Six-Unit Apartment
For Sale
$720,000
1104 169th St, Hammond, IN 46324
Multifamily property with shared laundry and individual heating and cooling systems.
Property Size4,050 SF
Price / SF$177.78
Days on Market41
Property Features for 1104 169th St
General Information
Standard status
Active
Size
4,050 SF
Units
Unit Mix
6 x 1BR
Multifamily Units
6
Amenities
common laundry room
Building Details
Year Built
1965
Buildings
1
Construction
brick
Listing Agency:
Rose Real Estate
(219) 836-2400
Listed By:
Michael Larson
Source:
Realtopiare
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 5:21AM
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 Rose Real Estate
Investment Insights
Based on property information with market context.
This 6-unit apartment building contains six 1-bedroom residences within 4,050 square feet. The property was built in 1965 and has a 90 percent brick exterior, along with a common laundry room. Each apartment is equipped with baseboard heat and an individual air conditioning unit.
Three of the six apartments have been remodeled with updated flooring, light fixtures, plumbing fixtures, stainless steel kitchen appliances, and granite countertops. The property is located at 1104 169th St, Hammond, IN 46324.
Three of the six apartments have been remodeled with updated flooring, light fixtures, plumbing fixtures, stainless steel kitchen appliances, and granite countertops. The property is located at 1104 169th St, Hammond, IN 46324.
Key Highlights
- 6‑unit apartment building with six 1‑bedroom apartments
- 4,050 square feet; built in 1965
- 90 percent brick exterior
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
$35,831
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
4.98%
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%
$716,620
$716.6K
Cap Rate 7%
$511,871
$511.9K
Cap Rate 9%
$398,122
$398.1K
Market Conditions
NOI Build-Up for 4,050 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
$69.0K $17.04/SF
− Vacancy
−$3.9K −$0.95/SF
EGI
$65.1K $16.09/SF
− OpEx
−$29.3K −$7.24/SF
NOI
$35.8K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$716,620
Cap Rate 7%
$511,871
Cap Rate 9%
$398,122
Alternative Uses
Best Use
Apartment 5plus
$511.9K
$447.9K – $597.2K
NOI $35,831 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.13M
$989.3K – $1.32M
NOI $79,142 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily 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?
Apartment building - Multifamily property with shared laundry and individual heating and cooling systems.
Where is this apartment building located?
The property is located at 1104 169th St Hammond, IN.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: 6‑unit apartment building with six 1‑bedroom apartments; 4,050 square feet; built in 1965; 90 percent brick exterior
