Two-Building Flex
For Sale
$599,900
9602 W 133rd Avenue, Cedar Lake, IN 46303
Commercial Sale, Cedar Lake, IN
Property Size6,940 SF
Lot Size0.41 Acres
Price / SF$86.44
Days on Market48
Property Features for 9602 W 133rd Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking
15
Directions
41 / East on 133rd
Standard status
Active
APN
451521476014000014
Size
6,940 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
S. 300FT OF THE W. 60FT OF THE E. 230FT SE1/4 S.21 T.34 R.9 (SUBJ TO UTILITY EAS M'T) 0.413 AC
Tax Annual Amount
4033
Legal Description
S. 300FT OF THE W. 60FT OF THE E. 230FT SE1/4 S.21 T.34 R.9 (SUBJ TO UTILITY EAS M'T) 0.413 AC
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Amenities
retail showroom with counter space
repair/build shop
indoor vehicle parking
private office
bathroom with wash tub and shower
storage
light fabrication area
two paint booths
15-foot ceilings
storage loft
second-floor office
two overhead doors
on-site parking
Building Details
Year built
1977
Listing Agency:
BHHS Executive Realty
(219) 663-1986
Listed By:
David Harkabus · License #RB14042838
(219) 313-1669
Added: Jul 23
Changed: Aug 19
Last Checked: Sep 8 at 4:06AM
MLS# 842738
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 flex property includes two commercial buildings totaling 6,940 square feet on a 0.413-acre site. The first building is approximately 3,000 square feet and combines a retail showroom, counter area, repair and build shop, indoor vehicle parking, private office, and bathroom with a wash tub and shower. The second building offers approximately 4,000 square feet with storage, light fabrication space, two paint booths, a storage loft, second-floor office, and two overhead doors. Approximately half of the building has 15-foot ceilings. Forced-air heating, public water, and public sewer serve the property.
The property is located at 9602 W 133rd Avenue in Cedar Lake, Indiana, along 133rd Avenue, identified as the primary east-west corridor through Cedar Lake. On-site parking covers approximately 3,750 square feet, with additional public parking across the street. Current operations include custom motorcycle fabrication, painting, sales, full-service repair, and golf cart sales. Year built: 1977.
The property is located at 9602 W 133rd Avenue in Cedar Lake, Indiana, along 133rd Avenue, identified as the primary east-west corridor through Cedar Lake. On-site parking covers approximately 3,750 square feet, with additional public parking across the street. Current operations include custom motorcycle fabrication, painting, sales, full-service repair, and golf cart sales. Year built: 1977.
Key Highlights
- 6,940‑square‑foot flex property on a 0.413‑acre site
- Two buildings with showroom, repair, fabrication, storage, and office areas
- Second building includes two paint booths, two overhead doors, and 15‑foot ceilings across approximately half the building
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
Property Profile
Current Use
Lease Details
Yes
Paved road access
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
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- La Dilla Mexican Grill — 9759 Lincoln Plz Wy, Cedar Lake, IN 46303
Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial improvements combine showroom, repair, fabrication, storage, offices, and vehicle service functions.
Where is this flex space located?
The property is located at 9602 W 133rd Avenue 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 on a 0.413‑acre site; Two buildings with showroom, repair, fabrication, storage, and office areas; Second building includes two paint booths, two overhead doors, and 15‑foot ceilings across approximately half the building
