1112-1114 E Commercial Avenue, Lowell, IN 46356 (MLS# 825231)

1112-1114 E Commercial Avenue, Lowell, IN 46356

$500,000

Property Type: Commercial Sale Square Footage: 2,378 Lot Size (sq. ft.): 76,230 Status: Closed

Current Price: $500,000 List Date: 7/31/2025 Last Modified: 9/30/2025

Overview

Description

The numbers don't lie - and the return on your money is STRONG. [I/R=V] : Rents Annual 48,000, Tax Annual 5,896, Insurance Annual 2,250 = NETMONTHLY Income 3,321 (This does not factor in an estimated annual budget for maintenance & repair and basically since all systems, roof & mechanicals are dialed in and for the most part have a LONG LONG life left: AGE: Roof 10+/-, AC 3-4, Boiler 15+/-, PAVED Lot NEW 2020) An investor will NO DOUBT and should factor that in but for now will leave it as a middle of the road base line scenario. NETANNUAL INCOME=478,248 and using the 10pct rule for value for JUST the building WITHOUT any future increases (NNN here so you wont go down due to those expenses) is 480,000. And based on a bank appraisals INCOME APPROACH its very similar at 500K. AS FOR THE EXTRA ACREAGE - even harder to find since SO FEW like places left along Commercial / State Rd 2 let alone w/entry access. The LOT ONLY portion of this package has 148'F/ 339'D VS O'Reilly's Auto Parts acr ... (Read more)

Listing Details MLS# 825231

General Property Information

Number Of Units Total: Yes
Living Area: 2378
Building Area Source: Assessor
Year Built: 1987
Parking Total: 19
Lot Size Acres: 1.75
Lot Size Square Feet: 76230
Lot Size Source: Assessor
Waterfront YN: No
Basement YN: No
Stories: Yes

Property Features

Building Features: Business District Location; Office Park Location; Public Restrooms Business Type: Professional/Office Construction Materials: Brick; Wood Siding Cooling: Central Air Current Use: Commercial; Unimproved Electric: 200+ Amp Service Exterior Features: Storage Flooring: Carpet Heating: Hot Water; Natural Gas Listing Terms: Cash; Conventional Lot Features: Corner Lot; Few Trees; Landscaped; Paved Owner Pays: Grounds Care Parking Features: Paved Possession: Close Of Escrow; Subject To Tenant Rights Possible Use: Commercial; Development; Medical/Dental; Mini-Storage; Mixed Use; Office; Recreational; Retail Rail Availability: None Roof: Asphalt Sewer: Public Sewer Special Listing Conditions: Standard Tenant Pays: All Utilities Utilities: Electricity Connected; Natural Gas Connected; Sewer Connected; Water Connected View: Neighborhood; Trees/Woods Water Source: Public

Contract Information

Auction YN: No
Original List Price: 650000
Property Sub Type: Retail
Listing Agreement: Exclusive Right To Sell
Seller to consider offering concessions: Yes
Occupant Type: Tenant

Location Tax and Legal

Street Number: 1112-1114
Street Direction Prefix: E
Street Name: Commercial
Street Suffix: Avenue
County: Lake
State: IN
Postal Code: 46356

