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    Portage Commercial Buildings For Lease Title is generated by Realmo AI

    6610 Shepherd Drive, Portage, IN 46368

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    For Lease
    $22,500 SF/Yr $33,750,000/Mo (calc)

    COMMERCIAL - Portage, IN

    Property size:
    18,000 SF
    Lot size:
    4.37 Acres
    Added:
    Oct 29, 2025
    Days on Market:
    198
    Last Refresh:
    May 14 at 2:06 pm

    Property Features for 6610 Shepherd Drive

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Parking features
    Open, Off Street, Driveway, Oversize, Garage
    Security features
    Security Lighting
    Exterior features
    Lighting, Storage, Rain Gutters, Private Yard
    Standard status
    Active
    APN
    640331154002000016
    Size
    18,000 SF
    Lot size
    4.37 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Parc W359 E2108.24 N530.10 S703.28 Nw Tif 31-37-6 4.369A
    Tax Annual Amount
    25179

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Zoned, Natural Gas, Forced Air, Central
    Water source
    Public

    Building Details

    Year built
    1998
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Jimmy Karalis
    Jimmy Karalis

    Listing agent Jimmy Karalis License #IN RB14035192

    Listing office JK Pro Realty, LLC 8385 Wicker Ave. Suite A, Saint John, IN

    Listing date Oct 29, 2025

    MLS# 830022

    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.

    HighLights

    • Two buildings totaling 18,000 SF offering flexible space.
    • Convenient location near major highways.
    • Ample parking and outdoor space.
    • Main building built in 1998; secondary building built in 2011.
    • Suitable for light industrial, warehouse, or commercial use.
    • Zoned heating with natural gas.

    Overview

    This property in Portage, Indiana, presents an exceptional lease opportunity with two commercial buildings totaling 18,000 square feet. The main building, constructed in 1998, offers 14,400 square feet of flexible layout suitable for light industrial, warehouse, or commercial use. A secondary building, built in 2011, provides an additional 3,600 square feet, ideal for storage, workshop, or expansion needs. The property is situated on a 4.369-acre lot and features ample parking and outdoor space for operations or equipment. The location is near major highways. The property is suitable for growing businesses seeking space and long-term potential. Office space is available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Map

    City
    Portage
    County
    Porter
    State
    Indiana
    Longitude
    -87.161509
    Latitude
    41.615363

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    FAQs

    What type of property is this?
    Warehouse - Two commercial buildings totaling 18,000 SF in Portage, Indiana.
    Where is this warehouse located?
    The property is located at 6610 Shepherd Drive Portage, IN.
    What is the lease rate?
    The lease rate is $22,500.
    What are key features of this property?
    This property features: Two buildings totaling 18,000 SF offering flexible space.; Convenient location near major highways.; Ample parking and outdoor space.
    (219) 712-1567
    We can help!
    Listing Contact
    Jimmy Karalis
    Jimmy Karalis
    Real Estate License ID: IN RB14035192
    Learn More
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    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
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