Two-Building Flex
For Sale
$599,900
9602 W 133rd Ave, Cedar Lake, IN 46303
Versatile commercial facility with showroom, repair, fabrication, storage, and office areas across two buildings.
Property Size6,940 SF
Price / SF$86.44
Days on Market48
Property Features for 9602 W 133rd Ave
General Information
Standard status
Active
Size
6,940 SF
Building Details
Year Built
1977
Listing Agency:
BHHS Executive Realty
Listed By:
David Harkabus · License #RB14042838
(219) 313-1669
Source:
Staplesregroup
Added: Aug 2
Changed: Sep 16
Last Checked: Sep 15 at 11:01PM
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 BHHS Executive Realty
Investment Insights
Based on property information with market context.
This 6,940-square-foot flex property comprises two commercial buildings with complementary showroom, service, storage, fabrication, and office components. The improvements include a retail showroom, counter area, repair and build space, indoor vehicle storage, private office, bathroom with wash tub and shower, storage loft, second-floor office, two paint booths, and two overhead doors. Approximately half of the second building has 15-foot ceilings. The property is currently used for motorcycle fabrication, painting, sales, repair, and golf cart sales.
The site is positioned on 133rd Avenue, identified as Cedar Lake’s primary east-west corridor, with access from the corridor and approximately 3,750 square feet of on-site parking. Additional public parking is located across the street. Immediate possession is available.
The site is positioned on 133rd Avenue, identified as Cedar Lake’s primary east-west corridor, with access from the corridor and approximately 3,750 square feet of on-site parking. Additional public parking is located across the street. Immediate possession is available.
Key Highlights
- 6,940‑square‑foot flex property with two commercial buildings
- Showroom, repair and build space, storage, offices, and indoor vehicle parking
- Two paint booths, two overhead doors, and 15‑foot ceilings across approximately half of Building 2
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
$48,890
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
8.15%
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%
$977,800
$977.8K
Cap Rate 7%
$698,429
$698.4K
Cap Rate 9%
$543,222
$543.2K
Market Conditions
NOI Build-Up for 6,940 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
$60.8K $8.76/SF
− Vacancy
−$3.3K −$0.47/SF
EGI
$57.5K $8.29/SF
− OpEx
−$8.6K −$1.24/SF
NOI
$48.9K $7.04/SF
Area
Lake County, IN
Vacancy
5.39%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
15.00%
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%
$977,800
Cap Rate 7%
$698,429
Cap Rate 9%
$543,222
Alternative Uses
Best Use
Retail
$955.4K
$836.0K – $1.11M
NOI $66,877 @ 7.0% cap · market cap 11.15%
Second Best
Warehouse
$698.4K
$611.1K – $814.8K
NOI $48,890 @ 7.0% cap · market cap 8.15%
Theoretical Best
Specialty Retail
$1.94M
$1.70M – $2.26M
NOI $135,616 @ 7.0% cap · market cap 22.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
185
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial facility with showroom, repair, fabrication, storage, and office areas across two buildings.
Where is this flex space located?
The property is located at 9602 W 133rd Ave Cedar Lake, IN.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 6,940‑square‑foot flex property with two commercial buildings; Showroom, repair and build space, storage, offices, and indoor vehicle parking; Two paint booths, two overhead doors, and 15‑foot ceilings across approximately half of Building 2
