Adjacent Office Condominium
For Sale
$514,000
B-c-8025 Wicker Ave, Saint John, IN 46375
Two adjoining suites offer reception, offices, conference rooms, and support areas for flexible professional use.
Property Size2,400 SF
Price / SF$214.17
Days on Market174
Property Features for B-c-8025 Wicker Ave
General Information
Standard status
Active
Size
2,400 SF
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$5,404
Amenities
Monument signage opportunity
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Jeffrey Fryzel · License #475168697
(219) 322-5508
Source:
Exprealty
Added: Mar 10
Changed: Aug 29
Last Checked: Aug 29 at 7:54PM
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 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.
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 = 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
$30,443
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
5.92%
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%
$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
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
$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 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%
$608,860
Cap Rate 7%
$434,900
Cap Rate 9%
$338,256
Alternative Uses
Best Use
Office B
$434.9K
$380.5K – $507.4K
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
NOI $46,899 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
