Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3005 Hwy Ave Highland, IN 46322

    • Theaters & concert halls
    • 14,198 SF
    • 3.96 lot acres
    OFF-MARKET
    Value Estimations
    $820,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0641671
    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

    • Theaters & concert halls

    Property Details for 3005 Hwy Ave

    Year built
    1962
    Construction
    TYPE NOT SPECIFIED
    Lot size
    3.96 lot acres
    Property size
    14,198 SF
    Property type
    Theaters & concert halls
    APN
    45-07-21-429-001.000-026
    APU
    450721429001000026

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $510,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,131,000
      Market price range: $478k - $1.13M

    • Alternative Use

      Use
      Estimation
      THEATER (MOVIE)
      $790,000
      Current use
      RESTAURANT
      $1,135,000
      Change: +43% Conversion: Difficult
      MEDICAL BUILDING
      $915,000
      Change: +16% Conversion: Difficult
      RETAIL STORES
      $885,000
      Change: +12% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $800,000
      Change: +1% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $720,000
      Change: -9% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $675,000
      Change: -15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Highland
    County
    Lake
    State
    Indiana
    Longitude
    -87.4556
    Latitude
    41.556
    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
    $48,516
    $488,400
    $1,381,200
    $1,869,600
    -
    $488,400
    $1,381,200
    $1,869,600

    Comparable in this City

    • Value Estimation by Request
      6,000 SF

      2234 Martha St

      THEATER (MOVIE) • 6,000 SF
      2234 Martha St, Highland, IN 46322
      View Details
    • Value Estimation
      $1,240,000
      22,883 SF

      9608 Spg St

      THEATER (MOVIE) • 22,883 SF
      9608 Spg St, Highland, IN 46322
      View Details
    • Value Estimation
      $2,135,000
      38,280 SF

      Schneider Ave

      THEATER (MOVIE) • 38,280 SF
      Schneider Ave, Highland, IN 46322
      View Details
    • Value Estimation
      $3,640,000
      65,335 SF

      2450 Lincoln St

      THEATER (MOVIE) • 65,335 SF
      2450 Lincoln St, Highland, IN 46322-1822
      View Details
    • Value Estimation by Request
      4,490 SF

      3533 Wirth Rd

      THEATER (MOVIE) • 4,490 SF
      3533 Wirth Rd, Highland, IN 46322-2217
      View Details
    • Value Estimation
      $710,000
      55,220 SF

      8101 Kennedy Ave

      BOWLING ALLEY • 55,220 SF
      8101 Kennedy Ave, Highland, IN 46322-1128
      View Details

    Similar Nearby for Sale

    • New
      $1,100,000
      4,472 SF

      Professional Brick Building with Parking

      Well-built office building with long-term tenant and investment opportunity.
      2327 45 St, Highland, IN 46322
      View Details
    • $450,000

      Renovated Office Building in Highland

      Renovated office building with high visibility and redevelopment potential.
      2708 West 45Th St, Hammond, IN 46322
      View Details
    • $249,000

      Office with Garage and Signage

      Office space featuring a garage, kitchenette, and prominent signage.
      8204 Kennedy Ave, Highland, IN 46322
      View Details
    • New
      $250,000
      5.49 Acres

      Highland, IN Land Available

      5.49 acres of land near Highland amenities.
      8505 Juniper Rear Trl, Highland, IN 46322
      View Details
    • $650,000

      Highland Restaurant with Drive-Thru

      Turn-key restaurant opportunity on heavily trafficked Indianapolis Boulevard.
      8845 Indianapolis Blvd, Highland, IN 46322
      View Details
    • $1,650,000
      18,484 SF

      Atrium Professional Center

      Highland, IN Office Building
      3100 45 St, Highland, IN 46322
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      88,588 SF

      Highland Retail Plaza Investment

      Prime Highland, IN retail space available.
      2008-2124 45 St, Highland, IN 46322
      View Details
    • $2,450 /Mo
      17,344 SF

      Highland Office Space For Rent

      Second floor office space available with elevator access.
      9008 Cline Ave, Highland, IN 46322
      View Details
    • $1,250 /Mo
      12,156 SF

      Munster Warehouse with Drive-In Door

      Warehouse space with drive-in door in growing Munster area.
      1830 45Th St, Munster, IN 46322
      View Details
    • $13 SF/Yr
      13,074 SF

      Highland Executive Office Space

      Prime location, 1,905 sq ft available
      9105-A Indianapolis Blvd, Highland, IN 46322
      View Details
    • $6,666 /Mo
      4,100 SF

      Highland Retail/Office Lease Opportunity

      Multi-tenant retail/office building with customizable suites in Highland, Indiana.
      2427 Ridge Rd, Highland, IN 46322
      View Details
    • $2,450 /Mo

      Highland Office Space Available

      Second floor office space with flexible layout for lease.
      9008 Cline Ave, Highland, IN 46322
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3005 Hwy Ave
    Highland, IN 46322
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.