Office Condominium with Conference
For Sale
$255,000
B-8025 Wicker Ave, Saint John, IN 46375
Functional suite includes enclosed offices, a kitchenette, restroom, and flexible workspace for professional operations.
Property Size1,200 SF
Price / SF$212.50
Days on Market155
Property Features for B-8025 Wicker Ave
General Information
Standard status
Active
Size
1,200 SF
Taxes and HOA fees
Annual Taxes
$2,643
Listing Agency:
McColly Real Estate
(708) 243-1827
Listed By:
Jeffrey Fryzel · License #475168697
(708) 243-1827
Source:
Exprealty
Added: Mar 10
Changed: Aug 10
Last Checked: Aug 10 at 6:43AM
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 McColly Real Estate
Investment Insights
Based on property information with market context.
This 1,200-square-foot office condominium at B-8025 Wicker Ave includes an open work area, two private offices, a conference room, kitchenette with refrigerator, restroom, storage closet, and carpeted floors. The unit is vacant and positioned for immediate occupancy or tenant placement. A tenant-managed HOA oversees the building.
The property fronts US-41 in the St. John and Schererville corridor, with monument signage opportunity. The neighboring 1,200-square-foot Unit C is also available, offering the option to acquire adjacent office space and create approximately 2,400 square feet across both units.
The property fronts US-41 in the St. John and Schererville corridor, with monument signage opportunity. The neighboring 1,200-square-foot Unit C is also available, offering the option to acquire adjacent office space and create approximately 2,400 square feet across both units.
Key Highlights
- 1,200‑square‑foot office condominium with open workspace and two enclosed offices
- Dedicated conference room, kitchenette with refrigerator, restroom, and storage closet
- Vacant unit available for immediate occupancy or tenant placement
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
$15,222
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
5.97%
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%
$304,440
$304.4K
Cap Rate 7%
$217,457
$217.5K
Cap Rate 9%
$169,133
$169.1K
Market Conditions
NOI Build-Up for 1,200 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
$25.9K $21.60/SF
− Vacancy
−$5.6K −$4.69/SF
EGI
$20.3K $16.91/SF
− OpEx
−$5.1K −$4.23/SF
NOI
$15.2K $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%
$304,440
Cap Rate 7%
$217,457
Cap Rate 9%
$169,133
Alternative Uses
Best Use
Office B
$217.5K
$190.3K – $253.7K
NOI $15,222 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$335.0K
$293.1K – $390.8K
NOI $23,450 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
383
Businesses Nearby
Explore this area
Business Placement
Demographics for 46375, IN
24,051
Population
10,064
Households
2.4
Avg Household Size
46
Median Age
36%
College-Educated
96%
High-School Grad
12.8 sq mi
ZIP Area
1,879
Density / Sq Mi
$89,646
Median Household Income
$51,448
Median Earnings
$1,250
Median Rent
$295,400
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?
Office units - Functional suite includes enclosed offices, a kitchenette, restroom, and flexible workspace for professional operations.
Where is this office units located?
The property is located at B-8025 Wicker Ave Saint John, IN.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 1,200‑square‑foot office condominium with open workspace and two enclosed offices; Dedicated conference room, kitchenette with refrigerator, restroom, and storage closet; Vacant unit available for immediate occupancy or tenant placement
