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    6515 Melton Rd Gary, IN 46403-3012
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    Property profile & analytics

    6515 Melton Rd, Gary, IN 46403-3012

    View on Map
    • Warehouses
    • 6,200 SF
    • 1.61 lot acres
    Off-Market
    Property ID
    US31-0854991
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Illinois central school bus / Freight Service / Logistics Company
    • System Transport / Trucking Company

    Property Details for 6515 Melton Rd

    Year built
    1953
    Construction
    WOOD
    Lot size
    1.61 lot acres
    Property type
    Warehouses
    APN
    45-09-05-354-003.000-004
    APU
    450905354003000004

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 28, 2020 — State Of Indiana Trust No 120592 Grant Deed · related —
    Apr 18, 2019 $330,000 Indiana Land Trust 120592 Gail Fiedler Warranty Deed —

    Description

    This exceptional 6,750-square-foot industrial property, situated on 1.63 acres in Northwest Indiana, presents a unique investment opportunity. Previously utilized as a school bus dispatch and maintenance facility, the building boasts a versatile layout ideal for a variety of uses. The space includes two repair bays, one equipped with a 14' x 14' overhead door and an overhead crane, perfect for equipment maintenance or storage. A well-appointed office area features four private offices and a lunchroom, complemented by a full upstairs conference or training room. The high ceilings, measuring 18 feet, provide ample vertical space. The property benefits from excellent accessibility, with convenient access to major expressways including I-65, I-90, I-80, and I-94. The expansive 1.63-acre lot provides ample outdoor space, and offers the potential for expansion by combining with the adjacent property at 6401 Melton Road, increasing the total land area to 5.25 acres and adding four more service bays. This property is ideally suited for trucking operations, equipment rental or storage/repair businesses, contractors, or any enterprise requiring office space and maintenance bays with substantial outdoor storage capabilities. The building is currently vacant and available for immediate occupancy. The property underwent renovations in 2020.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Gary
    County
    Lake
    State
    Indiana
    Longitude
    -87.2599
    Latitude
    41.5955
    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
    $6,052
    $96,400
    $70,600
    $167,000
    -
    $96,400
    $70,600
    $167,000

    Comparable in this City

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    • Value Estimation by Request
      3,600 SF

      8115 Melton Rd

      WAREHOUSE, STORAGE
      8115 Melton Rd, Gary, IN 46403
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    • Value Estimation
      $635,000
      7,380 SF

      7592 Melton Rd

      WAREHOUSE, STORAGE
      7592 Melton Rd, Gary, IN 46403-3147
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    • Value Estimation by Request
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      9501 5th Ave

      WAREHOUSE, STORAGE
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      STORAGE YARD, OPEN STORAGE
      669 Grand Blvd, Gary, IN 46403-2901
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      Improved Truck Parking or Storage

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      Gary Repair Facility with Yard

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    Gary, IN 46403-3012
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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.

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