Creative Space with Glass
For Sale
$649,500
9603 W 133rd Ave, Cedar Lake, IN 46303
Flexible layout includes a conference room, break areas, and dedicated office space.
Property Size1,923 SF
Price / SF$337.75
Days on Market28
Property Features for 9603 W 133rd Ave
General Information
Standard status
Active
Size
1,923 SF
Building Details
Year Built
1959
Listing Agency:
BHHS Executive Realty
(219) 313-1669
Listed By:
David Harkabus · License #RB14042838
Source:
Amyboston.realtopiare
Added: Aug 2
Changed: Aug 28
Last Checked: Aug 29 at 11:57AM
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 creative space at 9603 W 133rd Ave includes an open work area supported by a conference room, break spaces, and two glass-enclosed offices. The layout accommodates a mix of individual work and shared activities while maintaining defined rooms for meetings and private use.
The property also features a finished bathroom and a separate area for an additional bathroom with outside-only access. Built in 1959, the space offers a practical combination of open and enclosed areas for business operations, workshops, or collaborative work.
The property also features a finished bathroom and a separate area for an additional bathroom with outside-only access. Built in 1959, the space offers a practical combination of open and enclosed areas for business operations, workshops, or collaborative work.
Key Highlights
- Open work area with conference room and break spaces
- Two glassed‑in offices provide enclosed work areas
- Finished bathroom plus space for another bathroom with outside‑only access
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
$24,392
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
3.76%
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%
$487,840
$487.8K
Cap Rate 7%
$348,457
$348.5K
Cap Rate 9%
$271,022
$271.0K
Market Conditions
NOI Build-Up for 1,923 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
$41.5K $21.60/SF
− Vacancy
−$9.0K −$4.69/SF
EGI
$32.5K $16.91/SF
− OpEx
−$8.1K −$4.23/SF
NOI
$24.4K $12.68/SF
Area
Lake County, IN
Vacancy
21.70%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$487,840
Cap Rate 7%
$348,457
Cap Rate 9%
$271,022
Alternative Uses
Best Use
Office B
$348.5K
$304.9K – $406.5K
NOI $24,392 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$536.8K
$469.7K – $626.3K
NOI $37,578 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
185
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Creative space - Flexible layout includes a conference room, break areas, and dedicated office space.
Where is this creative space located?
The property is located at 9603 W 133rd Ave Cedar Lake, IN.
What is the asking price?
The asking price for this property is $649,500.
What are key features of this property?
This property features: Open work area with conference room and break spaces; Two glassed‑in offices provide enclosed work areas; Finished bathroom plus space for another bathroom with outside‑only access
