Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    515 Narva Place East Chicago, IN 46312

    View on Map
    For Sale
    Contact for pricing

    LAND - East Chicago, IN

    Lot size:
    0.07 Acres
    Added:
    Mar 6, 2026
    Days on Market:
    26
    Last Refresh:
    Apr 1 at 4:06 am

    Property Features for 515 Narva Place

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    450329208009000024
    Lot size
    0.07 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxDescription
    SUB. NE. S. 29 T. 37. R. 9 LOT 42 BL. 4
    TaxAnnualAmount
    552

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Joseph Burdick
    Joseph Burdick

    Listing agent Joseph Burdick License #475197006

    Listing office Weichert Realtors - Shoreline 746 E. Lincoln Hwy, Schererville, IN

    Listing date Mar 6, 2026

    MLS# 835048

    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.

    Overview

    Residential Lot in East Chicago

    This residential lot, located in a neighborhood setting in East Chicago, Indiana, presents an opportunity for building a home or investment property. The parcel, with a size of 0.07 acres, is suited for builders, investors, or future homeowners looking to develop in an established area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Daycare Center Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    East Chicago
    County
    Lake
    State
    Indiana
    Longitude
    -87.477027
    Latitude
    41.636414

    Nearby Similar for Sale

    • $680,000
      3,500 SF

      East Chicago Nightclub and Bar

      Turnkey nightclub and bar with a three-way liquor license.
      4620 Tod Avenue, East Chicago, IN 46312
      View Details
    • $300,000
      6,726 SF

      East Chicago Commercial Opportunity

      Mixed-use building with apartment and fenced lot in East Chicago.
      4014 Euclid Avenue unit: 24, East Chicago, IN 46312
      View Details
    • $329,900

      East Chicago Land Opportunity

      4.078 acre land parcel near major transportation routes.
      1300 W 145th Street, East Chicago, IN 46312
      View Details
    • $95,000
      1,875 SF

      East Chicago Commercial Opportunity

      East Chicago property with potential for restaurant, retail, or creative space.
      604 W 151st Street, East Chicago, IN 46312
      View Details
    • $350,000

      Two Brick Homes on One Parcel

      Two separate homes on one parcel, great investment opportunity.
      612 W 149th Street, East Chicago, IN 46312
      View Details
    • $145,000

      East Chicago Triplex with Coach

      Triplex with detached coach house in established East Chicago neighborhood.
      5008 Alexander Avenue, East Chicago, IN 46312
      View Details
    • $110,000

      East Chicago Multi-Unit Investment

      Multi-unit property in high-demand rental corridor, ideal for investors.
      4853 Mccook Avenue, East Chicago, IN 46312
      View Details
    • $125,000

      East Chicago Multifamily Investment Opportunity

      Four-unit residential building in East Chicago with renovation potential.
      4944 Kennedy Avenue, East Chicago, IN 46312
      View Details
    • $232,000

      Remodeled Duplex in East Chicago

      Completely remodeled 2-unit duplex, ideal for investors or homeowners.
      616 W 144th Street, East Chicago, IN 46312
      View Details
    • $460,000

      East Chicago Four-Unit Multifamily Property

      Stabilized investment opportunity with updated units and reliable tenants.
      5001 Magoun Avenue, East Chicago, IN 46312
      View Details
    • $175,000

      East Chicago Multi-Unit Building

      Three-unit building with income potential in convenient location.
      4828 Melville Avenue, East Chicago, IN 46312
      View Details
    • $30,000

      East Chicago Commercial Land Opportunity

      Three adjacent commercial lots in downtown East Chicago.
      4001-05 Main Street East Chicago, IN 46312
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Residential lot for building in an established East Chicago neighborhood.
    Where is this residential land & home lot located?
    The property is located at 515 Narva Place East Chicago, IN.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Residential lot suitable for building a home or investment property.; Located in an established neighborhood in East Chicago, Indiana.; Public water source available.
    (815) 545-0086
    We can help!
    Listing Contact
    Joseph Burdick
    Joseph Burdick
    Real Estate License ID: 475197006
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!