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

    523 Chicago Ave East Chicago, IN 46312-3206

    • Medical offices
    • 960 SF
    • 0.34 lot acres
    OFF-MARKET
    Last Sale
    Feb 01, 2023
    Value Estimations
    $225,000
    Show details
    Cap Rate Potential
    5.5%
    Medical offices
    Location Intelligence
    Property ID
    US31-0441709
    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

    • Medical offices

    Property Details for 523 Chicago Ave

    Year built
    1940
    Construction
    WOOD
    Lot size
    0.34 lot acres
    Property size
    960 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    45-03-29-413-003.000-024
    APU
    450329413003000024

    Description

    This 963-square-foot medical office space in Lake County is immediately available. Located on high-traffic Chicago Avenue, this updated, single-story building offers convenient access and high visibility. Recent updates include gated asphalt parking and ample on-street parking. The interior features private restrooms, central air conditioning, and forced-air heating. Utilities are fully connected, including public sewer and water, cable, electricity, natural gas, and phone lines. This property is part of a larger complex with additional adjacent spaces available for lease individually or together, totaling nearly 4,000 square feet. The building's flexible layout can accommodate a variety of medical or office uses. The property's 1940 construction has been modernized for contemporary business needs. The building's location across from 529 W Chicago Avenue and adjacent to 525 and 527 W Chicago Avenue offers significant potential for expansion or synergy with related businesses. This is a turn-key opportunity for businesses seeking a well-maintained, conveniently located space in a high-traffic area. The APN is 450329413003000024.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $245,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $225,000
      6.5%
      $205,000
      7%
      $190,000

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $160,000

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

    Location Insight

    • Map
    • Local Demand
    City
    East Chicago
    County
    Lake
    State
    Indiana
    Longitude
    -87.4775
    Latitude
    41.6289
    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
    $4,191
    $56,100
    $89,900
    $146,000
    -
    $56,100
    $89,900
    $146,000

    Comparable in this City

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      $245,000
      1,100 SF

      3847 Euclid Ave

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    • Value Estimation
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      1820 Columbus Dr

      MEDICAL BUILDING • 2,801 SF
      1820 Columbus Dr, East Chicago, IN 46312-2826
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    • Value Estimation
      $535,000
      11,976 SF

      1313 Chicago Ave

      MEDICAL BUILDING • 11,976 SF
      1313 Chicago Ave, East Chicago, IN 46312-3316
      View Details
    • Value Estimation
      $240,000
      7,780 SF

      3924 Main St

      MEDICAL BUILDING • 7,780 SF
      3924 Main St, East Chicago, IN 46312-2990
      View Details
    • Value Estimation
      $310,000
      4,263 SF

      2016 Columbus Dr, Unit 20

      MEDICAL BUILDING • 4,263 SF
      2016 Columbus Dr, East Chicago, IN 46312-2830
      View Details
    • Value Estimation
      $525,000
      9,375 SF

      4016 Main St

      MEDICAL BUILDING • 9,375 SF
      4016 Main St, East Chicago, IN 46312-2811
      View Details

    Similar Nearby for Sale

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      0.14 Acres

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      Land near amenities, ideal for families or investors.
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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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    Similar Nearby for Lease

    • $2,000 /Mo
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      East Chicago Retail/Office Space

      Newly constructed retail/office space in a busy business district.
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      93,600 SF

      Industrial Space in East Chicago

      93,600 SF industrial property available for lease.
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      32,752 SF

      Industrial Buildings Near Major Highways

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    • $505,000
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      East Chicago Retail Opportunity

      Retail property with an established business and customer base.
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    • Contact for pricing
      11,960 SF

      East Chicago Warehouse with Storage

      Secured warehouse with outside storage, near major transportation routes.
      5137 Indianapolis Blvd, East Chicago, IN 46312
      View Details
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    East Chicago, IN 46312-3206
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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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