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    Property profile & analytics

    4238 Rdg Rd Gary, IN 46408-1854

    • Retail space
    • 3,804 SF
    • 0.29 lot acres
    OFF-MARKET
    Value Estimations
    $235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0575690
    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

    • Bryans Florist / Florist / Garden Center
    • Ridge Wholesale Florist / Wholesale Florist

    Property Details for 4238 Rdg Rd

    Year built
    1958
    Construction
    WOOD
    Lot size
    0.29 lot acres
    Property size
    3,804 SF
    Property type
    Retail space
    APN
    45-08-30-126-005.000-003
    APU
    450830126005000003

    Description

    This exceptional 17.22-acre industrial property, located at 4238 W Ridge Rd, Gary, Indiana, presents a strategic investment opportunity. Boasting 3,804 square feet of office and industrial space, this property is ideally suited for a variety of industrial uses. The property is zoned M1-1, ensuring flexibility for diverse business operations. Its prime location offers unparalleled access to major transportation arteries, situated within five minutes of two I-80/94 interchanges, significantly reducing transportation costs and improving logistical efficiency. Furthermore, its proximity to the Gary International Airport (within 15 minutes) provides additional logistical advantages for businesses involved in import/export activities. The asking price is $1,100,000, translating to an attractive price per acre of $63,880. This represents a compelling value proposition given the property's size, zoning, and strategic location within a rapidly growing industrial area in Lake County, Indiana, zip code 46408. The property's combination of ample land and existing building space makes it an ideal choice for businesses seeking to expand or establish a significant presence in Northwest Indiana. Don't miss this chance to acquire a high-value industrial asset in a thriving logistical hub.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $290,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $176,000
      Market price range: $138k - $456k
      AI Estimate
      $182,000
      Market price range: $170k - $483k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $290,000
      Current use
      WAREHOUSE, STORAGE
      $285,000
      Change: -2% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $260,000
      Change: -11% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Gary
    County
    Lake
    State
    Indiana
    Longitude
    -87.3892
    Latitude
    41.5484
    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
    $4,351
    $27,300
    $67,200
    $94,500
    -
    $27,300
    $67,200
    $94,500

    Comparable in this City

    • Value Estimation
      $310,000
      2,170 SF

      3986 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 2,170 SF
      3986 Broadway, Gary, IN 46408-2705
      View Details
    • Value Estimation
      $280,000
      1,960 SF

      4325 Whitcomb St

      RETAIL STORES (PERSONAL SERVICES) • 1,960 SF
      4325 Whitcomb St, Gary, IN 46408-3038
      View Details
    • Value Estimation
      $340,000
      4,900 SF

      625 Rdg Rd

      RETAIL STORES (PERSONAL SERVICES) • 4,900 SF
      625 Rdg Rd, Gary, IN 46408-2608
      View Details
    • Value Estimation
      $230,000
      4,893 SF

      4700 Cleveland St

      RETAIL STORES (PERSONAL SERVICES) • 4,893 SF
      4700 Cleveland St, Gary, IN 46408-4337
      View Details
    • Value Estimation
      $295,000
      2,160 SF

      4760 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 2,160 SF
      4760 Broadway, Gary, IN 46408-4508
      View Details
    • Value Estimation
      $280,000
      1,875 SF

      5016 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 1,875 SF
      5016 Broadway, Gary, IN 46408-4606
      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
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      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.
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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

    • Contact for pricing
      167,787 SF

      Ridge Plaza Shopping Center

      Individual retail properties
      6050 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
      3,500 SF

      Retail Space in Gary, Indiana

      Retail property located 35 miles east of downtown Chicago.
      5974-5990 W Ridge Rd, Gary, IN 46408
      View Details
    • $3,000 /Mo
      5,093 SF

      Bar/Restaurant Ready For Rent

      Bar and party hall available for rent in Gary.
      2715 W Ridge Rd, Gary, IN 46408
      View Details
    • $10 SF/Yr
      50,101 SF

      3303-3345 45Th Ave

      Retail properties • 50,101 SF
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      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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    4238 Rdg Rd
    Gary, IN 46408-1854
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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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