Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2939 45 St Highland, IN 46322

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Prime Highland retail space; 5,666 sq ft available.

    Lot size:
    7,045 SF

    Property Features for 2939 45 St

    General Information

    Property type
    Neighborhood centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    7,045 SF

    Spaces For Lease

    at 2939 45 St, Highland, IN 46322 Contact us

    We can help!

    Listing Contact
    Matthew Hill

    Listing Agency: Legacy Commercial Properties Listing Agent: Matthew Hill

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 7,045 square foot retail strip center in Highland, Lake County, presents a remarkable leasing opportunity. Currently, 5,666 square feet are available for lease, offering a versatile layout ideal for a variety of retail or commercial uses. The property boasts ample parking with 40 spaces, ensuring convenient access for customers and employees. The building features expansive storefront windows, maximizing visibility and attracting significant foot traffic. The interior is customizable, allowing businesses to tailor the space to their specific needs and operational requirements. The efficient floor plan facilitates streamlined operations and effective product displays. This prime location offers high visibility and accessibility, creating an optimal environment for businesses seeking to enhance brand exposure and engage their target audience. The property's modern amenities and professional exterior contribute to a dynamic and attractive environment for any business. This is an exceptional chance to secure a prominent and adaptable space in a thriving Highland location. The multiple tenancy structure offers flexibility for various business models.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Neighborhood centers

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Highland
    County
    Lake
    State
    Indiana
    Longitude
    -87.4571848
    Latitude
    41.5379452

    Nearby Similar for Lease

    • $1,300 /Mo
      104,544 SF

      Highland Office Space For Rent

      Second floor office space available in Highland, Indiana.
      2550 Industrial Dr, Highland, IN 46322
      View Details
    • $400 /Mo
      250 SF

      Highland Office Space For Rent

      First floor office space available in Highland, Indiana.
      2550 Industrial Dr, Highland, IN 46322
      View Details
    • $4,188 /Mo
      3,000 SF

      Highland Industrial Warehouse Space Available

      3000 sq ft industrial warehouse space for lease.
      9934 Expressway Dr, Highland, IN 46322
      View Details
    • $9 SF/Yr
      6,270 SF

      Highland, IN Light Industrial Space

      Versatile light industrial building with fenced lot near Illinois border.
      9947 Expressway Dr, Highland, IN 46322
      View Details
    • $3,710 /Mo
      3,425 SF

      Warehouse Space Available in Highland

      Warehouse space for lease in Highland, Indiana. Available May 2026.
      2246 Industrial Dr, Highland, IN 46322
      View Details
    • $4,188 /Mo
      3,000 SF

      Heated Warehouse Space Available

      3000 SF heated warehouse with office in Highland, Indiana.
      9930 Expressway Dr, Highland, IN 46322
      View Details
    • $2,450 /Mo
      17,344 SF

      Highland Office Space For Rent

      Second floor office space available with elevator access.
      9008 Cline Ave, Highland, IN 46322
      View Details
    • $6,666 /Mo
      4,100 SF

      Highland Retail/Office Lease Opportunity

      Multi-tenant retail/office building with customizable suites in Highland, Indiana.
      2427 Ridge Rd, Highland, IN 46322
      View Details
    • $14 SF/Yr
      2,000 SF

      Highland Retail Space For Lease

      Retail spaces available in Porte De'Leau Plaza, Highland, IN.
      2104 45 St, Highland, IN
      View Details
    • $12 SF/Yr
      8,455 SF

      Retail Space Near Dollar General

      Highly visible retail space in a commercial corridor.
      3305-3321 45 St, Highland, IN
      View Details
    • $18 SF/Yr
      2,400 SF

      Retail Space in Porte De'Leau

      Retail spaces available in Highland, Indiana, near major highways.
      2056 45 Ave, Highland, IN
      View Details
    • $16 SF/Yr
      500 SF

      Medical Office Space Available

      Three-unit brick building with spaces for lease.
      3445 Rdg Rd, Highland, IN
      View Details

    FAQs

    What type of property is this?
    Neighborhood center - Prime Highland retail space; 5,666 sq ft available.
    Where is this neighborhood center located?
    The property is located at 2939 45 St Highland, IN.
    What are key features of this property?
    This property features: 7,045 SF retail strip center in Lake County.; 5,666 SF of vacant space available.; 40 parking spaces.
    Request Owner's contact information
    2939 45 St Highland, IN 46322
    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.
    2939 45 St
    Highland, IN 46322
    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
    2939 45 St Highland, IN 46322
    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

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Matthew Hill
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!