4815 5Th AveGary, IN 46406

Property Details for 4815 5Th Ave

Year built

1945

Construction

WOOD

Lot size

0.50 AC

Property size (Sq ft)

9,800 SF

Property type

Retail space

APN

45-07-01-431-005.000-004

APU

450701431005000004

Description

Invest in this 0.5-acre retail property located at 4815 W 5th Avenue in Gary, Indiana, priced at $75,000. This former laundromat boasts a prime location on a busy four-lane road, offering exceptional visibility and accessibility. The building presents a significant opportunity for a savvy investor to revitalize a once-thriving business. The substantial space allows for the installation of 72+ washers and 46+ dryers, catering to a large customer base. Ample parking is available, with capacity for 25+ vehicles, and a convenient drive-thru window adds to the property's appeal. This property's strategic location in the heart of Gary ensures high traffic volume and strong potential for return on investment. The property is also available as part of a bundle deal with a separate property located at 1437 E Ridge Rd (MLS #544979), presenting an even more lucrative investment opportunity. This is a rare chance to acquire a well-situated retail space with significant upside potential. The property's size and features make it ideal for a variety of commercial uses, beyond its original purpose as a laundromat. Don't miss this chance to capitalize on a prime Gary location and bring a vibrant business back to life. Act quickly to secure this exceptional investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $4,629,678

  6.5%

  $4,273,549

  7%

  $3,968,295

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,216,654

  Geo Method

  $3,216,654

• Alternative Use

  Use

  Valuation

  Residential

  $3,604,898

  Hospitality

  $3,302,068

  Educational

  $2,747,281

  Medical

  $2,841,764

  Retail

  $4,273,549

Location Insight

City

Gary

County

Lake

State

Indiana

Latitude

41.6016

Longitude

-87.397

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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