2200-2235 Ripley St Lake Station, IN 46405
- Retail properties
- 2,142 SF
- 0.40 lot acres
Current Use by Public Records
- Retail properties
Property Details for 2200-2235 Ripley St
- Year built
- 1952
- Lot size
- 0.40 lot acres
- Property size
- 2,142 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
This exceptional commercial real estate opportunity in Lake Station, Indiana, presents a compelling investment prospect. Located on Ripley Street, just 0.3 miles from the heavily trafficked I-80/94 interchange, this property boasts 170 feet of frontage. The offering comprises two buildings totaling 2,142 square feet on a 0.4-acre lot, zoned for commercial use. The northern building, 1,344 square feet, constructed in 1952, currently houses a long-term retail tenant (25+ years) paying $2,000 per month plus utilities, representing 50% occupancy. The southern building, 798 square feet, features recent upgrades including a new roof and siding, an open main floor plan, a remodeled reception area, a bathroom, and a full basement with a kitchenette, laundry hookup, and ample storage. Both buildings share a paved parking lot. The combined annual property tax bill is $3,641.18. This property is ideally suited for redevelopment, owner-occupancy with additional income, or investment. The asking price is $295,000, translating to $137.72 per square foot. This is a gross lease property with multiple units.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lake Station
- County
- Lake
- State
- Indiana
- Longitude
- -87.2396
- Latitude
- 41.5771
