Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Calumet Ave Porter, IN 46304
    Property profile & analytics

    Calumet Ave, Porter, IN 46304

    View on Map
    • Multifamily properties
    • 514,879 SF
    • 11.82 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Multifamily properties

    Property Details for 0 Calumet Ave

    Lot size
    11.82 lot acres
    Property type
    Multifamily properties
    Property subtype
    Land

    Description

    This exceptional investment opportunity presents a shovel-ready, approved 42-unit senior patio home rental development in Chesterton, Indiana. Located on an 11.82-acre parcel at 46304 Calumet Avenue, this Class A project boasts pre-approved plans and permits from the Town of Chesterton, the State of Indiana, and essential utility providers including Indiana American Water and NIPSCO Gas & Electric. Detailed construction and engineering drawings are included, along with a concept plan for ranch-style patio homes. The site features municipal water, sanitary sewer, and fiber optic connectivity. The total land area is 514,879 square feet, with a net rentable area of 53,802 square feet. The asking price is $1,250,000, representing a price per square foot of $2.43 and a price per unit of $29,761.90. The land value alone is $2.81 per square foot. This B-3 zoned property offers a unique value-add opportunity for new development in a high-demand market. All necessary approvals are in place, making this a truly turnkey project ready for immediate construction. The project includes a community building as part of the approved plans.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Porter
    County
    Porter
    State
    Indiana
    Longitude
    -87.0489
    Latitude
    41.6

    Comparable in this City

    • Value Estimation by Request
      11.83 Acres

      Richter St

      Land
      0 Richter St, Chesterton, IN 46304
      View Details
    • Value Estimation by Request

      Maria Rene

      Land
      0 Maria Rene, Porter, IN 46304
      View Details
    • Value Estimation by Request
      6.61 Acres

      Dickinson Rd

      Land
      0 Dickinson Rd, Chesterton, IN 46304
      View Details
    • Value Estimation by Request
      56.12 Acres

      330 Indian Boundary Rd

      Land
      330 Indian Boundary Rd, Chesterton, IN 46304
      View Details
    • Value Estimation by Request
      0.50 Acres

      Coffee Creek Rd

      Land
      0 Coffee Creek Rd, Chesterton, IN 46304
      View Details
    • Value Estimation by Request
      50.65 Acres

      721 Porter Ave

      Land
      721 Porter Ave, Chesterton, IN 46304
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      21,240 SF

      Mixed-Use Plaza with Income Potential

      Mixed-use plaza with commercial, residential, and development opportunities.
      160-206 Railroad St, Chesterton, IN 46304
      View Details
    • $75,000
      1.03 Acres

      One-Acre Wooded Lot Available

      Undeveloped one-acre wooded lot in desirable Chesterton location.
      Union Ave, Chesterton, IN 46304
      View Details
    • $6,520,000

      44-Unit Townhome Community For Sale

      Well-maintained 44-unit townhome community in Porter/Chesterton, Indiana.
      1341 Lake Charles Ave, Porter, IN 46304
      View Details
    • $525,000
      Pending

      New Duplex Near Downtown Chesterton

      New 2024 duplex with immediate rental income near amenities.
      140-142 N Jackson Blvd, Chesterton, IN 46304
      View Details
    • $499,000
      Pending

      Well-Maintained Fourplex Investment Opportunity

      Fourplex in Chesterton near amenities and transportation.
      2161 Annabelle Ct, Chesterton, IN 46304
      View Details
    • $775,000
      12,812 SF

      Historic Mixed-Use Building, Chesterton

      Prime retail, office, and residential spaces in downtown Chesterton.
      119 Broadway Ave, Chesterton, IN 46304
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Commercial Land Lease Opportunity

      Land parcels available for lease in high-traffic Chesterton area.
      2960 Matson Dr, Chesterton, IN 46304
      View Details
    • Contact for pricing

      Chesterton Industrial Land for Lease

      Industrial land available for lease in Chesterton, Indiana.
      1801 Technology Dr, Chesterton, IN 46304
      View Details
    • Contact for pricing
      1,465 SF

      Office Suite For Rent

      1,465 SF office suite available for lease.
      802 Wabash Ave, Chesterton, IN 46304
      View Details
    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.
    Calumet Ave
    Porter, IN 46304
    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
    Calumet Ave, Porter, IN, 46304
    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!