Restaurant Property With Leased
For Sale
$1,500,000
6247 Kennedy Avenue, Hammond, IN 46323
Commercial Sale, Hammond, IN
Property Size4,366 SF
Lot Size0.62 Acres
Price / SF$343.56
Days on Market442
Property Features for 6247 Kennedy Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
13698
Security features
Security Lighting
Interior features
Wet Bar
Appliances
Built-In Gas Range, Water Heater, Stainless Steel Appliance(s), Range Hood, Refrigerator, Microwave, Freezer, Dishwasher
Directions
Heading North from interstate property in on Right hand side.
Standard status
Active
APN
450704403009000023
Size
4,366 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Turner-Meyn Park BL.3 Lots 12 to 18
Tax Annual Amount
6368
Legal Description
Turner-Meyn Park BL.3 Lots 12 to 18
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1954
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Anthony Christopher · License #RB22001074
(708) 715-6193
Added: Jun 12, 2025
Changed: Aug 19
Last Checked: Aug 27 at 9:06AM
MLS# 822381
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 4,366-square-foot restaurant property was built in 1954 and occupies a 0.62-acre double lot. The sale includes an operating Latin Bliss Restaurant, which is owner-occupied, along with Kenwood Tap, a fully leased bar. The interior includes a wet bar and a commercial kitchen equipped with a built-in gas range, range hood, refrigerator, freezer, microwave, dishwasher, stainless steel appliances, and water heater. Forced-air heating serves the building.
The property is located at 6247 Kennedy Avenue in Hammond, Indiana, within Lake County. Public water and public sewer serve the site. The two-tenant configuration combines an operating restaurant with a separately leased bar use in one commercial property.
The property is located at 6247 Kennedy Avenue in Hammond, Indiana, within Lake County. Public water and public sewer serve the site. The two-tenant configuration combines an operating restaurant with a separately leased bar use in one commercial property.
Key Highlights
- 4,366‑square‑foot restaurant property on a 0.62‑acre double lot
- Built in 1954 with a restaurant and separately leased bar operation
- Latin Bliss Restaurant is owner‑occupied
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
$85,317
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
5.69%
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%
$1,706,340
$1.7M
Cap Rate 7%
$1,218,814
$1.2M
Cap Rate 9%
$947,967
$948.0K
Market Conditions
NOI Build-Up for 4,366 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
$117.9K $27.00/SF
− Vacancy
−$4.1K −$0.95/SF
EGI
$113.8K $26.06/SF
− OpEx
−$28.4K −$6.51/SF
NOI
$85.3K $19.54/SF
Area
Lake County, IN
Vacancy
3.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,706,340
Cap Rate 7%
$1,218,814
Cap Rate 9%
$947,967
Alternative Uses
Best Use
Specialty Retail
$1.22M
$1.07M – $1.42M
NOI $85,317 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
16k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Home Improvements & Furnishings 21%
Dining 18%
Marathon
Shops & Services
7,425 visits/mo
0.3 miles
Lindys Ace Hardware
Home Improvements & Furnishings
3,409 visits/mo
0.1 miles
Dairy Queen
Dining
2,913 visits/mo
0.5 miles
Old National Bank
Shops & Services
2,477 visits/mo
0.4 miles
Demographics for 46323, IN
22,510
Population
8,955
Households
2.5
Avg Household Size
35
Median Age
15%
College-Educated
85%
High-School Grad
6.2 sq mi
ZIP Area
3,631
Density / Sq Mi
$56,906
Median Household Income
$35,292
Median Earnings
$1,189
Median Rent
$149,200
Median Home Value
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - Includes an owner-occupied dining venue and a separately leased bar operation.
Where is this conventional restaurant located?
The property is located at 6247 Kennedy Avenue Hammond, IN.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 4,366‑square‑foot restaurant property on a 0.62‑acre double lot; Built in 1954 with a restaurant and separately leased bar operation; Latin Bliss Restaurant is owner‑occupied
