Mixed-Use Property with Office
New
For Sale
$1,100,000
1137 167th Street, Hammond, IN 46324
Commercial Sale, Hammond, IN
Property Size14,195 SF
Lot Size2.38 Acres
Price / SF$77.49
Days on Market2
Property Features for 1137 167th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
15
Parking features
Alley, Oversize, Driveway, Open
Security features
Security Lighting
Interior features
Ceiling Fan(s), Entrance Foyer
Exterior features
Lighting, Storage, Rain Gutters, Private Yard
Appliances
Dryer, Water Heater, Washer, Microwave, Electric Range, Dishwasher, Disposal
Subdivision
Ridge Road Add
Lot features
Back Yard, Sprinklers In Front, Near Public Transit, Landscaped, Few Trees, Corner Lot
Directions
Calumet Ave to 167th. East on 167th. Property is on the Northwest Corner of Columbia Ave and 167th.
Standard status
Active
APN
450707130020000023
Size
14,195 SF
Lot size
2.38 Acres
Additional Details
Tenant in Place
Yes
Property Use
Office
Condition
Newly Renovated
Taxes and HOA fees
Tax Year
2024
Tax Description
RESUB. OF LOT 1 & E. 61.08 FT. L.2 RIDGE ROAD ADD. L.H RIDGE ROAD ADD. W. 50 FT. L.2 RIDGE ROAD ADDITION E.50FT OF W.100FT LOT 2 & PT W1/2 VAC. ST. ADJ.
Tax Annual Amount
13444
Legal Description
RESUB. OF LOT 1 & E. 61.08 FT. L.2 RIDGE ROAD ADD. L.H RIDGE ROAD ADD. W. 50 FT. L.2 RIDGE ROAD ADDITION E.50FT OF W.100FT LOT 2 & PT W1/2 VAC. ST. ADJ.
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1929
Additional Structures
Storage
Listing Agency:
McColly Real Estate
(219) 934-6300
Listed By:
Brandon Smith
(312) 218-5757
Added: Oct 29
Last Checked: Oct 30 at 6:06AM
MLS# 847527
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.
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Investment Insights
Based on property information with market context.
Set on 2.38 acres, this 14,195-square-foot mixed-use property includes a remodeled office building divided into three separate office spaces. The site also has storage units that are currently leased, two leased residential units, and additional space suited to a mechanic, contractor, or shop operation.
Built in 1929, the property combines office, storage, residential, and shop space on one parcel. Public water and public sewer serve the property.
Built in 1929, the property combines office, storage, residential, and shop space on one parcel. Public water and public sewer serve the property.
Key Highlights
- 2.38‑acre property with 14,195 square feet
- Remodeled office building with three separate office spaces
- 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 - Leased storage and residential units provide existing rental components alongside commercial workspace.
Where is this mixed-use property located?
The property is located at 1137 167th Street 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: 2.38‑acre property with 14,195 square feet; Remodeled office building with three separate office spaces; Storage units currently leased
