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    Calumet City Warehouse with Office Title is generated by Realmo AI

    140 State St, Calumet City, IN 60409

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

    Type:Industrial
    Property size:
    8,160 SF
    Price / SF:
    $119/SF
    Added:
    Mar 26, 2026
    Days on Market:
    66
    Last Refresh:
    May 13 at 8:13 pm

    Property Features for 140 State St

    General Information

    Standard status
    Active
    Size
    8,160 SF
    Property subtype
    Industrial

    We can help!

    Listing Contact
    David Lasser

    Listing agent David Lasser License #IN RB14026085

    Listing office Commercial In-Sites LLC

    Listing date Mar 26, 2026

    Source Crexi

    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 Commercial In-Sites LLC

    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.
    • Ample power supply: 400 Amp, 120/240 electric.
    • Potential for expansion: Adequate land area to add parking or fenced storage.
    • Benefits from high traffic counts: 8,000 cars/day (2022 INDOT data).

    Overview

    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).

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $117.5k $14.40
    − Vacancy −$18.8k −$2.30
    EGI $98.7k $12.10
    − OpEx −$24.7k −$3.02
    NOI $74.0k $9.07
    8,160 SF · lease $14.40/SF/yr · vacancy 16.00% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $1.06M
    $925.4K – $1.23M (±1% cap)
    NOI $74,028 @ 7.0% cap · market cap 7.59%
    Second Best
    Warehouse
    $790.7K
    $691.9K – $922.5K (±1% cap)
    NOI $55,349 @ 7.0% cap · market cap 5.68%
    Theoretical Best
    Office A
    $1.44M
    $1.26M – $1.68M (±1% cap)
    NOI $101,053 @ 7.0% cap · market cap 10.36%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Advance Products Inc Industrial Manufacturer

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Calumet City
    County
    Vermillion
    State
    Indiana
    Longitude
    -87.5278634
    Latitude
    41.6230289

    FAQs

    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 140 State St Calumet City, IN.
    What is the asking price?
    The asking price for this property is $975,000.
    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.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    David Lasser
    Real Estate License ID: IN RB14026085
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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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