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    Commercial Property in Miller District Title is generated by Realmo AI

    288 S Lake Street, Gary, IN 46403

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    Claim this Listing
    Pending
    $145,900

    SINGLE_FAMILY - Gary, IN

    Type:Retail
    Property size:
    2,607 SF
    Lot size:
    0.17 Acres
    Added:
    Oct 1, 2025
    Days on Market:
    227
    Last Refresh:
    May 15 at 12:06 am

    Property Features for 288 S Lake Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Rooms
    Basement
    Parking
    6
    Parking features
    On Street
    Basement
    Partially Finished
    Standard status
    Pending
    APN
    450906251013000004
    Size
    2,607 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    LAKE AVE. SUBDIV. EX.W.60FT. LOTS 1,2,3,BL.4
    Tax Annual Amount
    2409

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1957

    We can help!

    Listing Contact
    Brent Sherman

    Listing agent Brent Sherman License #RB24000630

    Listing office McColly Real Estate 6445 US Highway 6, Schererville, IN

    Listing date Oct 1, 2025

    MLS# 828637

    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

    • Prime corner lot location in the Miller Business District offering outstanding visibility and access.
    • Flexible layout suitable for retail, office, service, or mixed‑use development.
    • Value‑add potential for investors, developers, or owner‑users.
    • Off‑street parking and strong street presence to attract foot and vehicle traffic.
    • Located in one of Gary's most desirable and growing districts.
    • Heating: Forced Air, Natural Gas

    Overview

    Located in the heart of the Miller Business District in Gary, Indiana, this commercial property presents an investment opportunity. Situated on a corner lot, the property offers visibility and access. The building, with a flexible layout, is suitable for retail, office, service, or mixed-use purposes. Off-street parking is available. The location is positioned to attract foot and vehicle traffic. The property, with a size of 2607 square feet and a lot size of 0.165 acres, is being sold as-is, with the seller making no repairs. This property is located in Lake County, Indiana, with a postal code of 46403.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tattoo Art Therapy Tattoo & Piercing Shop

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Gary
    County
    Lake
    State
    Indiana
    Longitude
    -87.268336
    Latitude
    41.604467

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    FAQs

    What type of property is this?
    Specialty property - Commercial fixer-upper in Gary's Miller Business District.
    Where is this specialty property located?
    The property is located at 288 S Lake Street Gary, IN.
    What is the asking price?
    The asking price for this property is $145,900.
    What are key features of this property?
    This property features: Prime corner lot location in the Miller Business District offering outstanding visibility and access.; Flexible layout suitable for retail, office, service, or mixed‑use development.; Value‑add potential for investors, developers, or owner‑users.
    (219) 487-3331
    We can help!
    Listing Contact
    Brent Sherman
    Real Estate License ID: RB24000630
    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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