Historic Downtown Office
For Sale
$99,900
Pending
232 Main Street, Hobart, IN 46342
Commercial Sale, Hobart, IN
Property Size736 SF
Lot Size0.02 Acres
Days on Market123
Property Features for 232 Main Street
General Information
Property type
Commercial Sale
Property subtype
Office
Parking features
On Street
Subdivision
Hobart
Middle school
Hobart Middle School
High school
Hobart High School
Elementary school district
Hobart
Middle school district
Hobart
High school district
Hobart
Directions
Take S Lake Park Ave to E 3rd St.
Standard status
Pending
APN
450932152022000018
Size
736 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
HOBART (16 X 50 FT.) NE COR. L. 10
Tax Annual Amount
2232
Legal Description
HOBART (16 X 50 FT.) NE COR. L. 10
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1876
Listing Agency:
Ginter Realty
(219) 942-1141
Listed By:
Carrie Adelman · License #RB14038267
(219) 973-1842
Added: Apr 27
Changed: Aug 19
Last Checked: Aug 27 at 1:06PM
MLS# 839162
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This office unit provides 736 square feet within a building constructed in 1876. The property combines a historic building setting with practical building services, including forced-air heating fueled by natural gas. Public water and public sewer serve the property, while parking is available on the street.
The office is located on Main Street in downtown Hobart, with access to I-65 described as just minutes away. Its central setting places the property within the city’s downtown commercial area and supports a straightforward office-use configuration.
The office is located on Main Street in downtown Hobart, with access to I-65 described as just minutes away. Its central setting places the property within the city’s downtown commercial area and supports a straightforward office-use configuration.
Key Highlights
- 736‑square‑foot office unit
- Building constructed in 1876
- Downtown Hobart location on Main Street
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$7,092
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$141,840
$141.8K
Cap Rate 7%
$101,314
$101.3K
Cap Rate 9%
$78,800
$78.8K
Market Conditions
NOI Build-Up for 736 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$10.6K $14.40/SF
− Vacancy
−$466 −$0.63/SF
EGI
$10.1K $13.77/SF
− OpEx
−$3.0K −$4.13/SF
NOI
$7.1K $9.64/SF
Area
Lake County, IN
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$141,840
Cap Rate 7%
$101,314
Cap Rate 9%
$78,800
Alternative Uses
Best Use
Office B
$133.4K
$116.7K – $155.6K
NOI $9,336 @ 7.0% cap · market cap 9.35%
Second Best
Retail
$101.3K
$88.7K – $118.2K
NOI $7,092 @ 7.0% cap · market cap 7.10%
Theoretical Best
Specialty Retail
$205.5K
$179.8K – $239.7K
NOI $14,382 @ 7.0% cap · market cap 14.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Explore this area
Business Placement
Demographics for 46342, IN
32,540
Population
13,774
Households
2.4
Avg Household Size
40
Median Age
21%
College-Educated
93%
High-School Grad
35.0 sq mi
ZIP Area
930
Density / Sq Mi
$72,163
Median Household Income
$41,574
Median Earnings
$1,110
Median Rent
$193,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Compact office unit with forced-air heating, natural gas service, and public water and sewer.
Where is this office units located?
The property is located at 232 Main Street Hobart, IN.
What is the asking price?
The asking price for this property is $99,900.
What are key features of this property?
This property features: 736‑square‑foot office unit; Building constructed in 1876; Downtown Hobart location on Main Street
