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    9222 Indianapolis Blvd Highland, IN 46322-2557

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    9222 Indianapolis Blvd Highland, IN 46322-2557

    View on Map
    • Strip malls
    • 7,200 SF
    • 0.88 lot acres
    Off-Market
    Property ID
    US31-0481596
    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

    • Strip malls

    Property Details for 9222 Indianapolis Blvd

    Year built
    1987
    Construction
    WOOD
    Lot size
    0.88 lot acres
    Property size
    7,200 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    45-07-29-279-033.000-026
    APU
    450729279033000026

    Description

    Boulevard Plaza offers 7,200 square feet of office space in two single-story buildings, constructed in 1998 and situated at 9222 Indianapolis Blvd, Highland, IN 46322. Currently, 1,605 square feet are available for lease, with individual suites ranging from 200 to 1,605 square feet. The property is classified as Class B and features a convenient location in a high-traffic strip center anchored by Dunkin' Donuts and other businesses, ensuring high visibility and accessibility. Ample parking is provided for tenants and their guests. The property is located in Lake County, within the Chicago metropolitan area, offering easy access to major transportation routes. The Net, Net, Net (NNN) expenses are currently estimated at $4.50 per square foot. This turnkey office space is ideal for businesses seeking a well-maintained, conveniently located office in a thriving community. The property's address is within the 45-07-29-279-033.000-026 Assessor's Parcel Number (APN). Multiple tenancy is available.

    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
    Highland
    County
    Lake
    State
    Indiana
    Longitude
    -87.4727
    Latitude
    41.5459
    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
    $12,965
    $237,700
    $388,300
    $626,000
    -
    $237,700
    $388,300
    $626,000

    Comparable in this City

    • Value Estimation by Request
      12,169 SF

      10343 Indianapolis Blvd

      SHOPPING CENTER, STRIP CENTER • 12,169 SF
      10343 Indianapolis Blvd, Highland, IN 46322-3638
      View Details
    • Value Estimation by Request
      20,092 SF

      2540 45th St

      SHOPPING CENTER, STRIP CENTER • 20,092 SF
      2540 45th St, Highland, IN 46322-2605
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    • Value Estimation by Request
      19,565 SF

      8333 Indianapolis Blvd, Unit 57

      SHOPPING CENTER, STRIP CENTER • 19,565 SF
      8333 Indianapolis Blvd, Highland, IN 46322-1065
      View Details
    • Value Estimation
      $600,000
      28,080 SF

      3305 45th St, Unit 3315

      SHOPPING CENTER, STRIP CENTER • 28,080 SF
      3305 45th St, Highland, IN 46322-3211
      View Details
    • Value Estimation
      $780,000
      26,700 SF

      2124 45th St, Unit 2166

      SHOPPING CENTER, STRIP CENTER • 26,700 SF
      2124 45th St, Highland, IN 46322-3742
      View Details
    • Value Estimation
      $1,180,000
      79,059 SF

      10243 Indianapolis Blvd

      SHOPPING CENTER, STRIP CENTER • 79,059 SF
      10243 Indianapolis Blvd, Highland, IN 46322-3507
      View Details

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      Turnkey Office in Highland Plaza

      Turnkey office space for lease in a high-traffic location.
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    Highland, IN 46322-2557
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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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