Retail Space with
For Sale
$89,900
Pending
508 S Lake Street, Gary, IN 46403
Commercial Sale, Gary, IN
Property Size720 SF
Lot Size0.06 Acres
Days on Market100
Property Features for 508 S Lake Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking
3
Parking features
On Street, Alley, Off Street
Directions
US-12 E/US-20 E to Lake St to property
Standard status
Pending
APN
450906401018000004
Size
720 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
CHAS. F. BLANK'S RESUB. BLK. 13 N. 1/2 LOT 3 BL. 1 S. 7.5 FT. LOT 2 BL. 1
Tax Annual Amount
1045
Legal Description
CHAS. F. BLANK'S RESUB. BLK. 13 N. 1/2 LOT 3 BL. 1 S. 7.5 FT. LOT 2 BL. 1
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1948
Listing Agency:
Kirk & Company Your Home Sold
(219) 281-8502
Listed By:
Lutrell Kirk
(219) 308-7179
Added: May 13
Changed: Aug 19
Last Checked: Aug 20 at 9:06PM
MLS# 838821
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 720-square-foot retail space at 508 S Lake Street provides a compact commercial footprint with flexibility for a storefront or service-oriented operation. Built in 1948, the property requires updates, allowing the interior to be reworked to suit a new occupant’s needs. Heating is provided by forced air, and parking is available off street, on street, and through the alley.
The property sits in Gary, Indiana, within Lake County. The site measures 0.062 acres and is served by public water and public sewer. Natural gas is available, supporting a range of potential commercial configurations subject to the applicable requirements for the intended use.
The property sits in Gary, Indiana, within Lake County. The site measures 0.062 acres and is served by public water and public sewer. Natural gas is available, supporting a range of potential commercial configurations subject to the applicable requirements for the intended use.
Key Highlights
- 720 square feet of retail space
- 0.062‑acre site in Gary, IN
- Built in 1948
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
$6,938
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
7.72%
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%
$138,760
$138.8K
Cap Rate 7%
$99,114
$99.1K
Cap Rate 9%
$77,089
$77.1K
Market Conditions
NOI Build-Up for 720 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
$10.4K $14.40/SF
− Vacancy
−$456 −$0.63/SF
EGI
$9.9K $13.77/SF
− OpEx
−$3.0K −$4.13/SF
NOI
$6.9K $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 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%
$138,760
Cap Rate 7%
$99,114
Cap Rate 9%
$77,089
Alternative Uses
Best Use
Office B
$130.5K
$114.2K – $152.2K
NOI $9,133 @ 7.0% cap · market cap 10.16%
Second Best
Retail
$99.1K
$86.7K – $115.6K
NOI $6,938 @ 7.0% cap · market cap 7.72%
Theoretical Best
Specialty Retail
$201.0K
$175.9K – $234.5K
NOI $14,070 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 46403, IN
11,649
Population
6,317
Households
1.8
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
9.1 sq mi
ZIP Area
1,280
Density / Sq Mi
$44,114
Median Household Income
$37,569
Median Earnings
$939
Median Rent
$154,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail space offers multiple parking options, public utilities, and natural gas availability for commercial occupancy.
Where is this retail space located?
The property is located at 508 S Lake Street Gary, IN.
What is the asking price?
The asking price for this property is $89,900.
What are key features of this property?
This property features: 720 square feet of retail space; 0.062‑acre site in Gary, IN; Built in 1948
