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    Retail/Office Space - Blank Canvas Title is generated by Realmo AI

    508 S Lake Street, Gary, IN 46403

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    Claim this Listing
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    For Sale
    $89,900

    SINGLE_FAMILY - Gary, IN

    Type:Retail
    Property size:
    720 SF
    Lot size:
    0.06 Acres
    Price / SF:
    $124/SF
    Added:
    May 13, 2026
    Days on Market:
    1
    Last Refresh:
    May 13 at 11:06 pm

    Property Features for 508 S Lake Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Parking
    3
    Parking features
    On Street, Alley, Off Street
    Standard status
    Active
    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

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1948

    We can help!

    Listing Contact
    Lutrell Kirk
    Lutrell Kirk

    Listing agent Lutrell Kirk

    Listing office Kirk & Company Your Home Sold 8219 Wicker Ave, Chesterton, IN

    Listing date May 13, 2026

    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.

    HighLights

    • Opportunity to own commercial space for less than rent, building equity.
    • Priced below market value, allowing for customized renovations.
    • Versatile 720 sq ft space suitable for various businesses or investment strategies.
    • Ideal for value‑add investors seeking to renovate and lease.
    • Strong income potential after renovations, offering long‑term control and appreciation.
    • Located in an area with access to public water and sewer, and natural gas.

    Overview

    This approximately 720 sq ft retail/office space presents an opportunity for small business owners, investors, and contractors. It is suitable for entrepreneurs, investors, barber/salon owners, nail technicians/estheticians, insurance agents/mortgage brokers, boutique owners, and startup service businesses. The property allows owners to build equity while customizing the space. Value-add investors can renovate the discounted space and lease it out at a higher rate, or refinance and hold for cash flow. This blank canvas business opportunity allows owners to control their location for less than rent. The space is priced below market to reflect needed updates, providing the chance to customize it and create instant upside. It is perfect for a barber shop, salon, boutique, insurance office, tax service, or any service-based business seeking an affordable location with long-term control. Investors can step into a value-add commercial property with strong income potential after renovations. Contractors can turn their skills into equity and design their ideal workspace. Located in Gary, Indiana, the 0.062-acre lot offers potential for various business ventures.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Gary
    County
    Lake
    State
    Indiana
    Longitude
    -87.26836
    Latitude
    41.601418

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    FAQs

    What type of property is this?
    Retail space - 720 sq ft retail/office space for small business owners.
    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: Opportunity to own commercial space for less than rent, building equity.; Priced below market value, allowing for customized renovations.; Versatile 720 sq ft space suitable for various businesses or investment strategies.
    (219) 308-7179
    We can help!
    Listing Contact
    Lutrell Kirk
    Lutrell Kirk
    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.

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