Mixed-Use Property with Office
New
For Sale
$1,100,000
1137 167th St, Hammond, IN 46324
Nearly three acres combine remodeled offices, leased storage units, and two leased residential units.
Property Size14,195 SF
Price / SF$77.49
Days on Market4
Property Features for 1137 167th St
General Information
Standard status
Active
Size
14,195 SF
Property subtype
Commercial
Additional Details
Condition
Newly Renovated
Office Units
3
Tenant in Place
Yes
Property Use
Office
Building Details
Year Built
1929
Listing Agency:
McColly Real Estate
Listed By:
Brandon Smith
(312) 218-5757
Source:
Nwindianahomesearcher
Added: Oct 29
Changed: Oct 31
Last Checked: Nov 1 at 5:47AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of McColly Real Estate
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Investment Insights
Based on property information with market context.
At 1137 167th St in Hammond, this mixed-use property spans nearly 3 acres. Improvements include a recently remodeled office building divided into three separate office spaces, multiple storage units that are leased, and additional space suited to a mechanic, contractor, or shop operation. Two residential units are also leased, adding a residential component to the existing mix of uses.
The property was built in 1929 and is situated on a corner in Hammond. Its existing office, storage, commercial-use, and residential components are all part of the same property.
The property was built in 1929 and is situated on a corner in Hammond. Its existing office, storage, commercial-use, and residential components are all part of the same property.
Key Highlights
- Nearly 3 acres at a corner location in Hammond
- Recently remodeled office building with 3 separate office spaces
- Multiple storage units currently leased
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$99,999
Cap Rate
9.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,999,980
$2.0M
Cap Rate 7%
$1,428,557
$1.4M
Cap Rate 9%
$1,111,100
$1.1M
Market Conditions
NOI Build-Up for 14,195 SF
Gross rent
$124.3K $8.76/SF
− Vacancy
−$6.7K −$0.47/SF
EGI
$117.6K $8.29/SF
− OpEx
−$17.6K −$1.24/SF
NOI
$100.0K $7.04/SF
Area
Lake County, IN
Vacancy
5.39%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,999,980
Cap Rate 7%
$1,428,557
Cap Rate 9%
$1,111,100
Alternative Uses
Best Use
Office B
$2.57M
$2.25M – $3.00M
NOI $180,058 @ 7.0% cap · market cap 16.37%
Second Best
Mixed Use
$2.01M
$1.76M – $2.34M
NOI $140,531 @ 7.0% cap · market cap 12.78%
Theoretical Best
Specialty Retail
$3.96M
$3.47M – $4.62M
NOI $277,388 @ 7.0% cap · market cap 25.22%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Office units
Location Intelligence
Trade Area within ½ mile
455
Businesses Nearby
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Business Placement
Demographics for 46324, IN
22,611
Population
9,427
Households
2.4
Avg Household Size
36
Median Age
15%
College-Educated
86%
High-School Grad
4.4 sq mi
ZIP Area
5,139
Density / Sq Mi
$61,118
Median Household Income
$38,457
Median Earnings
$1,157
Median Rent
$141,600
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Nearly three acres combine remodeled offices, leased storage units, and two leased residential units.
Where is this mixed-use property located?
The property is located at 1137 167th St Hammond, IN.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Nearly 3 acres at a corner location in Hammond; Recently remodeled office building with 3 separate office spaces; Multiple storage units currently leased
