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$89,900 Just Listed
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Property Description
ATTENTION SMALL BUSINESS OWNERS, INVESTORS & CONTRACTORS... OPPORTUNITY IS KNOCKING! *Attention CREATE MY OWN SPACE SMALL BUSINESS OWNERS - Entrepreneurs, Investors, Barber / salon owner, Nail tech / esthetician, Insurance agent / mortgage broker, Boutique owner, Startup service business* "Stop paying rent...own your space and build it YOUR way"-------**Attention TO ALL OF THE VALUE - ADD INVESTORS IN NWI - Small commercial investors, Landlords expanding into mixed-use, "Fix & hold" investors** Buy this discounted space, Renovate it, and then Lease it out at higher rate, Refinance or hold for cash flow "This is an Under market value + forced appreciation opportunity".--------*** LOOKING FOR OPPORTUNITY? CONTROL? UPSIDE? Well this is your Blank Canvas Business Opportunity! You can Own Your Own Location for less than rent! In fact...Why keep paying rent when you can OWN your own space and build equity at the same time? This approx. 720 sq ft retail/office space is priced BELOW market to reflect needed updates--giving you the chance to customize it EXACTLY how you want it while creating instant upside. Perfect for a barber shop, salon, boutique, insurance office, tax service, or any service-based business looking for an affordable location with long-term control. Investors--this is your chance to step into a value-add commercial property with strong income potential after renovations. Contractors--turn your skills into equity and design your ideal workspace from the ground up. Opportunities like this are getting harder to find, especially at an entry-level price point. Whether you're looking to launch, expand, or invest, this is a blank canvas with serious potential. Call today for details and start turning this space into your next income-producing asset!
Full Property Details
Full Property Details for 508 S Lake St
General
- Price: $89,900
- Taxes: $1,045 (2024)
- Status: Active
- Type: Retail
- Source: GNIAR
- MLS ID: 838821
- Updated: 5/13/2026
- Added to Site: Today
Interior
- Appliances: None
Parking
- Parking Features: Off Street, On Street, Concrete, Alley Access
Location
- County: Lake
- Township: Calumet
- Driving Directions: US-12 E/US-20 E to Lake St to property
Heating & Cooling
- Heating Type: Forced Air
Structural Information
- Square Feet: 720
- Year Built: 1948
Lot Features
- Lot Size (Acres): 0.062
- Lot Size (Sq. Ft.): 2,700.72
Financial Considerations
- Tax Amount: $1,045
- Tax Year: 2024
- Terms: Cash, Other
Disclosures and Reports
- Legal Description: CHAS. F. BLANK'S RESUB. BLK. 13 N. 1/2 LOT 3 BL. 1 S. 7.5 FT. LOT 2 BL. 1
- Property ID: 450906401018000004
Listed by Kirk & Company Your Home Sold
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Schools
Schools serving 508 S Lake St
School District:Gary Community School Corporation
| Name | Grades | Distance |
|---|---|---|
Banneker Elementary at Marquette 6401 Hemlock Avenue, Gary, IN 46403 | K-5 | 0.8 mi |
Mary M Bethune Early Child Development Center 2367 East 21st Avenue, Gary, IN 46407 | PK- | 2.6 mi |
Gary Middle School 301 Parke Street, Gary, IN 46403 | 6-8 | 1.3 mi |
West Side Leadership Academy 9th & Gerry St, Gary, IN 46406 | 9-12 | 7.3 mi |
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 508 S Lake St
Date
Details
Price
Change
Source
5/13/2026
Listed
$89,900
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 508 S Lake St
Year
Property Taxes
Change
Tax Assessment
Change
2024
$1,946
—
$17,800
-40%
2024
$1,946
-27%
$29,800
-1%
2023
$2,663
141%
$30,200
-3%
2022
$1,104
-58%
$31,000
5%
2020
$2,608
28%
$29,600
—
2019
$2,043
28%
$29,600
-2%
2018
$1,597
32%
$30,300
-4%
2017
$1,209
—
$31,600
-3%
2017
$1,209
-16%
$32,600
23%
2016
$1,441
76%
$26,400
—
2015
$820
-45%
$26,500
5%
2013
$1,487
-2%
$25,200
—
2012
$1,524
—
$25,100
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 508 S Lake St
508 S Lake Street, Gary, IN 46403 (MLS# 838821) is a Retail property. 508 S Lake Street is currently listed for $89,900 and was received on May 13, 2026. Want to learn more about 508 S Lake Street? Do you have questions about finding other Retail real estate for sale in Gary? You can browse all Gary real estate or contact a Coldwell Banker agent to request more information.

