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

    2411 47th Ave Gary, IN 46408-4101

    • Warehouses
    • 3,150 SF
    • 2.50 lot acres
    OFF-MARKET
    Value Estimations
    $335,000
    Show details
    Cap Rate Potential
    8.2%
    Warehouses
    Location Intelligence
    Property ID
    US31-0481254
    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

    • May Trucking / Trucking Company

    Property Details for 2411 47th Ave

    Year built
    2003
    Construction
    WOOD
    Lot size
    2.50 lot acres
    Property size
    3,150 SF
    Property type
    Warehouses
    APN
    45-08-32-176-016.000-001
    APU
    450832176016000001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $370,000
      6.5%
      $340,000
      7%
      $315,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $387,000
      Market price range: $79.7k - $388k
      AI Estimate
      $205,000
      Market price range: $75.6k - $206k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $235,000
      Current use
      RETAIL STORES
      $240,000
      Change: +2% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $215,000
      Change: -9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Gary
    County
    Lake
    State
    Indiana
    Longitude
    -87.3666
    Latitude
    41.5316
    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
    $3,798
    $79,700
    $45,100
    $124,800
    -
    $79,700
    $45,100
    $124,800

    Comparable in this City

    • Value Estimation
      $530,000
      9,730 SF

      3700 Roosevelt St

      STORAGE YARD, OPEN STORAGE • 9,730 SF
      3700 Roosevelt St, Gary, IN 46408-2034
      View Details
    • Value Estimation
      $360,000
      6,496 SF

      3830 Whitcomb St

      STORAGE YARD, OPEN STORAGE • 6,496 SF
      3830 Whitcomb St, Gary, IN 46408
      View Details
    • Value Estimation
      $290,000
      3,808 SF

      3905 Rdg Rd

      WAREHOUSE, STORAGE • 3,808 SF
      3905 Rdg Rd, Gary, IN 46408-1847
      View Details
    • Value Estimation
      $325,000
      8,508 SF

      2660 35th Ave

      STORAGE YARD, OPEN STORAGE • 8,508 SF
      2660 35th Ave, Gary, IN 46408-1416
      View Details
    • Value Estimation
      $400,000
      14,400 SF

      207 Colfax St

      MINI-WAREHOUSE, STORAGE • 14,400 SF
      207 Colfax St, Gary, IN 46408
      View Details
    • Value Estimation
      $290,000
      5,600 SF

      3746 Arthur St

      WAREHOUSE, STORAGE • 5,600 SF
      3746 Arthur St, Gary, IN 46408-2019
      View Details

    Similar Nearby for Sale

    • $950,000

      Redevelopment or Reuse Opportunity

      Retail showroom/warehouse on 3.7 acres near I-80/94.
      3450 Grant St, Gary, IN 46408
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    • $498,000
      1.45 Acres

      Gary Bar & House Package

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    • $150,000
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      Prime Gary Commercial Land

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    • $350,000
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      Prime Gary Industrial Property

      Versatile Machine Shop, High Traffic Location
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    • $35,000
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      Unincorporated Calumet Township Land Parcel

      1.39 acre parcel with open space and wooded areas.
      4300 Roosevelt Pl, Gary, IN 46408
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    • $3,430,000
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      Gary Medical Office Investment

      DaVita-anchored, Net Lease opportunity.
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    Similar Nearby for Lease

    • $2,736 /Mo
      3,648 SF

      Warehouse Space in Gary, Indiana

      Versatile warehouse space suitable for various industrial and storage purposes.
      5020 W 45Th Ave, Gary, IN 46408
      View Details
    • $2,400 /Mo
      435,600 SF

      Trucking Trailer Parking Site

      1-10 acre trucking trailer parking site for lease.
      3920 W Ridge Rd, Gary, IN 46408
      View Details
    • Contact for pricing
      184,268 SF

      Ridge Plaza Retail Center - Gary, IN

      Prime Retail Space Available, Lake County
      6050 Ridge Rd, Gary, IN 46408
      View Details
    • Contact for pricing
      167,787 SF

      Ridge Plaza Shopping Center

      Individual retail properties
      6050 Ridge Rd, Gary, IN 46408
      View Details
    • $0.09 SF/Yr

      Land For Rent Gary, IN

      Land available for rent in Gary, Indiana.
      3870 Chase St, Gary, IN 46408
      View Details
    • Contact for pricing

      Land Available For Lease

      Highly visible land for lease in a densely populated area.
      3701 Grant St, Gary, IN 46408
      View Details
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    2411 47th Ave
    Gary, IN 46408-4101
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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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