Retail/Office Space with Off-Street
For Sale
$89,900
Pending
508 S Lake Street, Gary, IN 46403
SINGLE_FAMILY - Gary, IN
Property Size720 SF
Lot Size0.06 Acres
Days on Market85
Property Features for 508 S Lake Street
General Information
Property type
Residential
Property subtype
Retail
Parking
3
Parking features
Off Street, On Street, Alley
Directions
US-12 E/US-20 E to Lake St to property
Standard status
Pending
APN
450906401018000004
Size
720 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
CHAS. F. BLANK'S RESUB. BLK. 13 N. 1/2 LOT 3 BL. 1 S. 7.5 FT. LOT 2 BL. 1
Tax Annual Amount
1045
Legal Description
CHAS. F. BLANK'S RESUB. BLK. 13 N. 1/2 LOT 3 BL. 1 S. 7.5 FT. LOT 2 BL. 1
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1948
Listing Agency:
Kirk & Company Your Home Sold
(219) 281-8502
Listed By:
Lutrell Kirk
(219) 308-7179
Added: May 13
Changed: Jul 30
Last Checked: Aug 5 at 3:06PM
MLS# 838821
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.
Retail/office space located at 508 S Lake Street in Gary, Indiana, offering approximately 720 square feet within a 0.062-acre lot. The building was constructed in 1948 and is heated with forced air.
Parking is available with off-street and on-street options, plus alley access, supporting small business and contractor use cases. Utilities include natural gas availability, with public water and public sewer services.
This is a compact standalone footprint well suited for an operator or investor seeking a small commercial space that can be customized for service-oriented retail and office use.
Parking is available with off-street and on-street options, plus alley access, supporting small business and contractor use cases. Utilities include natural gas availability, with public water and public sewer services.
This is a compact standalone footprint well suited for an operator or investor seeking a small commercial space that can be customized for service-oriented retail and office use.
Key Highlights
- Approximately 720 SF retail/office space
- 0.062‑acre lot
- Built in 1948
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $10.4k | $14.40 |
| − Vacancy | −$456 | −$0.63 |
| EGI | $9.9k | $13.77 |
| − OpEx | −$3.0k | −$4.13 |
| NOI | $6.9k | $9.64 |
720 SF · lease $14.40/SF/yr · vacancy 4.40% · expense 30.00%
Alternative Uses
Best Use
Retail
$99.1K
$86.7K – $115.6K
NOI $6,938 @ 7.0% cap · market cap 7.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$201.0K
$175.9K – $234.5K
NOI $14,070 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
378
Businesses Nearby
27k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 67%
Shops & Services 33%
McDonald's
Dining
15,472 visits/mo
0.5 miles
Citgo
Shops & Services
5,453 visits/mo
0.5 miles
SUBWAY
Dining
2,742 visits/mo
0.5 miles
Chase Bank
Shops & Services
1,633 visits/mo
0.4 miles
Fifth Third Bank & ATM
Shops & Services
1,391 visits/mo
0.2 miles
Demographics for 46403, IN
11,649
Population
6,317
Households
1.8
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
9.1 sq mi
ZIP Area
1,280
Density / Sq Mi
$44,114
Median Household Income
$37,569
Median Earnings
$939
Median Rent
$154,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Small retail/office building on a 0.062-acre lot with forced-air heat and off-street parking options including alley access.
Where is this retail space located?
The property is located at 508 S Lake Street Gary, IN.
What is the asking price?
The asking price for this property is $89,900.
What are key features of this property?
This property features: Approximately 720 SF retail/office space; 0.062‑acre lot; Built in 1948
