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    Griffith Commercial Unit with Storage Title is generated by Realmo AI

    139 Gatlin Drive, Griffith, IN 46319

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    For Lease
    $5,200/Mo $14 SF/Yr (calc)

    COMMERCIAL - Griffith, IN

    Property size:
    4,200 SF
    Lot size:
    0.93 Acres
    Added:
    Nov 10, 2025
    Days on Market:
    184
    Last Refresh:
    May 13 at 3:06 am

    Property Features for 139 Gatlin Drive

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    APN
    451101127009000033
    Size
    4,200 SF
    Lot size
    0.93 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    GATLIN'S ADDITION PHASE 3 LOT 34
    Tax Annual Amount
    18898

    Utilities

    Sewer type
    Public Sewer

    Building Details

    Year built
    2008

    We can help!

    Listing Contact
    David Harkabus

    Listing agent David Harkabus License #RB14042838

    Listing office BHHS Executive Realty 1201 N. Main St, Crown Point, IN

    Listing date Nov 10, 2025

    MLS# 830626

    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

    • 4200 sq ft commercial‑industrial unit with 1000 sq ft outdoor storage and parking.
    • Located by Griffith Airport.
    • Three powered overhead 14‑foot doors and 3‑phase electric.
    • Morton building built to high‑end standards with 8‑inch reinforced concrete slab floors.
    • Office space with private office, kitchenette, bathroom with oversized shower, and AC.
    • Insulated walls & ceilings, fully heated, and LED lighting.

    Overview

    This commercial-industrial unit offers 4200 square feet of space, complemented by 1000 square feet of outdoor storage and parking. Located near Griffith Airport, the property includes 660 square feet of office space, featuring a private 11 x 11 office, a smaller front office area, a kitchenette, and a bathroom with an oversized shower. The building has 16-foot eaves and three powered overhead 14-foot doors. It is equipped with 3-phase electric, LED lighting, and insulated walls and ceilings. Constructed to high-end standards as a Morton building, it features 8-inch slab reinforced floors. The property provides ample paved parking with asphalt curbs, and the backyard is fully concreted for storage. The unit is fully heated, with AC in the office space, and includes large windows for natural light. A car lift is present in the unit. The property will be available starting 1-1-26. The unit next door is a commercial laundry business and they use 4 parking spots. All outdoor storage space and parking for this unit is marked in picture #2.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bee Local 219 Charitable Organization BSE Inc Work Clothes Store Our Textile Hive ... Clothing Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Hotel & Motel Gym & Fitness Center Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Griffith
    County
    Lake
    State
    Indiana
    Longitude
    -87.403938
    Latitude
    41.521143

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    FAQs

    What type of property is this?
    Warehouse - 4200 SF commercial-industrial unit with outdoor storage and parking.
    Where is this warehouse located?
    The property is located at 139 Gatlin Drive Griffith, IN.
    What is the lease rate?
    The lease rate is $5,200 /Mo.
    What are key features of this property?
    This property features: 4200 sq ft commercial‑industrial unit with **1000 sq ft outdoor storage and parking.**; Located by Griffith Airport.; **Three powered overhead 14‑foot doors and 3‑phase electric.**
    (219) 313-1669
    We can help!
    Listing Contact
    David Harkabus
    Real Estate License ID: RB14042838
    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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    139 Gatlin Drive, Griffith, IN 46319
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