliances, newer cabinetry, and newer countertops
