Updated Retail
For Sale
$140,000
3232 Michigan Street, New Chicago, IN 46342
Commercial Sale, New Chicago, IN
Property Size1,290 SF
Lot Size0.22 Acres
Price / SF$108.53
Days on Market33
Property Features for 3232 Michigan Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
10
Subdivision
New Chicago Add 06
Lot features
Corner Lot, Paved
Directions
Michigan St. to 3232. SW corner of Michigan St. and Tyler Ave.
Standard status
Active
APN
450919156020000022
Size
1,290 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
6TH ADD NEW CHICAGO BLK 6 LOTS 1 TO 3
Tax Annual Amount
4497
Legal Description
6TH ADD NEW CHICAGO BLK 6 LOTS 1 TO 3
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1957
Listing Agency:
McColly Real Estate
(219) 962-7538
Listed By:
Frank Ennis · License #RB14022177
(219) 730-6680
Added: Sep 4
Changed: Sep 12
Last Checked: Oct 6 at 3:06AM
MLS# 844857
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 1,290-square-foot storefront property was built in 1957 and has received updates to its mechanical systems, roof, and interior. The building is served by natural gas forced-air heat, public water, and public sewer, with cable availability also provided. On-site parking supports the property’s retail configuration.
Located at 3232 Michigan Street in New Chicago, the property offers a compact commercial footprint for a storefront-oriented operation. Refrigerators currently at the property are excluded from the sale but may be purchased separately.
Located at 3232 Michigan Street in New Chicago, the property offers a compact commercial footprint for a storefront-oriented operation. Refrigerators currently at the property are excluded from the sale but may be purchased separately.
Key Highlights
- 1,290‑square‑foot storefront building on 0.215 acres
- Recent improvements include newer mechanical systems and a newer roof
- Interior updates have been completed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,431
Cap Rate
8.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$248,620
$248.6K
Cap Rate 7%
$177,586
$177.6K
Cap Rate 9%
$138,122
$138.1K
Market Conditions
NOI Build-Up for 1,290 SF
Gross rent
$18.6K $14.40/SF
− Vacancy
−$817 −$0.63/SF
EGI
$17.8K $13.77/SF
− OpEx
−$5.3K −$4.13/SF
NOI
$12.4K $9.64/SF
Area
Lake County, IN
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$248,620
Cap Rate 7%
$177,586
Cap Rate 9%
$138,122
Alternative Uses
Best Use
Retail
$177.6K
$155.4K – $207.2K
NOI $12,431 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$360.1K
$315.1K – $420.1K
NOI $25,208 @ 7.0% cap · market cap 18.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
168
Businesses Nearby
4k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
El Ranchero
Dining
3,543 visits/mo
0.4 miles
Demographics for 46342, IN
32,540
Population
13,774
Households
2.4
Avg Household Size
40
Median Age
21%
College-Educated
93%
High-School Grad
35.0 sq mi
ZIP Area
930
Density / Sq Mi
$72,163
Median Household Income
$41,574
Median Earnings
$1,110
Median Rent
$193,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- Bryan's Florist — 1331 W 37th Ave, Hobart, IN 46342
Frequently Asked Questions
What type of property is this?
Storefront property - Freestanding retail building with refreshed mechanical systems, roof improvements, interior updates, and on-site parking.
Where is this storefront property located?
The property is located at 3232 Michigan Street New Chicago, IN.
What is the asking price?
The asking price for this property is $140,000.
What are key features of this property?
This property features: 1,290‑square‑foot storefront building on 0.215 acres; Recent improvements include newer mechanical systems and a newer roof; Interior updates have been completed
