Fully Sprinkled Flex
For Sale
$1,339,000
700 Broadway Avenue, Chesterton, IN 46304
COMMERCIAL - Chesterton, IN
Property Size20,528 SF
Lot Size0.60 Acres
Price / SF$65.23
Days on Market137
Property Features for 700 Broadway Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Business
Parking
36
Parking features
On Street, Off Street, Alley
Interior features
High Ceilings, Open Floorplan
Subdivision
Hasletts 03 Add/Chesterton
Lot features
Corner Lot
View
City
Elementary school district
Duneland School Corporation
Middle school district
Duneland School Corporation
High school district
Duneland School Corporation
Directions
Take Calumet Ave to Broadway, West on Broadway to 700 Broadway which is on the South West corner of Broadway and Chesterton Blvd
Standard status
Active
APN
640336331006000023
Size
20,528 SF
Lot size
0.60 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
HASLETTS 3RD LOTS 1-3 BLK 1
Tax Annual Amount
7885
Legal Description
HASLETTS 3RD LOTS 1-3 BLK 1
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
Netnitco fiber
cameras
LED lighting
freight lift
Building Details
Year built
1951
Listing Agency:
RE/MAX Lifestyles · RE/MAX International
(219) 462-2121
Listed By:
Jay Gottleber
(219) 928-8437
Added: Apr 2
Changed: Aug 4
Last Checked: Aug 16 at 2:06PM
MLS# 836474
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 flex space building offers an adaptable layout with high ceilings and an open floor plan. The property is fully sprinkled and equipped with forced air heating on natural gas, public water, and public sewer. Interior improvements include two staircases and a freight lift that serves the second floor.
The building is zoned B-2 and is located on Broadway Avenue in Chesterton, positioned along a high-visibility east-west corridor through the area. Parking totals 36 spaces, including 24 on a private lot and 12 on the street. Additional operational features include Netnitco fiber, camera system, and over 95 percent LED lighting.
Power is supported by a 400-amp, three-phase incoming power service, providing capacity for a range of commercial configurations consistent with the property’s zoning.
The building is zoned B-2 and is located on Broadway Avenue in Chesterton, positioned along a high-visibility east-west corridor through the area. Parking totals 36 spaces, including 24 on a private lot and 12 on the street. Additional operational features include Netnitco fiber, camera system, and over 95 percent LED lighting.
Power is supported by a 400-amp, three-phase incoming power service, providing capacity for a range of commercial configurations consistent with the property’s zoning.
Key Highlights
- Flex building, fully sprinkled, zoned B‑2
- Freight lift to the second floor plus two staircases
- 36 parking spaces total: 24 private lot and 12 on street
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
$121,987
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
9.11%
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%
$2,439,740
$2.4M
Cap Rate 7%
$1,742,671
$1.7M
Cap Rate 9%
$1,355,411
$1.4M
Market Conditions
NOI Build-Up for 20,528 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
$204.5K $9.96/SF
− Vacancy
−$16.8K −$0.82/SF
EGI
$187.7K $9.14/SF
− OpEx
−$65.7K −$3.20/SF
NOI
$122.0K $5.94/SF
Area
Porter County, IN
Vacancy
8.21%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$2,439,740
Cap Rate 7%
$1,742,671
Cap Rate 9%
$1,355,411
Alternative Uses
Best Use
Office B
$3.52M
$3.08M – $4.11M
NOI $246,607 @ 7.0% cap · market cap 18.42%
Second Best
Flex RnD
$1.74M
$1.52M – $2.03M
NOI $121,987 @ 7.0% cap · market cap 9.11%
Theoretical Best
Healthcare Medical
$7.78M
$6.81M – $9.08M
NOI $544,619 @ 7.0% cap · market cap 40.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46304, IN
26,835
Population
11,521
Households
2.3
Avg Household Size
41
Median Age
35%
College-Educated
96%
High-School Grad
57.8 sq mi
ZIP Area
464
Density / Sq Mi
$88,551
Median Household Income
$52,704
Median Earnings
$1,169
Median Rent
$278,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Carm's Delights — 25 Washington Ave, Chesterton, IN 46304
Frequently Asked Questions
What type of property is this?
Flex space - Flex building zoned B-2 with 36 parking spaces, private and street parking, and freight lift to the second floor.
Where is this flex space located?
The property is located at 700 Broadway Avenue Chesterton, IN.
What is the asking price?
The asking price for this property is $1,339,000.
What are key features of this property?
This property features: Flex building, fully sprinkled, zoned B‑2; Freight lift to the second floor plus two staircases; 36 parking spaces total: 24 private lot and 12 on street