Remarks and Miscellaneous

Public Remarks: The numbers don't lie - and the return on your money is STRONG. [I/R=V] : Rents Annual 48,000, Tax Annual 5,896, Insurance Annual 2,250 = NETMONTHLY Income 3,321 (This does not factor in an estimated annual budget for maintenance & repair and basically since all systems, roof & mechanicals are dialed in and for the most part have a LONG LONG life left: AGE: Roof 10+/-, AC 3-4, Boiler 15+/-, PAVED Lot NEW 2020) An investor will NO DOUBT and should factor that in but for now will leave it as a middle of the road base line scenario. NETANNUAL INCOME=478,248 and using the 10pct rule for value for JUST the building WITHOUT any future increases (NNN here so you wont go down due to those expenses) is 480,000. And based on a bank appraisals INCOME APPROACH its very similar at 500K. AS FOR THE EXTRA ACREAGE - even harder to find since SO FEW like places left along Commercial / State Rd 2 let alone w/entry access. The LOT ONLY portion of this package has 148'F/ 339'D VS O'Reilly's Auto Parts across the street having 258'F / 300' D and1.77 Acres that SOLD 2015 for 260K. A great comp since nothing like it LOCATION specific but there are a couple of the next most recent that incl Dunkin' Donuts w/tiny frontage of 100' / 222' for .51 Acre & SOLD for 250K in 2021 and then Taco Bell's Lot 158' / 175' .63 Acre SOLD for 300K in 2023 - JUST Sampling the 3 its clear the lots are selling for FAR more but for FAR less SF and simply taking the avg frontage at 1,569 plf the xtra lot easily falls in the 232,000+ realm - and that's before factoring the access f/Commercial AND The West side parking lot of the current building. LOADS of expansion options, strip malls + stand alones. So VERY conservatively speaking a 712,000 value is substantiated - DISCOUNTED package 650K - lease thru 5/31/27 [Original lease 6/1/2016 and renewable every 3 years] ....The .96Acre Lot by itself 200K is ideal for 2-3 4units residential like surrounding parcels. Building only 500K

Status Change Information

Major Change Timestamp: 2025-09-30T18:05:30Z
Major Change Type: Status Change
Status Change Timestamp: 2025-09-30
Offer Acceptance Date: 2025-09-16
Close Date: 2025-09-30
Close Price: 500000
Concessions: Yes
Buyer Financing: Cash

More Information

Building Features

Office SqFt: 2378
Business District Location: Yes
Office Park Location: Yes
Public Restrooms: Yes

Exemption Information

Exemption YN: No

Showing Requirements

Showing Instructions: Tour online building photos, exterior site visit is allowable on own with agent scheduled appt in showing assist

Location, Tax, and Legal

Tax Annual Amount: 5958
Tax Year: 2024
Tax Legal Description: PT. E1/2 SE SE S.23 T.33 R.9 216.43X131.88X204.38X117.85FT. EX. PT OF N.35.08FT IN R/W 0.43AC. & PT. OF W. 148FT. OF E. 352.38 FT. OF SE. SE. SE. S.23 T.33 R.9 Ex. N.35.08ft in R/W 0.96AC
Parcel Number: 451923481006000008
Additional Parcels YN: Yes
Additional Parcels Description: Parcel: 45-19-23-481-005.000-008
Zoning Description: Commercial
Township: Cedar Creek
Directions: From Rt 41 Take Commercial Ave (Rt 2) East to property on south side of the street.

Construction Materials

Brick: Yes
Wood Siding: Yes

Cooling

Central Air: Yes

Electric

200+ Amp Service: Yes

Exterior Features

Storage: Yes

Flooring

Carpet: Yes

Heating

Hot Water: Yes
Natural Gas: Yes

Listing Terms

Cash: Yes
Conventional: Yes

Lot Features

Corner Lot: Yes
Few Trees: Yes
Landscaped: Yes
Paved: Yes

Parking Features

Paved: Yes

Possession

Close Of Escrow: Yes
Subject To Tenant Rights: Yes

Roof

Asphalt: Yes

Sewer

Public Sewer: Yes

Special Listing Conditions

Standard: Yes

Utilities

Electricity Connected: Yes
Natural Gas Connected: Yes
Sewer Connected: Yes
Water Connected: Yes

View

Neighborhood: Yes
Trees/Woods: Yes

Water Source

Public: Yes

Owner Pays

Grounds Care: Yes

Tenant Pays

All Utilities: Yes

Current Use

Commercial: Yes
Unimproved: Yes

Possible Use

Commercial: Yes
Development: Yes
Medical/Dental: Yes
Mini-Storage: Yes
Mixed Use: Yes
Office: Yes
Recreational: Yes
Retail: Yes

Business Type

Professional/Office: Yes

Rail Availability

None: Yes

Listing Office: SCHUPP Real Estate

Last Updated: September - 30 - 2025

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