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    Approved Senior Housing Development Land Title is generated by Realmo AI

    Richter Street & Calumet Road, Chesterton, IN 46304

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    For Sale
    $1,250,000

    11.83 acres approved for 42 senior housing units.

    Type:Land
    Property size:
    11 SF
    Price / SF:
    $113,636/SF
    Added:
    Nov 21, 2025
    Days on Market:
    181
    Last Refresh:
    Feb 16 at 8:38 pm

    Property Features for Richter Street & Calumet Road

    General Information

    Standard status
    Active
    Size
    11 SF
    Property subtype
    Land

    We can help!

    Listing Contact
    Linda Lear

    Listing agent Linda Lear License #3086164

    Listing office

    Listing date Nov 21, 2025

    Source Svnchicago

    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 Linda Lear

    HighLights

    • Approved senior housing development project ready for construction
    • Features 42 ranch patio homes with 2 bedroom suites, 2 baths, chef's kitchen, pantry, 4 closets, and 2‑car garages
    • Designed for active adults aged 55+
    • Municipal and State of Indiana approvals are already in place
    • Construction engineering drawings are approved and issued
    • Conveniently located near Downtown Chesterton, I‑94, Indiana Toll Road, and Dune Park South Shore Line Train Station

    Overview

    This 11.83-acre property is located on Calumet Avenue and Richter Street, near Downtown Chesterton, Indiana. It is approximately 2 miles south of the I-94 exit, 2 miles north of the Indiana Toll Road, and approximately 4 miles south of the Dune Park South Shore Line Train Station, placing it within the Chicago Metro area, about an hour's drive from Downtown Chicago. The property has approvals and construction drawings in hand for the Duneland Prairie Senior Housing project, a 55-year-old plus active adult rental development. The concept plan includes 42 ranch patio homes, each with 1,281 square feet of living space, featuring 2 bedroom suites, 2 baths, a chef's kitchen with pantry, 4 closets, and a 2-car garage of approximately 464 square feet. The development is intended as an active adult community for residents age 55 and older. Municipal and State of Indiana approvals are in place, and issued-for-construction engineering drawings have been approved. Municipal water and sanitary sewer services are available to the site, making it ready for development.
    Location Intelligence

    Current Use by Public Records

    Land

    Map

    City
    Chesterton
    County
    Porter
    State
    Indiana
    Longitude
    -87.0454
    Latitude
    41.6139

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    FAQs

    What type of property is this?
    Land - 11.83 acres approved for 42 senior housing units.
    Where is this land located?
    The property is located at Richter Street & Calumet Road Chesterton, IN.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Approved senior housing development project ready for construction; Features 42 ranch patio homes with **2 bedroom suites, 2 baths, chef's kitchen, pantry, 4 closets, and 2‑car garages**; Designed for active adults aged 55+
    (352) 843-3616
    We can help!
    Listing Contact
    Linda Lear
    Real Estate License ID: 3086164
    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.

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