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

    3931 Main St East Chicago, IN 46312-2417

    • Retail space
    • 3,016 SF
    • 0.09 lot acres
    OFF-MARKET
    Last Sale
    Dec 04, 2024
    $320,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0407541
    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

    • Midwest Eats by Chef Jerek Blevins / Take-out & Catering / Catering Service

    Property Details for 3931 Main St

    Year built
    2008
    Construction
    WOOD
    Lot size
    0.09 lot acres
    Property size
    3,016 SF
    Property type
    Retail space
    APN
    45-03-22-378-011.000-024
    APU
    450322378011000024

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    East Chicago
    County
    Lake
    State
    Indiana
    Longitude
    -87.4446
    Latitude
    41.6412
    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
    $20,032
    $9,900
    $258,700
    $268,600
    -
    $9,900
    $258,700
    $268,600

    Comparable in this City

    • Value Estimation
      $1,715,000
      13,690 SF

      2123 Columbus Dr

      RETAIL STORES (PERSONAL SERVICES) • 13,690 SF
      2123 Columbus Dr, East Chicago, IN 46312-2831
      View Details
    • Value Estimation by Request
      1,014 SF

      1020 Carrol St

      RETAIL STORES (PERSONAL SERVICES) • 1,014 SF
      1020 Carrol St, East Chicago, IN 46312-3906
      View Details
    • Value Estimation by Request
      5,920 SF

      1820 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 5,920 SF
      1820 Broadway St, East Chicago, IN 46312-2249
      View Details
    • Value Estimation by Request
      4,080 SF

      711 Chicago Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,080 SF
      711 Chicago Ave, East Chicago, IN 46312-3221
      View Details
    • Value Estimation by Request
      5,146 SF

      4202 Euclid Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,146 SF
      4202 Euclid Ave, East Chicago, IN 46312-3013
      View Details
    • Value Estimation
      $520,000
      9,750 SF

      4609 Indianapolis Blvd

      RETAIL STORES (PERSONAL SERVICES) • 9,750 SF
      4609 Indianapolis Blvd, East Chicago, IN 46312-3228
      View Details

    Similar Nearby for Sale

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      East Chicago Commercial Opportunity

      East Chicago property with potential for restaurant, retail, or creative space.
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      8,040 SF

      Mixed-Use Property on Indianapolis Boulevard

      Mixed-use property with residential and commercial units on Indianapolis Boulevard.
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      Land in Established Neighborhood

      Vacant lot in established neighborhood, close to amenities.
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    • $329,900
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      East Chicago Land Opportunity

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      12,000 SF

      East Chicago Office Building Available

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    • New
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      Three-unit building with income potential in convenient location.
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    Similar Nearby for Lease

    • $2,000 /Mo
      1,100 SF

      East Chicago Retail/Office Space

      Newly constructed retail/office space in a busy business district.
      811 W Chicago Ave, East Chicago, IN 46312
      View Details
    • $505,000
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      East Chicago Retail Opportunity

      Retail property with an established business and customer base.
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    • $1,500 /Mo
      3,750 SF

      East Chicago Commercial Space Available

      Commercial space in East Chicago, previously a bar, ready for newventures.
      604 W 151St St, East Chicago, IN 46312
      View Details
    • $14 SF/Yr

      Renovated Retail Space on Corner

      Newly renovated retail space in high-visibility Harbor neighborhood location.
      2002 E Columbus Dr, East Chicago, IN 46312
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    • $14 SF/Yr
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      East Chicago Retail Space For Lease

      Prime Retail Building, High Visibility
      2002 Columbus Dr, East Chicago, IN 46312
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    • $12 SF/Yr
      11,469 SF

      East Chicago Warehouse Space Available

      Flexible Industrial Space, 500-10,469 sq ft
      425 151St St, East Chicago, IN 46312
      View Details
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    3931 Main St
    East Chicago, IN 46312-2417
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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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