Commercial Flex Building with Freight
For Sale
$1,339,000
700 Broadway, Chesterton, IN 46304
Fully sprinkled flex building with a freight lift to the second floor and 36 parking spaces.
Property Size20,528 SF
Price / SF$65.23
Days on Market160
Property Features for 700 Broadway
General Information
Standard status
Active
Size
20,528 SF
Taxes and HOA fees
Annual Taxes
$7,885
Listing Agency:
RE/MAX LIFESTYLES
Listed By:
Jay Gottleber
(219) 928-8437
Source:
Exprealty
Added: Apr 2
Changed: Sep 2
Last Checked: Sep 8 at 9:17AM
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 RE/MAX LIFESTYLES
Investment Insights
Based on property information with market context.
This commercial flex building offers approximately 20,528 square feet of adaptable space and is fully sprinkled. The property includes two staircases and a freight lift to the second floor, supporting a flexible mix of operational needs. Additional onsite systems and infrastructure include Netnitco fiber, cameras, over 95% LED lighting, and a 400-amp three-phase incoming power supply.
Located on Broadway in Chesterton, Indiana, the building sits on a high-visibility east-west corridor through the heart of the community. Zoning is B-2.
Parking totals 36 spaces, including 24 on a private lot and 12 on street, providing convenient customer and employee access for a range of commercial uses.
Located on Broadway in Chesterton, Indiana, the building sits on a high-visibility east-west corridor through the heart of the community. Zoning is B-2.
Parking totals 36 spaces, including 24 on a private lot and 12 on street, providing convenient customer and employee access for a range of commercial uses.
Key Highlights
- 20,528 SF fully sprinkled commercial flex building on Broadway in Chesterton, IN, zoned B‑2
- Supports a range of commercial uses including retail, office, flex, showroom, and storage
- 36 parking spaces total: 24 on a 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
Flex RnD
$1.74M
$1.52M – $2.03M
NOI $121,987 @ 7.0% cap · market cap 9.11%
Second Best
Warehouse
$1.41M
$1.24M – $1.65M
NOI $99,050 @ 7.0% cap · market cap 7.40%
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
Location Intelligence
Trade Area within ½ mile
674
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 Industrial 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 - Fully sprinkled flex building with a freight lift to the second floor and 36 parking spaces.
Where is this flex space located?
The property is located at 700 Broadway 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: 20,528 SF fully sprinkled commercial flex building on Broadway in Chesterton, IN, zoned B‑2; Supports a range of commercial uses including retail, office, flex, showroom, and storage; 36 parking spaces total: 24 on a private lot and 12 on street
