Listing Agency: McColly Real Estate

Listed By: Jeffrey Fryzel · License #475168697 Show Phone

Source: Exprealty

Added: Mar 10 Changed: Oct 13 Last Checked: Oct 12 at 8:35PM

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Investment Insights

Based on property information with market context.

This offering combines two adjacent office condominium units totaling approximately 2, 400 SF. Each suite measures 1, 200 SF, allowing the spaces to operate separately or together. Interior features include reception areas, open work areas, private offices, conference rooms, kitchen facilities, restrooms, and storage. Both units are vacant and available for occupancy or tenant placement.

The property fronts the US-41 corridor in St. John near the Schererville border. Monument signage is available, providing an on-site identification opportunity along a visible commercial route. The condominium association is tenant-managed, and the combined layout supports a range of professional office configurations.

Key Highlights

• Two adjacent office condominiums totaling approximately 2, 400 SF
• Two 1, 200 SF suites that can function independently or together
• Reception areas, open workspaces, enclosed offices, and conference rooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$30,443

Cap Rate

5.92%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$608,860 $608.9K

Cap Rate 7%

$434,900 $434.9K

Cap Rate 9%

$338,256 $338.3K

Market Conditions

NOI Build-Up for 2,400 SF

Gross rent

$51.8K $21.60/SF

− Vacancy

−$11.2K −$4.69/SF

EGI

$40.6K $16.91/SF

− OpEx

−$10.1K −$4.23/SF

NOI

$30.4K $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 Rate 5%

$608,860

Cap Rate 7%

$434,900

Cap Rate 9%

$338,256

Alternative Uses

Best Use

Office B

$434.9K

$380.5K – $507.4K (±1% cap)

NOI $30,443 @ 7.0% cap · market cap 5.92%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$670.0K

$586.2K – $781.7K (±1% cap)

NOI $46,899 @ 7.0% cap · market cap 9.12%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Office Units

Suggested Use

Top Pick HVAC Service Plumbing Service Daycare Center (Bike/Boat/Book/etc) Store Electrical Service Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Office units

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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this office units located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office units - Two adjoining suites offer reception, offices, conference rooms, and support areas for flexible professional use.

Where is this office units located?

The property is located at B-c-8025 Wicker Ave Saint John, IN.

What is the asking price?

The asking price for this property is $514,000.

What are key features of this property?

This property features: Two adjacent office condominiums totaling approximately 2, 400 SF; Two 1, 200 SF suites that can function independently or together; Reception areas, open workspaces, enclosed offices, and conference rooms