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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1040 Michigan St Gary, IN 46402-3009

    • Manufacturing properties
    • 19,812 SF
    • 11.00 lot acres
    OFF-MARKET
    Value Estimations
    $650,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0557067
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • CIRCON Enviromental / Beaver Oil / Oil Refinery

    Property Details for 1040 Michigan St

    Year built
    1965
    Construction
    WOOD
    Lot size
    11.00 lot acres
    Property size
    19,812 SF
    Property type
    Manufacturing properties
    APN
    45-08-11-100-005.000-004
    APU
    450811100005000004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $570,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $734,000
      Market price range: $350k - $1.03M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $615,000
      Current use
      MEDICAL BUILDING
      $895,000
      Change: +46% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $780,000
      Change: +27% Conversion: Difficult
      WAREHOUSE, STORAGE
      $580,000
      Change: -6% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Gary
    County
    Lake
    State
    Indiana
    Longitude
    -87.3123
    Latitude
    41.5932
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $27,866
    $310,100
    $420,500
    $730,600
    -
    $310,100
    $420,500
    $730,600

    Comparable in this City

    • Value Estimation
      $510,000
      12,095 SF

      1460 15th Ave

      MANUFACTURING (LIGHT) • 12,095 SF
      1460 15th Ave, Gary, IN 46402-3000
      View Details
    • Value Estimation
      $730,000
      35,909 SF

      2530 Dunes Hwy

      MANUFACTURING (LIGHT) • 35,909 SF
      2530 Dunes Hwy, Gary, IN 46402
      View Details
    • Value Estimation by Request
      2,112 SF

      500 9th Pl

      MANUFACTURING (LIGHT) • 2,112 SF
      500 9th Pl, Gary, IN 46402
      View Details
    • Value Estimation
      $420,000
      13,438 SF

      1300 9th Ave

      MANUFACTURING (LIGHT) • 13,438 SF
      1300 9th Ave, Gary, IN 46402
      View Details
    • Value Estimation
      $1,005,000
      290,390 SF

      101 Broadway

      HEAVY INDUSTRIAL • 290,390 SF
      101 Broadway, Gary, IN 46402
      View Details
    • Value Estimation
      $680,000
      166,163 SF

      2600 5th Ave

      WAREHOUSE, STORAGE • 166,163 SF
      2600 5th Ave, Gary, IN 46402-1605
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      17,814 SF

      Freestanding Office Building in Merrillville

      Turnkey office building near I-65 and US 30.
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      View Details
    • New
      $30,000
      0.34 Acres

      Gary, Indiana Multi-Family Property

      Two-unit property on a large lot, ideal for skilled investors.
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    • $69,900
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      Two-Story Brick Apartment Building

      Two-story brick apartment building with walkout basement. Needs work.
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      Turn-Key Triplex: Updated Investment

      Renovated triplex with income potential in Gary, Indiana.
      830 W 11Th Ave, Gary, IN 46402
      View Details
    • $275,000

      Land For Sale

      Land available for sale in Merrillville, Indiana.
      Broadway, Merrillville, IN 46402
      View Details
    • $200,000
      0.24 Acres

      Downtown Gary Development Opportunity

      Prime location near planned revitalization, ideal for high-density housing.
      420 Adams St, Gary, IN 46402
      View Details

    Similar Nearby for Lease

    • $6 SF/Yr
      60,000 SF

      Retail Space in Vibrant Corridor

      Retail space with high-traffic co-tenants and convenient highway access.
      6110 Broadway, Merrillville, IN 46402
      View Details
    • $19 SF/Yr
      1,109 SF

      Merrillville Office Space Available

      1,109 SF office space for lease in Merrillville, Indiana.
      8941 Broadway, Merrillville, IN 46402
      View Details
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    1040 Michigan St
    Gary, IN 46402-3009
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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.

    More about this property
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