Listing Agency: Commercial In-Sites LLC

Listed By: David Lasser · License #IN RB14026085 Show Phone

Source: Crexi

Added: Mar 26 Changed: Sep 28 Last Checked: Oct 5 at 6:44PM

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Investment Insights

Based on property information with market context.

This 8,160 square foot property features a warehouse and office space. The 2,160 square foot office area includes three offices, a conference room, an open reception area, and a bathroom. The 6,000 square foot warehouse is equipped with two Reznor suspended gas heaters, a slot floor drain, and three ceiling fans. Transom windows are present. The property includes one 10'x14' drive-in door and one dock with a 10'x14' overhead door with a canopy leveler and sump pump. Electrical service is 400 amp, 120/240. A forklift is available for sale. The property has adequate land area to add parking or fenced storage. Located in Calumet City on State Street between Wentworth Avenue and Indiana State Line Road, the property is situated approximately 1/4 mile west of the Indiana/Illinois state line, 1 mile west of US Highway 41, 1 1/2 miles south of I-94, 3 miles north of the Indiana Toll Road, and 8 miles north of U.S. Highway 30. Nearby businesses and landmarks include ALTA Material Handling, Hasse Construction, Linz Meats, Calumet City Public Safety Training Center, Strack and Van Til, and Wendy's. The 2022 INDOT traffic count was 8,000 cars per day. The 2023 taxes were $10,959.75 ($1.34/SF).

Key Highlights

• 8,160 SF warehouse with 2,160 SF office space featuring 3 offices, conference room, and reception area.
• Convenient location with easy access to major highways (I‑94, US Highway 41, Indiana Toll Road) and proximity to the Indiana/Illinois state line.
• Functional warehouse features include 1 drive‑in door (10'x14'), 1 dock with 10'x14' OHD with canopy leveler, slot floor drain, and 2 Reznor suspended gas heaters.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$74,028

Cap Rate

8.46%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,480,560 $1.5M

Cap Rate 7%

$1,057,543 $1.1M

Cap Rate 9%

$822,533 $822.5K

Market Conditions

NOI Build-Up for 8,160 SF

Gross rent

$117.5K $14.40/SF

− Vacancy

−$18.8K −$2.30/SF

EGI

$98.7K $12.10/SF

− OpEx

−$24.7K −$3.02/SF

NOI

$74.0K $9.07/SF

Area

Vermillion County, IN

Vacancy

16.00%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,480,560

Cap Rate 7%

$1,057,543

Cap Rate 9%

$822,533

Alternative Uses

Best Use

Office B

$1.06M

$925.4K – $1.23M (±1% cap)

NOI $74,028 @ 7.0% cap · market cap 8.46%

Second Best

Warehouse

$790.7K

$691.9K – $922.5K (±1% cap)

NOI $55,349 @ 7.0% cap · market cap 6.33%

Theoretical Best

Office A

$1.44M

$1.26M – $1.68M (±1% cap)

NOI $101,053 @ 7.0% cap · market cap 11.55%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Office Units

Suggested Use

Top Pick Real Estate Agency Dental Office Building Supply Spa & Massage Center Big Box & Wholesale Store HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

475

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Warehouse - 8,160 SF warehouse with 2,160 SF office space.

Where is this warehouse located?

The property is located at 3445 Ridge Road Highland, IN.

What is the asking price?

The asking price for this property is $875,000.

What are key features of this property?

This property features: 8,160 SF warehouse with 2,160 SF office space featuring 3 offices, conference room, and reception area.; Convenient location with easy access to major highways (I‑94, US Highway 41, Indiana Toll Road) and proximity to the Indiana/Illinois state line.; Functional warehouse features include 1 drive‑in door (10'x14'), 1 dock with 10'x14' OHD with canopy leveler, slot floor drain, and 2 Reznor suspended gas heaters.