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

    1500 Colfax Street Gary, IN 46406

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    14.2-acre site with income-producing lease and immediate lease availability.

    Type:Land
    Property size:
    14 SF
    Lot size:
    14.20 Acres
    Added:
    Jan 27, 2026
    Days on Market:
    91
    Last Refresh:
    Dec 3 at 5:31 am

    Property Features for 1500 Colfax Street

    General Information

    Standard status
    Active
    Size
    14 SF
    Lot size
    14.20 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Kelly Disser

    Listing agent Kelly Disser

    Listing office

    Listing date Jan 27, 2026

    Source Naiglobal

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Kelly Disser

    Overview

    Secured Industrial Land for Lease

    This property features a 14.2-acre site, with 7.25 acres available for immediate lease. Approximately 4.87 acres are income-producing and leased through 2033. The site is fully lit, fenced, and secured with an electronic gate and two points of ingress. Existing zoning accommodates trucking, transportation, and equipment storage. Zoned M-2, the property offers significant yard space suitable for trailer parking, equipment, or material storage. It provides access to Cline Avenue, I-80, I-90, I-94, I-65, 15th and Colfax Streets.
    Location Intelligence

    Current Use by Public Records

    Colfax Parking Parking Lot & Garage

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Auto Parts Store Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Gary
    County
    Lake
    State
    Indiana
    Longitude
    -87.4135
    Latitude
    41.5874

    Nearby Similar for Sale

    • $499,900
      6,457 SF

      Gary Multifamily Investment Opportunity

      Six-unit multifamily property with redevelopment potential in Gary, Indiana.
      2315 Industrial Boulevard, Gary, IN 46407
      View Details
    • $200,000
      4,560 SF

      Gary, IN Commercial Property

      Commercial property operating as mechanic shop, suitable for automotive/industrial uses.
      1134 Virginia Street, Gary, IN 46407
      View Details
    • $263,000
      5,600 SF

      Prime Commercial Parcel in Gary

      Premier commercial parcel in Miller Beach's thriving East Lakefront District.
      614 S Lake Street, Gary, IN 46403
      View Details
    • $130,000

      Prime Homesite in Miller Beach

      Exceptional lot to build your custom dream home by the lake.
      1083 N Wayne Street, Gary, IN 46403
      View Details
    • $129,000

      Gary, Indiana Multifamily Investment

      Two-unit property with strong income potential in Gary, Indiana.
      3569 Maryland Street, Gary, IN 46409
      View Details
    • $560,000
      5,262 SF

      Commercial Garage Near I-80/94

      3.41 acre site with 5,262 SF building near I-80/94.
      2241 Hamlin Street, Gary, IN 46406
      View Details
    • $145,900
      2,607 SF

      Commercial Property in Miller District

      Commercial fixer-upper in Gary's Miller Business District.
      288 S Lake Street, Gary, IN 46403
      View Details
    • $1,400,000
      12,400 SF

      Industrial Building with Showroom

      12,400 SF industrial building with showroom and fenced lot.
      5200 Cleveland Street, Gary, IN 46410
      View Details
    • $49,000

      Two-Unit Building: Investor Special

      Two 3-bedroom units, full rehab needed, strong rental demand.
      1072 Van Buren Street, Gary, IN 46402
      View Details
    • $200,000

      Downtown Gary Development Opportunity

      Prime location near planned revitalization, ideal for high-density housing.
      420 Adams Street, Gary, IN 46402
      View Details
    • $62,000
      800 SF

      Gary, IN Commercial Opportunity

      Commercial building on a busy street, great customer potential.
      2553 W 11th Avenue, Gary, IN 46404
      View Details
    • $70,000

      Land Near Lake Michigan

      Homesite in Miller Beach near Lake Michigan, Indiana.
      7506-10 Indian Boundary, Gary, IN 46403
      View Details

    FAQs

    What type of property is this?
    Industrial land - 14.2-acre site with income-producing lease and immediate lease availability.
    Where is this industrial land located?
    The property is located at 1500 Colfax Street Gary, IN.
    What are key features of this property?
    This property features: Significant yard space ideal for trailer parking, equipment, or material storage.; Existing zoning supports trucking, transportation, and equipment storage uses.; ±4.87 acres are income‑producing and leased through 2033.
    (317) 432-4813
    We can help!
    Listing Contact
    Kelly Disser
    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!