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    Property profile & analytics

    2220 Locust St Portage, IN 46368

    • Warehouses
    • 2,584 SF
    • 0.69 lot acres
    OFF-MARKET
    Last Sale
    Apr 20, 2021
    $250,000
    Value Estimations
    $350,000
    Show details
    Cap Rate Potential
    6.5%
    Warehouses
    Location Intelligence
    Property ID
    US31-0860593
    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

    • Weigh Station: Portage, IN / Weigh Station

    Property Details for 2220 Locust St

    Year built
    1989
    Construction
    WOOD
    Lot size
    0.69 lot acres
    Property size
    2,584 SF
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    64-05-10-179-004.000-016
    APU
    640510179004000016

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $350,000
      ML approach
      $285,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $380,000
      6.5%
      $350,000
      7%
      $325,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Portage
    County
    Porter
    State
    Indiana
    Longitude
    -87.2139
    Latitude
    41.588
    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
    2023
    $4,425
    $83,200
    $87,300
    $170,500
    -
    $83,200
    $87,300
    $170,500

    Comparable in this City

    • Value Estimation
      $340,000
      12,720 SF

      2475 Mccool Rd

      MINI-WAREHOUSE, STORAGE • 12,720 SF
      2475 Mccool Rd, Portage, IN 46368
      View Details
    • Value Estimation
      $480,000
      8,850 SF

      2801 Mccool Rd, Unit 2

      MINI-WAREHOUSE, STORAGE • 8,850 SF
      2801 Mccool Rd, Portage, IN 46368-4613
      View Details
    • Value Estimation
      $310,000
      4,760 SF

      5599 Old Porter Rd

      MINI-WAREHOUSE, STORAGE • 4,760 SF
      5599 Old Porter Rd, Portage, IN 46368-1197
      View Details
    • Value Estimation
      $445,000
      13,500 SF

      5822 Us Hwy 6th 6

      MINI-WAREHOUSE, STORAGE • 13,500 SF
      5822 Us Hwy 6th 6, Portage, IN 46368-4806
      View Details
    • Value Estimation
      $275,000
      7,250 SF

      2656 Samuelson Rd

      MINI-WAREHOUSE, STORAGE • 7,250 SF
      2656 Samuelson Rd, Portage, IN 46368
      View Details
    • Value Estimation
      $920,000
      25,080 SF

      6220 Us Hwy 6th 6

      STORAGE YARD, OPEN STORAGE • 25,080 SF
      6220 Us Hwy 6th 6, Portage, IN 46368-5057
      View Details

    Similar Nearby for Sale

    • $649,000
      3.97 Acres

      Prime Portage Commercial Land

      4 Acres, Highway Commercial Zoning, Ready to Develop
      6340 Melton Rd, Portage, IN 46368
      View Details
    • Contact for pricing
      1.52 Acres

      Portage Commercial Land Development

      Prime US-6 location, various lot sizes.
      5740 Us Highway 6, Portage, IN 46368
      View Details
    • Contact for pricing

      Commercial Land Parcels For Sale

      Multiple land parcels available in Portage, Indiana's retail corridor.
      American Way, Portage, IN 46368
      View Details
    • New
      $35,000
      0.40 Acres

      Prime Residential Lot Portage

      0.39-acre residential lot in an established neighborhood.
      5029 Donna Ave, Portage, IN 46368
      View Details
    • New
      $350,000
      2.50 Acres

      Prime Commercial Development Opportunity

      2.5 acres with high visibility on Highway Route 6.
      3567 Scottsdale St, Portage, IN 46368
      View Details
    • $199,000
      0.29 Acres

      Portage Office Building - High Traffic Area

      Prime Office Space, Month-to-Month Leases
      6195 Central Ave, Portage, IN 46368
      View Details

    Similar Nearby for Lease

    • $22,500
      18,000 SF

      Portage Commercial Buildings For Lease

      Two commercial buildings totaling 18,000 SF in Portage, Indiana.
      6610 Shepherd Dr, Portage, IN 46368
      View Details
    • Contact for pricing
      88,500 SF

      Portage Warehouse Space Available

      88,500 sqft warehouse/industrial space for lease in Portage, Indiana.
      1680 Jensen Dr, Portage, IN 46368
      View Details
    • Contact for pricing
      574,249 SF

      Portage, IN Industrial/Office Space

      Flexible workspace, 300-50,000 sq ft.
      6515 Ameriplex Dr, Portage, IN 46368
      View Details
    • $7 SF/Yr
      148,125 SF

      Sheffield Suite: Prime Flex Space

      39,200 SF Flex Space in Portage, IN
      6575 Daniel Burnham Dr, Portage, IN 46368
      View Details
    • $2,500 /Mo
      2,338 SF

      Portage Flex Space Available

      Flex space with easy highway access and city utilities.
      5680 Central Ave, Portage, IN 46368
      View Details
    • Contact for pricing
      88,500 SF

      The Kedzie: Flex Space Available

      Modern Flex Space, Portage, IN
      1680 Jensen Dr, Portage, IN 46368
      View Details
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    2220 Locust St
    Portage, IN 46368
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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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