Auto Shop with Vehicle
For Sale
$440,000
2400 W Ridge Road, Gary, IN 46408
Commercial Sale, Gary, IN
Property Size5,832 SF
Lot Size0.32 Acres
Price / SF$75.45
Days on Market47
Property Features for 2400 W Ridge Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
10
Parking features
Garage, Alley, Driveway, On Street, Off Street
Exterior features
Private Yard
Subdivision
Woodlawn
Lot features
Rectangular Lot
Directions
Ridge past Cleveland. Property on North side of Ridge.
Standard status
Active
APN
450829136004000003
Size
5,832 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
WOODLAWN BLOCK 7 LOTS 18 TO 21 & S1/2 VAC ALLEY
Tax Annual Amount
1536
Legal Description
WOODLAWN BLOCK 7 LOTS 18 TO 21 & S1/2 VAC ALLEY
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1949
Listing Agency:
Integrity Realty Partners
(219) 501-0404
Listed By:
Angela Manning · License #RB17000786
(219) 628-3432
Added: Jul 6
Changed: Aug 19
Last Checked: Aug 21 at 7:06AM
MLS# 841797
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.
Investment Insights
Based on property information with market context.
This 5,832-square-foot auto shop at 2400 W Ridge Road is configured for vehicle service, with three vehicle lifts, broad open work areas, office space, a tool room, parts storage, and industrial shelving. Recent improvements include a new roof with new sheeting and updated electrical panels. A private yard provides outdoor space, while garage, driveway, alley, on-street, and off-street parking options are identified for the property.
The 0.324-acre site is served by public water and public sewer and carries M-1 Light Manufacturing zoning. Built in 1949, the building offers an established commercial structure for an automotive operator or another use supported by the applicable zoning and property configuration.
The 0.324-acre site is served by public water and public sewer and carries M-1 Light Manufacturing zoning. Built in 1949, the building offers an established commercial structure for an automotive operator or another use supported by the applicable zoning and property configuration.
Key Highlights
- 5,832 SF auto shop on a 0.324‑acre site
- 3 vehicle lifts with open work areas
- New roof with new sheeting and updated electrical panels
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,834
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.69%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$676,680
$676.7K
Cap Rate 7%
$483,343
$483.3K
Cap Rate 9%
$375,933
$375.9K
Market Conditions
NOI Build-Up for 5,832 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.1K $8.76/SF
− Vacancy
−$2.8K −$0.47/SF
EGI
$48.3K $8.29/SF
− OpEx
−$14.5K −$2.49/SF
NOI
$33.8K $5.80/SF
Area
Lake County, IN
Vacancy
5.39%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$676,680
Cap Rate 7%
$483,343
Cap Rate 9%
$375,933
Alternative Uses
Best Use
Retail
$802.9K
$702.5K – $936.7K
NOI $56,200 @ 7.0% cap · market cap 12.77%
Second Best
Industrial
$483.3K
$422.9K – $563.9K
NOI $33,834 @ 7.0% cap · market cap 7.69%
Theoretical Best
Specialty Retail
$1.63M
$1.42M – $1.90M
NOI $113,965 @ 7.0% cap · market cap 25.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
Location Intelligence
Trade Area within ½ mile
344
Businesses Nearby
2k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Old National Bank
Shops & Services
2,164 visits/mo
0.4 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
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - M-1 Light Manufacturing zoning supports the existing automotive service configuration and related commercial operations.
Where is this auto shop located?
The property is located at 2400 W Ridge Road Gary, IN.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: 5,832 SF auto shop on a 0.324‑acre site; 3 vehicle lifts with open work areas; New roof with new sheeting and updated electrical panels
