Flexible Creative Office
For Sale
$649,500
9603 W 133rd Avenue, Cedar Lake, IN 46303
COMMERCIAL - Cedar Lake, IN
Property Size1,923 SF
Lot Size0.17 Acres
Price / SF$337.75
Days on Market422
Property Features for 9603 W 133rd Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
12
Appliances
Microwave, Water Softener Owned, Refrigerator
Subdivision
Kubiaks Add
Directions
TAKE PARRISH or LAKESHORE DRIVE or 41 to 133RD AVENEUE. BUILDING IS ON THE CORNER OF PARRISH AND 133RD AVENUE.
Standard status
Active
APN
451528228033000014
Size
1,923 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
KUBIAK'S ADD LOT 1
Tax Annual Amount
8875
Legal Description
KUBIAK'S ADD LOT 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Well
Amenities
conference room
break spaces
glassed-in offices
bathroom
Building Details
Year built
1959
Listing Agency:
BHHS Executive Realty
(219) 663-1986
Listed By:
David Harkabus · License #RB14042838
(219) 313-1669
Added: Jun 22, 2025
Changed: Aug 4
Last Checked: Aug 17 at 6:06AM
MLS# 822954
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 1,923-square-foot creative space occupies a 0.172-acre parcel and combines open work areas with practical office amenities. The layout includes a conference room, designated break areas, and two glass-enclosed offices. One finished bathroom is in place, with additional space for another bathroom that is accessible only from outside. A microwave, refrigerator, and owned water softener are included, while forced-air heating supports the interior.
Constructed in 1959, the property has cable available, a well water source, and public sewer service. Its flexible configuration can accommodate meetings, workshops, collaborative work, and other creative office functions supported by the existing layout.
Constructed in 1959, the property has cable available, a well water source, and public sewer service. Its flexible configuration can accommodate meetings, workshops, collaborative work, and other creative office functions supported by the existing layout.
Key Highlights
- 1,923 SF creative workspace on a 0.172‑acre parcel
- Open layout with conference room and dedicated break areas
- Two glass‑enclosed offices included
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
184
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 - Adaptable workspace includes collaborative areas, a conference room, break spaces, and two enclosed glass offices.
Where is this creative space located?
The property is located at 9603 W 133rd Avenue 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: 1,923 SF creative workspace on a 0.172‑acre parcel; Open layout with conference room and dedicated break areas; Two glass‑enclosed offices included
