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    602 E Beverly Drive Beverly Shores, IN 46301

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    For Sale
    $775,000

    LAND - Beverly Shores, IN

    Lot size:
    6.08 Acres
    Added:
    May 10, 2023
    Days on Market:
    1092
    Last Refresh:
    May 5 at 10:06 pm

    Property Features for 602 E Beverly Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    640402102011000011
    Lot size
    6.08 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Platted Subdivision: No, Legal Description: PAR IN N823.89 S1453.89 W OF RD NW 2-37-5 4.265A
    Tax Annual Amount
    3562

    Utilities

    Utilities
    Water Available
    Sewer type
    Septic Tank
    Water source
    Public
    Water front
    1

    We can help!

    Listing Contact
    Elizabeth Doherty

    Listing agent Elizabeth Doherty License #RB14051325

    Listing office Coldwell Banker Realty 10 N Whittaker St., New Buffalo, IN

    Listing date May 10, 2023

    MLS# 530202 Listing URL

    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.

    Overview

    Beverly Shores Wooded Acreage

    This is a rare opportunity to own over 6 wooded acres in Beverly Shores, Indiana, surrounded by the Indiana Dunes National Park. The property, owned by the same family for generations, is the largest of its kind in the Dunes. A winding road leads past a vacant cottage to the property's summit, offering seasonal views of Lake Michigan and panoramic views of the surrounding area. The land is suitable for building a single home or multiple homes for a compound or resale. Located steps away from the lake, hiking and biking trails, wildlife, and birds, this location offers year-round beauty and enjoyment for nature lovers. The property is located close to Michigan City and Chesterton for dining and shopping. Beverly Shores has its own South Shore Line train station with daily service and express trains to and from the City, now being enhanced with the Double Track Project.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Food Market Grocery & Convenience Store Discount Store Furniture & Home Goods Grocery & Convenience Store Wine and Liquor Store Catering Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Beverly Shores
    County
    Porter
    State
    Indiana
    Longitude
    -86.971184
    Latitude
    41.689587

    Nearby Similar for Sale

    • $30,000

      Beverly Shores Vacant Lot

      Vacant lot near Lake Michigan in Beverly Shores, Indiana.
      Roberts Avenue, Beverly Shores, IN 46301
      View Details
    • $25,000

      Vacant Lot Near Lake Michigan

      Platted vacant lot near Lake Michigan and Lakeview Beach.
      Millicent Avenue, Beverly Shores, IN 46360
      View Details
    • $149,000

      Land in Beverly Shores, IN

      Vacant land available in Beverly Shores, Indiana.
      Pleasant Avenue, Beverly Shores, IN 46301
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    • $520,000

      Beverly Shores Land with Lake Views

      Over 1 acre building site with Lake Michigan views.
      Lake Shore County Road, Beverly Shores, IN 46301
      View Details

    FAQs

    What type of property is this?
    Land - Rare 6+ acre wooded property near Indiana Dunes National Park.
    Where is this land located?
    The property is located at 602 E Beverly Drive Beverly Shores, IN.
    What is the asking price?
    The asking price for this property is $775,000.
    What are key features of this property?
    This property features: Over 6 acres of wooded land in Beverly Shores, surrounded by Indiana Dunes National Park.; Largest property of its kind in the Dunes.; Seasonal views of Lake Michigan and panoramic views.
    (773) 255-3534
    We can help!
    Listing Contact
    Elizabeth Doherty
    Real Estate License ID: RB14051325
    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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