Nearly New Duplex with
For Sale
$425,000
Pending
9488 Mill Creek Road, Cedar Lake, IN 46303
Residential, Cedar Lake, IN
Property Size1,880 SF
Lot Size0.17 Acres
Days on Market158
Property Features for 9488 Mill Creek Road
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Rooms
Dining Room, Bedroom 3, Bathroom 1, Bathroom 2, Den, Bedroom 1, Laundry Room, Basement, Bedroom 2
Parking features
Open, Driveway
Patio and Porch features
Patio
Interior features
Entrance Foyer, Vaulted Ceiling(s), Stone Counters, Recessed Lighting, Kitchen Island, Eat-in Kitchen
Fireplace
1
Appliances
Dishwasher, Stainless Steel Appliance(s), Refrigerator, Microwave, Gas Range
Subdivision
Mill Crk-Ph 6
Lot features
Back Yard, Landscaped
High school
Hanover Central High School
Elementary school district
Hanover
Middle school district
Hanover
High school district
Hanover
Directions
From Rt 41 & Rt 231, head East to Parrish, South to Mill Creek Rd, East to Home.
Standard status
Pending
APN
451510103008000015
Size
1,880 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
MILL CREEK PHASE 6 PT OF LOT 4 (9488 MILL CREEK RD)
Tax Annual Amount
4419
HOA Fee
$170 Monthly
Legal Description
MILL CREEK PHASE 6 PT OF LOT 4 (9488 MILL CREEK RD)
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
gas fireplace
quartz countertops
42-inch cabinetry
ceramic tile backsplash
sunroom
private patio
professional landscaping
Building Details
Year built
2024
Floors in Building
1
Listing Agency:
McColly Real Estate
(219) 663-9922
Listed By:
Cynthia Villasenor · License #RB14040637
(219) 775-6441
Added: Apr 21
Changed: Sep 16
Last Checked: Sep 25 at 8:06AM
MLS# 837481
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.
This 1,880-square-foot duplex, built in 2024, offers a two-bedroom, two-bath layout with a separate office or den. The interior includes an open living and dining area, gas fireplace, vaulted ceiling, recessed lighting, kitchen island, stone counters, 42-inch cabinetry, gas range, and stainless steel appliances. A sunroom adds flexible living space and opens to a landscaped private patio. The primary suite includes a private bath with double vanity and tiled shower. A full basement includes rough-in plumbing and a sump pump.
Exterior and mechanical features include professional landscaping, a backup sump pump, custom window well cover, public water, public sewer, natural gas, and forced-air heating. Driveway and open parking are provided. Association dues cover lawn care, snow removal, irrigation, and common-area maintenance. The property is located in Cedar Lake near shopping, restaurants, and everyday services.
Exterior and mechanical features include professional landscaping, a backup sump pump, custom window well cover, public water, public sewer, natural gas, and forced-air heating. Driveway and open parking are provided. Association dues cover lawn care, snow removal, irrigation, and common-area maintenance. The property is located in Cedar Lake near shopping, restaurants, and everyday services.
Key Highlights
- 1,880‑square‑foot duplex built in 2024
- Two‑bedroom, two‑bath layout with private office or den
- Full basement with rough‑in plumbing and sump pump
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
$18,690
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
4.40%
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%
$373,800
$373.8K
Cap Rate 7%
$267,000
$267.0K
Cap Rate 9%
$207,667
$207.7K
Market Conditions
NOI Build-Up for 1,880 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
$28.2K $15.00/SF
− Vacancy
−$1.5K −$0.80/SF
EGI
$26.7K $14.20/SF
− OpEx
−$8.0K −$4.26/SF
NOI
$18.7K $9.94/SF
Area
Lake County, IN
Vacancy
5.32%
Lease Rate
$15.00 /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%
$373,800
Cap Rate 7%
$267,000
Cap Rate 9%
$207,667
Alternative Uses
Best Use
Multifamily LT 5
$267.0K
$233.6K – $311.5K
NOI $18,690 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$237.6K
$207.9K – $277.2K
NOI $16,633 @ 7.0% cap · market cap 3.91%
Theoretical Best
Specialty Retail
$524.8K
$459.2K – $612.3K
NOI $36,738 @ 7.0% cap · market cap 8.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
Explore this area
Business Placement
Demographics for 46303, IN
17,028
Population
6,922
Households
2.5
Avg Household Size
39
Median Age
24%
College-Educated
95%
High-School Grad
28.8 sq mi
ZIP Area
591
Density / Sq Mi
$78,659
Median Household Income
$43,217
Median Earnings
$1,197
Median Rent
$271,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Low-maintenance duplex featuring an open living area, private office, landscaped patio, and full basement with plumbing rough-ins.
Where is this duplex located?
The property is located at 9488 Mill Creek Road Cedar Lake, IN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 1,880‑square‑foot duplex built in 2024; Two‑bedroom, two‑bath layout with private office or den; Full basement with rough‑in plumbing and sump pump
