Two-Building Warehouse
For Sale
$350,000
3777 Vermont, Gary, IN 46409
Commercial Sale, Gary, IN
Property Size4,226 SF
Lot Size0.48 Acres
Price / SF$82.82
Days on Market60
Property Features for 3777 Vermont
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
8
Parking features
Garage, Off Street, Oversize
Interior features
High Ceilings
Exterior features
Lighting
Subdivision
Great Gary Realty Companys Add 01
Lot features
Front Yard, Rectangular Lot
Directions
Ridge Road to South on Vermont. Property on East Side.
Standard status
Active
APN
450827204019000004
Size
4,226 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
GREAT GARY REALTY CO'S 1ST. ADD. ALL L.24 BL.11 & W2 VAC. ALLEY ADJ. AND GREAT GARY REALTY CO'S 1ST. ADD. ALL L.25 BL.11 & W2 VAC. ALLEY ADJ. AND GREAT GARY REALTY CO'S 1ST. ADD. ALL L.26 BL.11 & W2 VAC. ALLEY ADJ. AND GREAT GARY REALTY CO'S. 1ST ADD. ALL L.27 BL.11 & W2.VAC. ALLEY ADJ.&L.28 BL.11 & E2 VAC. ALLEY ADJ. & N2. VAC. 38TH AVE. ADJ.
Tax Annual Amount
4000
Legal Description
GREAT GARY REALTY CO'S 1ST. ADD. ALL L.24 BL.11 & W2 VAC. ALLEY ADJ. AND GREAT GARY REALTY CO'S 1ST. ADD. ALL L.25 BL.11 & W2 VAC. ALLEY ADJ. AND GREAT GARY REALTY CO'S 1ST. ADD. ALL L.26 BL.11 & W2 VAC. ALLEY ADJ. AND GREAT GARY REALTY CO'S. 1ST ADD. ALL L.27 BL.11 & W2.VAC. ALLEY ADJ.&L.28 BL.11 & E2 VAC. ALLEY ADJ. & N2. VAC. 38TH AVE. ADJ.
Utilities
Sewer type
Septic Tank
Heating system
Forced Air
Water source
Public
Building Details
Year built
1966
Listing Agency:
Integrity Realty Partners
(219) 501-0404
Listed By:
Angela Manning · License #RB17000786
(219) 628-3432
Added: Jul 30
Changed: Sep 17
Last Checked: Sep 27 at 4:06PM
MLS# 843132
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 industrial property includes two freestanding warehouse buildings totaling 4,226 square feet across four separate parcels. The buildings offer open-span layouts, concrete flooring, overhead lighting, high ceilings, and existing warehouse racking. An expansive gravel yard provides outdoor storage space and parking, with access suited to semi-trucks, trailers, and heavy equipment. The property also includes garage and off-street parking, forced-air heat, public water, and septic service.
Located at 3777 Vermont in Gary, Indiana, the property is designated M1-2 Light Industrial. The site was built in 1966 and combines enclosed warehouse capacity with yard area for industrial storage and operations. Buyer verification is required for measurements, parcel information, zoning requirements, and permitted uses.
Located at 3777 Vermont in Gary, Indiana, the property is designated M1-2 Light Industrial. The site was built in 1966 and combines enclosed warehouse capacity with yard area for industrial storage and operations. Buyer verification is required for measurements, parcel information, zoning requirements, and permitted uses.
Key Highlights
- 4,226‑square‑foot industrial property on 0.4839 acres
- Two freestanding warehouse buildings across four separate parcels
- M1‑2 Light Industrial zoning
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
$29,771
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
8.51%
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%
$595,420
$595.4K
Cap Rate 7%
$425,300
$425.3K
Cap Rate 9%
$330,789
$330.8K
Market Conditions
NOI Build-Up for 4,226 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
$37.0K $8.76/SF
− Vacancy
−$2.0K −$0.47/SF
EGI
$35.0K $8.29/SF
− OpEx
−$5.3K −$1.24/SF
NOI
$29.8K $7.04/SF
Area
Lake County, IN
Vacancy
5.39%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
15.00%
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%
$595,420
Cap Rate 7%
$425,300
Cap Rate 9%
$330,789
Alternative Uses
Best Use
Warehouse
$425.3K
$372.1K – $496.2K
NOI $29,771 @ 7.0% cap · market cap 8.51%
Second Best
Industrial
$350.2K
$306.5K – $408.6K
NOI $24,517 @ 7.0% cap · market cap 7.00%
Theoretical Best
Specialty Retail
$1.18M
$1.03M – $1.38M
NOI $82,581 @ 7.0% cap · market cap 23.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
156
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46409, IN
6,975
Population
4,238
Households
1.6
Avg Household Size
35
Median Age
12%
College-Educated
85%
High-School Grad
3.6 sq mi
ZIP Area
1,938
Density / Sq Mi
$40,637
Median Household Income
$29,769
Median Earnings
$1,194
Median Rent
$73,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Two freestanding warehouses provide open layouts, concrete floors, high ceilings, racking, and outdoor storage space.
Where is this warehouse located?
The property is located at 3777 Vermont Gary, IN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 4,226‑square‑foot industrial property on 0.4839 acres; Two freestanding warehouse buildings across four separate parcels; M1‑2 Light Industrial zoning
