1902 W Ridge Rd, Gary, IN 46408

Building Details

Year Built 1941 More

Year Renovated 2007 More

Buildings 1 More

Listing Agency: Banga Realty, LLC Show Phone

Listed By: Ronald Miller Show Phone

Source: Exprealty

Added: Oct 18 Changed: Nov 7 Last Checked: Nov 8 at 7:37AM

Report an Issue

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 Banga Realty, LLC

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

The 1,536-square-foot storefront at 1902 W Ridge Rd has an adaptable interior and parking for 16 vehicles. Built in 1941, the building underwent rehabilitation in 2007 and was previously used as a beauty salon.

The property fronts a main Gary corridor and is near Richard Gordan Drive, with access to I-80/94. Industrial, transportation, and commercial uses are present in the surrounding area.

Key Highlights

• 1,536 square feet of storefront space
• Parking for 16 vehicles
• Built in 1941 and rehabilitated in 2007

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$14,802

Cap Rate

5.92%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$296,040 $296.0K

Cap Rate 7%

$211,457 $211.5K

Cap Rate 9%

$164,467 $164.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,536 SF

Gross rent

$22.1K $14.40/SF

− Vacancy

−$973 −$0.63/SF

EGI

$21.1K $13.77/SF

− OpEx

−$6.3K −$4.13/SF

NOI

$14.8K $9.64/SF

Area

Lake County, IN

Vacancy

4.40%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$296,040

Cap Rate 7%

$211,457

Cap Rate 9%

$164,467

Alternative Uses

Best Use

Retail

$211.5K

$185.0K – $246.7K (±1% cap)

NOI $14,802 @ 7.0% cap · market cap 5.92%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$428.8K

$375.2K – $500.3K (±1% cap)

NOI $30,015 @ 7.0% cap · market cap 12.01%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Salon 112 Hair Salon

Suggested Use

Top Pick Real Estate Agency Law Firm Pharmacy Spa & Massage Center Big Box & Wholesale Store Gym & Fitness Center

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

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

356

Businesses Nearby

43k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 60% Shops & Services 35% Apparel 5%

McDonald's Dining

25,851 visits/mo 0.4 miles

Dollar General Shops & Services

4,631 visits/mo 0.4 miles

AutoZone Shops & Services

3,759 visits/mo 0.3 miles

Old National Bank Shops & Services

2,164 visits/mo 0.1 miles

Ashley Stewart Apparel

2,130 visits/mo 0.3 miles

Demographics for 46408, IN

15,109

Population

7,861

Households

1.9

Avg Household Size

38

Median Age

12%

College-Educated

84%

High-School Grad

9.7 sq mi

ZIP Area

1,558

Density / Sq Mi

$47,063

Median Household Income

$35,163

Median Earnings

$1,016

Median Rent

$96,200

Median Home Value

Market

Average Price Trend$/SF for Storefront properties in Lake County, IN

$139 Jul

$148 Aug

$140 Sep

$130 Oct

Properties on Market for Storefront properties in Lake County

Jul

Aug

Sep

Oct

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Similar For Sale Nearby

See more

Leased Storefront Property

4007 Broadway, Gary, IN 46409

$175,000

2,160 SF

View details

Flexible Retail/Office Storefront

3906 W 11th Ave, Gary, IN 46404

$55,000

1,200 SF

View details

Freestanding Storefront Property

2553 W 11th Avenue, Gary, IN 46404

$59,000

800 SF

View details

Storefront Retail Property

731 E 41st Avenue, Gary, IN 46409

$54,900

3,822 SF

View details

Six-Unit Mixed-Use Property

4683 Broadway, Gary, IN 46409

$399,900

9,000 SF

View details

Mixed-Entry Retail Building

1600 Broadway, Gary, IN 46407

$42,900

6,094 SF

View details

Harley-Davidson-Themed Tavern

4489 Broadway, Gary, IN 46409

$205,000

1,270 SF

View details

Two-Story Mixed-Use Property

2439 W 15th Avenue, Gary, IN 46404

$225,000

3,387 SF

View details

Specialty Commercial Building

912-18 Aetna St, Gary, IN 46403

$42,000

2,003 SF

View details

Two-Story Brick Specialty Property

4457 Broadway, Gary, IN 46409

Contact for pricing

1,980 SF

View details

2-Unit Duplex with Private Entrances

649 Tyler St, Gary, IN 46402

$120,000

2,872 SF

View details

Auto Shop with Paint Booth

1134 Virginia Street, Gary, IN 46407

$195,000

4,560 SF

View details

Frequently Asked Questions

What type of property is this?

Storefront property - An adaptable commercial interior is paired with on-site vehicle parking and access to I-80/94.

Where is this storefront property located?

The property is located at 1902 W Ridge Rd Gary, IN.

What is the asking price?

The asking price for this property is $249,999.

What are key features of this property?

This property features: 1,536 square feet of storefront space; Parking for 16 vehicles; Built in 1941 and rehabilitated in 2007