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    Property profile & analytics

    721 Main St, Unit 687 Schererville, IN 46375-1241

    • Strip malls
    • 29,387 SF
    • 2.20 lot acres
    OFF-MARKET
    Value Estimations
    $865,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1096530
    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

    • Diamond Nail & Spa / Nail Salon / Waxing Hair Removal Service

    Property Details for 721 Main St

    Year built
    2002
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.20 lot acres
    Property size
    29,387 SF
    Zone code
    R33
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    45-11-04-101-003.000-036
    APU
    451104101003000036

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $760,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $972,000
      Market price range: $581k - $972k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $735,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $1,300,000
      Change: +78% Conversion: Difficult
      MEDICAL BUILDING
      $1,250,000
      Change: +71% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,050,000
      Change: +43% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,015,000
      Change: +38% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Schererville
    County
    Lake
    State
    Indiana
    Longitude
    -87.4695
    Latitude
    41.5225
    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
    $61,750
    $659,100
    $2,734,400
    $3,393,500
    -
    $659,100
    $2,734,400
    $3,393,500

    Comparable in this City

    • Value Estimation
      $760,000
      28,618 SF

      2129 Us Hwy 41

      SHOPPING CENTER, STRIP CENTER • 28,618 SF
      2129 Us Hwy 41, Schererville, IN 46375
      View Details
    • Value Estimation by Request
      14,365 SF

      635-665 Us 30

      SHOPPING CENTER, STRIP CENTER • 14,365 SF
      635-665 Us 30, Schererville, IN 46375
      View Details
    • Value Estimation
      $510,000
      25,376 SF

      344 Us Hwy 30

      SHOPPING CENTER, STRIP CENTER • 25,376 SF
      344 Us Hwy 30, Schererville, IN 46375-2654
      View Details
    • Value Estimation
      $510,000
      25,376 SF

      342 Us Hwy 30

      SHOPPING CENTER, STRIP CENTER • 25,376 SF
      342 Us Hwy 30, Schererville, IN 46375-2654
      View Details
    • Value Estimation by Request
      14,760 SF

      326 Us Hwy 30

      SHOPPING CENTER, STRIP CENTER • 14,760 SF
      326 Us Hwy 30, Schererville, IN 46375-2654
      View Details
    • Value Estimation by Request
      14,760 SF

      324 Us Hwy 30

      SHOPPING CENTER, STRIP CENTER • 14,760 SF
      324 Us Hwy 30, Schererville, IN 46375-2654
      View Details

    Similar Nearby for Sale

    • $4,750,000
      6.00 Acres

      Schererville Retail Center - Highway Frontage

      High-traffic retail space, ample parking. Excellent highway visibility.
      410 Lincoln Hwy, Schererville, IN 46375
      View Details
    • Contact for pricing
      2,000 SF

      Schererville Retail Build to Suit

      Free-standing retail build to suit with drive-thru potential.
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    • $275,000
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      Schererville Commercial Lot - Austin Ave

      Prime .8-acre lot, ideal restaurant/office.
      2193 Austin Ave, Schererville, IN 46375
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    • $315,000

      Schererville Land Near Route 30

      Shovel-ready land ideal for restaurant or professional office.
      311 Us Highway 30, Schererville, IN 46375
      View Details
    • $310,000
      Pending

      Schererville Land on US 30

      3.26 acre commercial vacant land on US 30 for sale.
      6340-6363 W Lincoln Hwy, Schererville, IN 46375
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      Schererville Commercial Land

      4.81 Acres, Prime Location
      917-955 Eagle Ridge Dr, Schererville, IN 46375
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      87,823 SF

      Schererville Retail Space Available

      Prime Retail Space in Strack & Van Til
      1515 Us Highway 41, Schererville, IN 46375
      View Details
    • $22 SF/Yr
      1,500 SF

      Retail Space in Schererville, IN

      Retail units available in strong Northwest Indiana market.
      142 W Lincoln Hwy, Schererville, IN 46375
      View Details
    • Contact for pricing
      1,550 SF

      Retail Space on US Highway

      New retail center on US Highway 41 in Schererville.
      7725 Us Highway 41, Schererville, IN 46375
      View Details
    • $4,100 /Mo
      1,215 SF

      Retail Space in Schererville, IN

      Retail space for lease inside Strack & Van Til.
      1505-1525 Us Highway 41, Schererville, IN 46375
      View Details
    • Contact for pricing
      1,190 SF

      Main Street Retail Center Opportunity

      Prime Retail Space, Northwest Indiana
      29 Us-41 Schererville In 46375, Schererville, IN 46375
      View Details
    • Contact for pricing
      138,523 SF

      Schererville Retail Center Investment

      High-traffic retail space available.
      36-138 Indianapolis Blvd, Schererville, IN 46375
      View Details
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    Schererville, IN 46375-1241
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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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