Downtown Mixed-Use
New
For Sale
$1,675,000
118-120 N Main Street, Hebron, IN 46341
Commercial Sale, Hebron, IN
Property Size13,400 SF
Lot Size0.18 Acres
Price / SF$125
Days on Market6
Property Features for 118-120 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking
100
Parking features
On Street, Off Street
Subdivision
Sweeneys Sub
Directions
LOCATED RIGHT WHERE ROUTS 231, ROUTE 2 (MAIN STREET) AND ROUTE 8 MERGE ON THE WEST SIDE OF ROUTE 2 (MAIN STREET)
Standard status
Active
APN
641410488022000002
Size
13,400 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
SWEENEYS SUB SEC 10 LOT 4 DR432 P227 TIF
Tax Annual Amount
10690
Legal Description
SWEENEYS SUB SEC 10 LOT 4 DR432 P227 TIF
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1927
Listing Agency:
BHHS Executive Realty
(219) 663-1986
Listed By:
David Harkabus · License #RB14042838
(219) 313-1669
Added: Aug 23
Changed: Aug 26
Last Checked: Aug 28 at 7:06AM
MLS# 844226
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.
Located at 118-120 N Main Street in Hebron, this 1927 mixed-use property combines two commercial suites with six apartments and an unfinished Unit 7. The commercial areas include a restaurant and a school serving children with mild to severe disabilities. Recent work includes new electrical panels and boxes, serviced HVAC systems, replacement of 3/4 of the roof, refinished exterior surfaces, new rear steel stairs and railings, concrete work, gutters, doors, and locks. Commercial interiors feature updated flooring, ceilings, fixtures, and bathrooms, including an ADA-compliant bathroom in the school.
Apartments 2-6 have received new kitchens, bathrooms, luxury vinyl plank flooring, AC units, and stainless-steel appliances. Unit 1 includes new stainless-steel appliances, while Unit 7 remains unfinished and requires a kitchen and bathroom for occupancy. The property offers rear off-street parking along with additional on-street parking, and is served by public water and public sewer. The property is reported at an 8.5 cap rate.
Apartments 2-6 have received new kitchens, bathrooms, luxury vinyl plank flooring, AC units, and stainless-steel appliances. Unit 1 includes new stainless-steel appliances, while Unit 7 remains unfinished and requires a kitchen and bathroom for occupancy. The property offers rear off-street parking along with additional on-street parking, and is served by public water and public sewer. The property is reported at an 8.5 cap rate.
Key Highlights
- Two commercial suites and six apartments at 118‑120 N Main Street
- Unfinished Unit 7 offers 1,800 sq. ft. for future buildout
- Major improvements include new electrical panels, serviced HVAC, and 3/4 roof replacement
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
$122,811
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
7.33%
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%
$2,456,220
$2.5M
Cap Rate 7%
$1,754,443
$1.8M
Cap Rate 9%
$1,364,567
$1.4M
Market Conditions
NOI Build-Up for 13,400 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
$209.0K $15.60/SF
− Vacancy
−$12.5K −$0.94/SF
EGI
$196.5K $14.66/SF
− OpEx
−$73.7K −$5.50/SF
NOI
$122.8K $9.17/SF
Area
Porter County, IN
Vacancy
6.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$2,456,220
Cap Rate 7%
$1,754,443
Cap Rate 9%
$1,364,567
Alternative Uses
Best Use
Specialty Retail
$3.74M
$3.27M – $4.36M
NOI $261,853 @ 7.0% cap · market cap 15.63%
Second Best
Mixed Use
$1.75M
$1.54M – $2.05M
NOI $122,811 @ 7.0% cap · market cap 7.33%
Theoretical Best
Healthcare Medical
$5.08M
$4.44M – $5.93M
NOI $355,510 @ 7.0% cap · market cap 21.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Explore this area
Business Placement
Demographics for 46341, IN
10,518
Population
4,179
Households
2.5
Avg Household Size
42
Median Age
20%
College-Educated
94%
High-School Grad
95.5 sq mi
ZIP Area
110
Density / Sq Mi
$99,444
Median Household Income
$55,298
Median Earnings
$897
Median Rent
$248,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial suites and six apartments occupy a renovated downtown building with public utilities and rear parking.
Where is this mixed-use property located?
The property is located at 118-120 N Main Street Hebron, IN.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: Two commercial suites and six apartments at 118‑120 N Main Street; Unfinished Unit 7 offers 1,800 sq. ft. for future buildout; Major improvements include new electrical panels, serviced HVAC, and 3/4 roof replacement
