Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Land for Lease/Sale Title is generated by Realmo AI

    6621 Melton Rd, Portage, IN 46368

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    2.92 acre square lot ideal for QSRs or retail.

    Type:Land
    Lot size:
    2.92 Acres
    Added:
    May 25, 2023
    Days on Market:
    1109
    Last Refresh:
    May 12 at 10:24 pm

    Property Features for 6621 Melton Rd

    General Information

    Standard status
    Active
    Lot size
    2.92 Acres
    Property subtype
    Land

    Spaces For Lease

    at 6621 Melton Rd Contact us

    We can help!

    Listing Contact
    Jeffrey Marchio
    Jeffrey Marchio

    Listing agent Jeffrey Marchio License #RB17000302

    Listing office Tharp Realty Group

    Listing date May 25, 2023

    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 Tharp Realty Group

    HighLights

    • 2.92 acre square lot ideal for development.
    • Zoned for commercial use.
    • Wide frontage on US 20.
    • Suitable for QSRs, government agency facilities, or retail stores.
    • Available for sale or lease (Ground Lease or BTS).
    • Ideal location.

    Overview

    This 2.92-acre square lot is available for sale or lease, with options for a ground lease or build-to-suit (BTS) arrangement. The property is zoned for commercial use and features substantial frontage on US 20. The location is particularly well-suited for quick-service restaurants (QSRs), government agency facilities, or retail stores.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Gym & Fitness Center Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Portage
    County
    Porter
    State
    Indiana
    Longitude
    -87.15759
    Latitude
    41.598419

    Nearby Similar for Lease

    • $2,500/Mo
      2,338 SF

      Office and Warehouse Space Available

      Office and warehouse space for lease with highway access.
      5680 Central Ave, Portage, IN 46368
      View Details
    • $22,500 SF/Yr
      18,000 SF

      Portage Commercial Buildings For Lease

      Two commercial buildings totaling 18,000 SF in Portage, Indiana.
      6610 Shepherd Drive, Portage, IN 46368
      View Details
    • Contact for pricing
      8,440 SF

      Grocery Anchored Retail Center Space

      Retail spaces available in Portage, anchored by Strack & Van Til.
      2563 Willowcreek Road, Portage, IN 46368
      View Details
    • Contact for pricing
      2,255 SF

      Retail Space in Augusta Center

      Retail space for lease in Portage, Indiana near Menards.
      6200 Us Highway 6, Portage, IN 46368
      View Details
    • Contact for pricing
      5,540 SF

      Former Restaurant Near Interstate Available

      Turnkey restaurant space with ample parking and high traffic counts.
      6171 Melton Road, Portage, IN 46368
      View Details
    • $15 SF/Yr
      1,690 SF

      Retail/Office Space on US 6

      Class A retail and office spaces available for lease.
      6650-6656 US Highway 6, Portage, IN
      View Details
    • Contact for pricing
      3,511 SF

      Move-in Ready Clinic Sublease

      3,511 SF former urgent care clinic available for sublease.
      5995 US-6, Portage, IN 46368
      View Details
    • $14 SF/Yr
      2,134 SF

      Compact Office Suite For Rent

      1,144 RSF office suite suitable for small teams.
      1605 Adler Circle, Portage, IN
      View Details
    • Contact for pricing
      66,270 SF

      Ameriplex at the Port Location

      Located in Northwest Indiana's premier business park.
      1680 Jensen Dr, Portage, IN 46368
      View Details
    • Contact for pricing
      28,875 SF

      Retail Space in Portage Center

      Retail space available in Portage's sub-regional trade area.
      US Highway 6, Portage, IN, 46368
      View Details
    • Contact for pricing
      2,255 SF

      Retail Space in Augusta Center

      Retail space available in Portage, Indiana near Menards.
      6200 Us Highway 6, Portage, IN 46368
      View Details
    • Contact for pricing

      Retail Space in Portage, Indiana

      Power center development in a high-traffic retail area.
      6495 US-6, Portage, IN 46368
      View Details

    FAQs

    What type of property is this?
    Commercial land - 2.92 acre square lot ideal for QSRs or retail.
    Where is this commercial land located?
    The property is located at 6621 Melton Rd Portage, IN.
    What are key features of this property?
    This property features: 2.92 acre square lot ideal for development.; Zoned for commercial use.; Wide frontage on US 20.
    (317) 284-5528 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jeffrey Marchio
    Jeffrey Marchio
    Real Estate License ID: RB17000302
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    6621 Melton Rd, Portage, IN 46368
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!