Sign Up Successful!
You now have access to more from Realmo!
    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

    Lenburg Rd Portage, IN 46368

    Sponsored
    For Sale
    $600,000

    LAND - Portage, IN

    Lot size:
    67.73 Acres
    Days on Market:
    132
    Last Refresh:
    Jan 28 at 10:06 pm

    Property Features for Lenburg Rd

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    640608451001000016
    Lot size
    67.73 Acres

    We can help!

    Listing Contact
    Matt Evans
    Matt Evans

    NWI Pro Services Inc. dba RE/MAX Lifestyles (219) 241-8401

    Listing agent Matt Evans (219) 241-8401

    Listing date Sep 19, 2025

    MLS# 818883

    Copyright © 2025 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.

    Learn more

    Property Insight Report

    Overview

    Portage Land with Varied Terrain

    This 67.73-acre property in Portage, Indiana, features a mix of agricultural ground and wooded sections, offering potential for various uses. A portion of the land consists of floodplain along Salt Creek. Access to the property is provided through an easement and a strip of land off Lenburg Road, situated near the lift station for Portage Sanitation. Approximately 58 acres are estimated to be usable, with around 10 acres in low-lying or floodplain areas; buyer to verify these measurements. The property is located along the southeast side of the Prairie Duneland Trail. Zoned R1 in the City of Portage, IN, the land requires a cash purchase, commercial loan, or agricultural loan.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Agricultural properties

    Map

    City
    Portage
    County
    Porter
    State
    Indiana
    Longitude
    -87.130065
    Latitude
    41.586169

    Nearby Similar for Sale

    • $295,000
      Pending

      High-Visibility Portage Office Building

      2,100 sq ft office building in thriving business corridor.
      3437 Airport Rd, Portage, IN 46368
      View Details
    • $235,000
      Pending

      Duplex Backing Up To Park

      Duplex on a lot backing up to Countryside Park North.
      3314-16 Brown St, Portage, IN 46368
      View Details
    • $2,983,870

      New Construction Starbucks Investment Opportunity

      New construction Starbucks in Chicago MSA with long-term lease.
      6051 Central Ave, Portage, IN 46368
      View Details
    • $299,000
      793 SF

      Waterfront Condo with Stunning Views

      Serene 1-bedroom waterfront condo with luxurious living and amazing location.
      6009 S Dune Harbor Dr, Portage, IN 46368
      View Details
    • $12,250,000
      96,200 SF

      Portage Multifamily Investment Opportunity

      100-unit multifamily property in Portage, Indiana, with renovation upside.
      6021-55 Mccasland Ave, Portage, IN 46368
      View Details
    • Contact for pricing
      133,841 SF

      Freestanding Retail Building For Sale

      Single-tenant retail building in Portage, Indiana, near Chicago.
      6221 Us Highway 6, Portage, IN 46368
      View Details
    • $199,000
      0.29 Acres

      Portage Office Building - High Traffic Area

      Prime Office Space, Month-to-Month Leases
      6195 Central Ave, Portage, IN 46368
      View Details
    • $649,000
      3.93 Acres

      Portage Commercial Land - Huge Potential

      3.93 Acres, Highway Commercial Zoning
      6340 Melton Rd, Portage, IN 46368
      View Details
    • $300,000
      0.35 Acres

      Portage Industrial Property - Lake Access

      Versatile industrial property near I-94, ideal for business or investment.
      1370 Nealon Dr, Portage, IN 46368
      View Details
    • $797,000
      9.90 Acres

      High-Visibility Portage Retail Property

      Prime Hwy 6 location, 9.9 acres, high traffic.
      5540 Us Highway 6, Portage, IN 46368
      View Details
    • $12,500,000
      96,200 SF

      Canden Crossing Apartments

      100-Unit Multifamily Investment
      6021-55 Canden Ave, Portage, IN 46368
      View Details
    • $6,800,000

      Marina Shores: Prime Investment

      Lake Michigan Marina For Sale
      6159 Dune Harbor Dr, Portage, IN 46368
      View Details

    FAQs

    What type of property is this?
    Land - 67.73 acres of agricultural and wooded land in Portage.
    Where is this land located?
    The property is located at Lenburg Rd Portage, IN.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: - Large acreage with approximately 58 usable acres within city limits.; - Combination of agricultural ground, wooded sections, and access to Salt Creek.; - Proximity to the Prairie Duneland Trail.
    (219) 241-8401
    Request Owner's contact information
    Lenburg Rd Portage, IN 46368
    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.
    Lenburg Rd
    Portage, IN 46368
    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
    Lenburg Rd Portage, IN 46368
    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

    We can help!
    Listing Contact
    Matt Evans
    Matt Evans
    Real Estate License ID: RB14034485
    (219) 241-8401
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.