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Property profile & analytics
OFF-MARKET
Estimated value
$930,000
Warehouses
781 Michael Dr, Chesterton, IN 46304-2693
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US31-0520803
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1995
Construction
TYPE NOT SPECIFIED
Total area
9,130 SF
Lot
1.46 ac (63,423 SF)
APN
64-04-31-401-002.000-023
UPID
US31-0520803
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$940k
CAP Approach
CAP
$680k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$930k
Owner & transaction history
Back 781 Michael Dr LLC · 3 yrs held
Back 781 Michael Dr LLC
since 2022
Last sale
$975,000
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$675,000
+69.7%
Retail stores
$630,000
+58.0%
Restaurant
$615,000
+54.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Chesterton submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chesterton submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$830,000
ML approach
$940,000
CAP Approach
CAP Return
Estimation
6%
$735,000
6.5%
$680,000
7%
$630,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$675,000
Change: +70% · Conversion: Difficult
RETAIL STORES
$630,000
Change: +58% · Conversion: Moderate
RESTAURANT
$615,000
Change: +55% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$570,000
Change: +43% · Conversion: Easy
Blend value · Realmo final
$930k
Range $837k – $1.02M · ±10% · vs last sale $975k (Sep 20 2022)
Last sale anchor
$975k
Sep 20 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$102 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$10,217
Tax year 2023
Assessed value
$402,200
Assessed 2023
Previous assessed
$402,200
+0.0% YoY
Effective rate
2.54%
On assessed value
Assessed land
$127,600
Assessed improvement
$274,600
Land market value
$127,600
Improvement market value
$274,600
Total market value
$402,200
Applied tax rate
10.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1995
Construction
TYPE NOT SPECIFIED
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Bathrooms
3
Total area
9,130 SF
Lot
1.46 ac (63,423 SF)
APN
64-04-31-401-002.000-023
UPID
US31-0520803
Jurisdiction
PORTER
Metro division
GARY, IN METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$675,000
RETAIL STORES
Est. value
$630,000
RESTAURANT
Est. value
$615,000
INDUSTRIAL (GENERAL)
Est. value
$570,000
COMMERCIAL (GENERAL)
RETAIL STORES
RESTAURANT
INDUSTRIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1995
Construction
TYPE NOT SPECIFIED
Heating
CENTRAL
Cooling
Yes
Stories
1
Bathrooms
3
Lot
1.46 ac
Current owner
From public records · entity-resolved
Back 781 Michael Dr LLC
Entity
Mailing address
4606 138TH ST, CRESTWOOD, IL 60418-1909
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 20, 2022
$975,000
Back 781 Michael Dr LLC
Cct LLC
Special Warranty Deed
$780,000 · St Charles Bank & Trust Co NA
—
—
Gary C Cross
—
Deed Of Trust
related
$50,000 · J P Morgan Chase Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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