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    Commercial Property in Chesterton, Indiana Title is generated by Realmo AI

    950 Wabash Avenue, Chesterton, IN 46304

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    Claim this Listing
    For Sale
    $1,250,000

    COMMERCIAL - Chesterton, IN

    Property size:
    21,760 SF
    Lot size:
    1.70 Acres
    Price / SF:
    $57/SF
    Added:
    May 6, 2026
    Days on Market:
    16
    Last Refresh:
    May 21 at 2:06 pm

    Property Features for 950 Wabash Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    22
    Parking features
    Off Street, Garage, Oversize
    Exterior features
    Private Yard
    Appliances
    Gas Water Heater
    Standard status
    Active
    APN
    640336154002000023
    Size
    21,760 SF
    Lot size
    1.70 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    WABASH WEST INDUSTRIAL PK E79.87 LOT 1 & ALL LOTS 2&3 1.72A (SEE NOTES)
    Tax Annual Amount
    9682

    Utilities

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

    Building Details

    Year built
    1985

    We can help!

    Listing Contact
    Tina Raffin

    Listing agent Tina Raffin

    Listing office McColly Real Estate 560-4 Indian Boundary Road, Schererville, IN

    Listing date May 6, 2026

    MLS# 838729

    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

    The property features two buildings. The west building, located at 980 Wabash Avenue, was constructed in 1988 and contains 12,800 square feet. The east building, located at 950 Wabash Avenue, was constructed in 1985 and contains 8,960 square feet. The buildings have central air conditioning and gas furnaces in the office areas, and gas space heaters in the shop areas. The interior walls are insulated steel panels in the shop areas and painted drywall in the office areas. Lighting is provided by fluorescent fixtures. The structure is steel frame with a steel exterior and an 8-inch concrete slab foundation over 4-inch granular fill. The roof is asphalt shingle supported by a steel frame and steel trusses with 12-inch ceiling insulation. The flooring is sealed concrete with floor drains. 950 Wabash contains one restroom in the office area and one in the shop area, while 980 Wabash has one restroom in the office area. 950 Wabash has 8 private office spaces and one conference room, while 980 Wabash offers 6 private office spaces and one conference room. The property has 400 AMPS electric in 980 Wabash and 200 AMPS in 950 Wabash, which also includes a generator. The property is situated on a 1.704-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Chesterton
    County
    Porter
    State
    Indiana
    Longitude
    -87.066188
    Latitude
    41.614012

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    FAQs

    What type of property is this?
    Flex space - Two-building commercial property with office and shop space.
    Where is this flex space located?
    The property is located at 950 Wabash Avenue Chesterton, IN.
    What is the asking price?
    The asking price for this property is $1,250,000.
    (219) 405-4485
    We can help!
    Listing Contact
    Tina Raffin
    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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