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    1601 Broadway, Unit 3 Gary, IN 46407-2239

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    1601 Broadway, Unit 3 Gary, IN 46407-2239

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    • Commercial real estate
    • 9,375 SF
    • 0.07 lot acres
    Off-Market
    Property ID
    US31-0321518
    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.
    Value Estimations
    $500,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Adonia Community Services Inc / Services

    Property Details for 1601 Broadway

    Year built
    1913
    Construction
    WOOD
    Lot size
    0.07 lot acres
    Property size
    9,375 SF
    Property type
    Commercial real estate
    APN
    45-08-10-305-001.000-004
    APU
    450810305001000004

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $571,000
      Market price range: $342k - $1.02M
      AI Estimate
      $642,000
      Market price range: $309k - $1.21M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $635,000
      Current use
      RETAIL STORES
      $710,000
      Change: +12% Conversion: Easy
      WAREHOUSE, STORAGE
      $700,000
      Change: +10% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $530,000
      Change: -17% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Gary
    County
    Lake
    State
    Indiana
    Longitude
    -87.3366
    Latitude
    41.5869
    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
    $7,997
    $9,100
    $81,600
    $90,700
    -
    $9,100
    $81,600
    $90,700

    Comparable in this City

    • Value Estimation by Request
      4,410 SF

      2247 Broadway

      COMMERCIAL (GENERAL) • 4,410 SF
      2247 Broadway, Gary, IN 46407-3105
      View Details
    • Value Estimation by Request
      2,496 SF

      1038 15th Ave

      COMMERCIAL (GENERAL) • 2,496 SF
      1038 15th Ave, Gary, IN 46407-1902
      View Details
    • Value Estimation by Request
      1,232 SF

      2640 21st Ave

      COMMERCIAL (GENERAL) • 1,232 SF
      2640 21st Ave, Gary, IN 46407-1714
      View Details
    • Value Estimation
      $1,015,000
      11,400 SF

      400 25th Ave

      COMMERCIAL (GENERAL) • 11,400 SF
      400 25th Ave, Gary, IN 46407-3501
      View Details
    • Value Estimation by Request
      1,484 SF

      2394 Washington St

      COMMERCIAL (GENERAL) • 1,484 SF
      2394 Washington St, Gary, IN 46407-3046
      View Details
    • Value Estimation by Request
      2,320 SF

      1560 Polk St, Unit 62

      COMMERCIAL (GENERAL) • 2,320 SF
      1560 Polk St, Gary, IN 46407-1917
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.14 Acres

      Land in Gary, Indiana

      Residential land available for sale in Gary, Indiana.
      1545 Van Buren St, Gary, IN 46407
      View Details
    • $200,000
      4,560 SF

      Gary, IN Commercial Property

      Commercial property operating as mechanic shop, suitable for automotive/industrial uses.
      1134 Virginia St, Gary, IN 46407
      View Details
    • Contact for pricing

      Multifamily Property For Sale

      Multifamily property available for purchase in Gary, Indiana.
      1301 Pennsylvania St, Gary, IN 46407
      View Details
    • New
      Contact for pricing
      0.10 Acres

      Gary, Indiana Multifamily Opportunity

      Two-unit multifamily property in Gary, Indiana, offered as-is.
      1937 Martin Luther King Dr, Gary, IN 46407
      View Details
    • $499,900
      6,457 SF

      Gary Multifamily Investment Opportunity

      Six-unit multifamily property with redevelopment potential in Gary, Indiana.
      2315 Industrial Blvd, Gary, IN 46407
      View Details
    • Contact for pricing
      0.08 Acres

      Vacant Lot in Gary, IN

      Vacant lot ready for dream home construction.
      1141 Fillmore St, Gary, IN 46407
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail/Office Space with Planned Renovations

      1,310 SF space suitable for retail or office use.
      2052 Broadway, Gary, IN 46407
      View Details
    • $2,500 /Mo

      Commercial Space with Large Parking

      Updated commercial space suitable for auto shops and dealerships.
      1022 E 21St Ave, Gary, IN 46407
      View Details
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    1601 Broadway, Unit 3
    Gary, IN 46407-2239
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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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