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

    6281 Central Ave Portage, IN 46368-3725

    • Office Properties & Spaces
    • 1,800 SF
    • 0.50 lot acres
    OFF-MARKET
    Last Sale
    Jul 27, 2023
    $220,000
    Value Estimations
    $225,000
    Show details
    Cap Rate Potential
    8.8%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US31-0035596
    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

    • Holly Mitchell - State Farm Insurance Agent / Insurance Agency / Auto Insurance Agency
    • Nygra Bernie / Insurance Agency

    Property Details for 6281 Central Ave

    Year built
    1984
    Construction
    WOOD
    Lot size
    0.50 lot acres
    Property size
    1,800 SF
    Property type
    Office Properties & Spaces
    APN
    64-05-13-251-003.000-016
    APU
    640513251003000016

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $185,000
      ML approach
      $190,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $275,000
      6.5%
      $255,000
      7%
      $235,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $287,000
      Market price range: $99.9k - $288k
      AI Estimate
      $272,000
      Market price range: $70.3k - $272k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $180,000
      Current use
      RETAIL STORES
      $185,000
      Change: +5% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Portage
    County
    Porter
    State
    Indiana
    Longitude
    -87.1724
    Latitude
    41.5755
    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
    2023
    $5,148
    $96,900
    $101,600
    $198,500
    -
    $96,900
    $101,600
    $198,500

    Comparable in this City

    • Value Estimation
      $285,000
      19,091 SF

      5895 Evergreen Ave

      OFFICE (GENERAL) • 19,091 SF
      5895 Evergreen Ave, Portage, IN 46368-1952
      View Details
    • Value Estimation by Request
      49,434 SF

      395 Midway

      OFFICE (GENERAL) • 49,434 SF
      395 Midway, Portage, IN 46368
      View Details
    • Value Estimation
      $255,000
      6,006 SF

      5686 Mccasland Ave

      OFFICE (GENERAL) • 6,006 SF
      5686 Mccasland Ave, Portage, IN 46368-2015
      View Details
    • Value Estimation
      $295,000
      7,348 SF

      6564 Pan Am Dr

      OFFICE (GENERAL) • 7,348 SF
      6564 Pan Am Dr, Portage, IN 46368-5100
      View Details
    • Value Estimation
      $260,000
      11,148 SF

      6540 Central Ave

      OFFICE (GENERAL) • 11,148 SF
      6540 Central Ave, Portage, IN 46368-3102
      View Details
    • Value Estimation
      $310,000
      8,000 SF

      5979 Mccasland Ave

      OFFICE (GENERAL) • 8,000 SF
      5979 Mccasland Ave, Portage, IN 46368-2066
      View Details

    Similar Nearby for Sale

    • $350,000
      2.50 Acres

      Prime Commercial Development Opportunity

      2.5 acres with high visibility on Highway Route 6.
      3567 Scottsdale St, Portage, IN 46368
      View Details
    • $199,000
      0.29 Acres

      Portage Office Building - High Traffic Area

      Prime Office Space, Month-to-Month Leases
      6195 Central Ave, Portage, IN 46368
      View Details
    • $199,000
      Pending

      Portage Office Building For Sale

      Office building in high-traffic location, currently rented month-to-month.
      6195 Central Ave, Portage, IN 46368
      View Details
    • Contact for pricing
      8,630 SF

      Remodeled Office/Retail Building For Sale

      Remodeled office/retail building with dedicated parking and warehouse space.
      5714 Central Ave, Portage, IN 46368
      View Details
    • $728,000
      8,000 SF

      Office/Retail Building with Recent Upgrades

      Six-unit office/retail building with leases and off-street parking.
      5979 Mccasland Ave, Portage, IN 46368
      View Details
    • $295,000
      Pending

      High-Visibility Portage Office Building

      2,100 sq ft office building in thriving business corridor.
      3437 Airport Rd, Portage, IN 46368
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      23,755 SF

      Halsted Building Office Suites

      Portage, IN Office Space Available
      1605 Adler Cir, Portage, IN 46368
      View Details
    • $15 SF/Yr
      1,690 SF

      Retail/Office Space on US 6

      Class A retail and office spaces available for lease.
      6650-6656 Us Highway 6, Portage, IN 46368
      View Details
    • Contact for pricing
      574,249 SF

      Portage, IN Industrial/Office Space

      Flexible workspace, 300-50,000 sq ft.
      6515 Ameriplex Dr, Portage, IN 46368
      View Details
    • $15 SF/Yr
      1,460 SF

      Retail/Office Space on US 6

      Class A retail and office spaces available for lease.
      6630-6640 Us Highway 6, Portage, IN 46368
      View Details
    • $15 SF/Yr
      3,020 SF

      Retail/Office Space on US 6

      Class A retail and office spaces available for lease.
      6670-6678 Us Highway 6, Portage, IN 46368
      View Details
    • Contact for pricing
      88,500 SF

      Portage Warehouse Space Available

      88,500 sqft warehouse/industrial space for lease in Portage, Indiana.
      1680 Jensen Dr, Portage, IN 46368
      View Details
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    6281 Central Ave
    Portage, IN 46368-3725
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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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