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    Property profile & analytics

    745 Ridge Rd Munster, IN 46321

    • Retail space
    • 3,880 SF
    • 0.37 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0596063
    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

    • Commander Restaurant / Family Restaurant

    Property Details for 745 Ridge Rd

    Year built
    1969
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.37 lot acres
    Property size
    3,880 SF
    Property type
    Retail space
    APN
    45-06-24-276-016.000-027
    APU
    450624276016000027

    Description

    This exceptional restaurant opportunity in Munster, Indiana, presents a unique chance for ownership or lease. The 3,880-square-foot, single-story building sits on a 0.37-acre lot with 77 parking spaces and boasts 190 feet of frontage on heavily trafficked Ridge Road, near its intersection with Calumet Avenue. The property includes a half basement and is zoned CD-5 Urban Center Character District. The location offers significant advantages, including proximity to the South Shore Line extension (half a mile away) and a new 500,000-square-foot mixed-use development in South Munster. Munster itself is a thriving community with high household incomes and property values, making it an attractive location for businesses. The property benefits from excellent visibility and accessibility, with high daily traffic volume on both Ridge Road (18,422 vehicles per day) and Calumet Avenue (34,411 vehicles per day). The low Indiana real estate taxes ($11,446.84) further enhance the investment potential. The property's location offers easy access to downtown Chicago (30-minute drive) and Midway Airport (40-minute drive). Nearby amenities include St. Thomas More School, Munster High School, and Community Hospital. A monument sign is available. This established restaurant, operating for over 30 years, offers the opportunity to acquire the business, fixtures, furniture, and equipment (FF&E), and naming rights. The property is offered for both sale and lease. The APN is 45-06-24-276-016.000-027.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Munster
    County
    Lake
    State
    Indiana
    Longitude
    -87.51
    Latitude
    41.5618
    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
    $11,447
    $245,000
    $183,100
    $428,100
    -
    $245,000
    $183,100
    $428,100

    Comparable in this City

    • Value Estimation by Request
      3,567 SF

      8146 Calumet Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,567 SF
      8146 Calumet Ave, Munster, IN 46321-1702
      View Details
    • Value Estimation by Request
      1,344 SF

      8314 Calumet Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,344 SF
      8314 Calumet Ave, Munster, IN 46321-1724
      View Details
    • Value Estimation by Request
      4,600 SF

      8220 Calumet Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,600 SF
      8220 Calumet Ave, Munster, IN 46321-1704
      View Details
    • Value Estimation by Request
      5,377 SF

      1317 Rdg Rd

      RETAIL STORES (PERSONAL SERVICES) • 5,377 SF
      1317 Rdg Rd, Munster, IN 46321
      View Details
    • Value Estimation
      $1,820,000
      14,610 SF

      8930 Calumet Ave

      RETAIL STORES (PERSONAL SERVICES) • 14,610 SF
      8930 Calumet Ave, Munster, IN 46321-2802
      View Details
    • Value Estimation by Request
      2,980 SF

      313 Rdg Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,980 SF
      313 Rdg Rd, Munster, IN 46321-1527
      View Details

    Similar Nearby for Sale

    • $4,950,000
      29,754 SF

      Versatile Commercial Building on Calumet

      30,372 SF building on 3.77 acres, ideal for various uses.
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    • $1,595,000
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      Munster Commercial Building For Sale

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      3,880 SF

      Munster Restaurant - For Sale/Lease

      Established Restaurant, High Traffic Area
      745 Ridge Rd, Munster, IN 46321
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    • Contact for pricing
      3,880 SF

      Freestanding Restaurant on Ridge Road

      3,880 SF restaurant on 0.37 acres with 77 parking spaces.
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    • $800,000

      Munster Commercial Land - 2 Acres

      Prime Munster location, high traffic, development ready.
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    • $389,000
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    Similar Nearby for Lease

    • $42 SF/Yr
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      New Retail Space Available

      New construction retail space in a high-traffic area.
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      Retail Space in Growing Market

      Class A retail space in a rapidly growing market.
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    • $14 SF/Yr
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      Ridge Road Retail/Office Space

      Corner location with retail and office space available for rent.
      417-419 Ridge Rd, Munster, IN 46321
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    • $12 SF/Yr

      Munster Retail and Office Space

      Retail and office space available in Munster's commercial district.
      417-435 Ridge Rd, Munster, IN 46321
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    • $12 SF/Yr
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      Harrison Ridge Executive Suites

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    • Contact for pricing
      2,692 SF

      Freestanding Restaurant Building with Drive-Thru

      2,692 SF restaurant with drive-thru on 0.86 acres.
      8032 Calumet Ave, Munster, IN 46321
      View Details
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    Munster, IN 46321
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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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