288 S Lake Street
Gary, IN, 46403 $ 199,900
Bedrooms-- Baths-- Sq 2,607 Monthly Estimate*
$ 1,247
for $199,900. This 2,607 square foot building was built in 1957 on a lot size of 0.165.
Prime Investment Opportunity in Miller Business District - Gary, IN. This commercial property on bustling Lake Street offers incredible potential in one of Gary's most vibrant and growing areas. Currently occupied part-time, the building had strong bones but is in need of renovation - making it a perfect project for an investor or business owner with vision. Originally home to a well-known local restaurant, the building still carries the charm and history of its roots. With the interior mostly cleared out and ready for redevelopment, the space is a blank canvas that can be transformed to fit a wide variety of uses - restaurant, retail, studio, office, or mixed-use. Located in the heart of the Miller business district, this property benefits from steady foot traffic, high visibility, and close proximity to Lake Michigan, Marquette Park, and the South Shore Line. The district is known for its unique shops, restaurants, and growing arts scene, making this a rare opportunity to join a thriving community at the right time. With new vision and care, this property can be revitalized into a defining feature of Lake Street. Position your business for success in this premier location, complete with a 13-car private parking lot offering exceptional convenience for clients, staff, and guests. Nestled near the Douglas Center and Indiana Dunes National Park, the property combines natural surroundings with unmatched accessibility. The South Shore commuter line ensures seamless connectivity to Chicago, while immediate access to I-80/94, the Toll Road, and I-65 places the entire region within easy reach. Situated in a thriving business district, the property benefits from proximity to a well-established network of amenities, including a modern library, acclaimed restaurants, and a dynamic art center. This vibrant setting enhances both professional appeal and lifestyle value, making it an exceptional choice for businesses seeking visibility, growth, and prestige.
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FeaturesGeneralSewer Public Sewer
Heating Forced Air Natural Gas
Utilities Electricity Connected Natural Gas Connected
Year Built 1957
Electric 100 Amp Service 200+ Amp Service
View None
Township Calumet
Property Subtype Retail
Tax Year 2024
County Lake
Property Type Commercial Sale
Subdivision Name Lake Ave
Building Features Business District Location
Status Active
Directions Route 20 to Lake St north
City Gary
High School District Gary
Zoning Description Commercial
Lot Size Square Feet 7187
Listing Terms Cash Conventional
Tax Annual Amount 2409
Standard Status Active
Legal Description LAKE AVE. SUBDIV. EX.W.60FT. LOTS 1 2 3 BL.4
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ExteriorExterior Amenities None
Parking Features Paved On Street Asphalt
Lot Features Corner Lot Paved
Water Source Public
Total Parking 6
Lot Size Acres 0.165
Lot Size Source Assessor
Waterfront Y/N N
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* Excluded FeaturesList ByBrent ShermanListing Agent
Mccolly Real EstateBroker
brentsherman@mccolly.comEmail
Affordability Calculator
- Monthly Principal & Interest
- $1,247
- Monthly Property Taxes
- $201
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.375% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyCommerical listings in Gary, IN
Average List Price $295,450
Percent of Sale Price 48%
About Gary, IN 71,243 Population
-31% Since 2002
$ 29,286 Median Income
37.13 Median Age
27% Households with Children
Trends Information provided by ATTOM Data Solutions.
4001616 Elementary School
4001695 Middle School
Unknown High School High School
Pricing History| Date | Price | Price Change | Description |
|---|
| 11/25/2025 | $199,900 | -20.01% | Price Down |
| 10/1/2025 | $249,900 | | Listed Price |