Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Hobart Land Zoned R3 Title is generated by Realmo AI

    1400 Bl. E 31st Avenue, Hobart, IN 46342

    View on Map
    Claim this Listing
    For Sale
    $120,000

    LAND - Hobart, IN

    Lot size:
    5.10 Acres
    Added:
    Apr 8, 2026
    Days on Market:
    41
    Last Refresh:
    May 18 at 12:06 pm

    Property Features for 1400 Bl. E 31st Avenue

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    450920151004000016
    Lot size
    5.10 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    PT W1/2 SW1/4 NW1/4 S.20 T.36 R.7 5.101AC
    Tax Annual Amount
    613

    Utilities

    Utilities
    Water Available
    Water source
    Public

    We can help!

    Listing Contact
    Robert Craig

    Listing agent Robert Craig

    Listing office Advanced Real Estate, LLC 1121 Merrillville Rd, Crown Point, IN

    Listing date Apr 8, 2026

    MLS# 836716 Listing URL

    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.

    HighLights

    • Over 5 acres of land provides ample space and privacy.
    • Zoned R3, allowing for the construction of 1‑4 unit dwellings.
    • Modular and manufactured homes are permitted.
    • Close proximity to amenities and services.
    • Water Available
    • Public Water Source

    Overview

    This property features over 5 acres of land zoned R3, suitable for constructing one to four-unit modular or manufactured homes. The location offers a balance of privacy and convenience, with close proximity to various amenities and services in Hobart, Indiana.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hobart
    County
    Lake
    State
    Indiana
    Longitude
    -87.258346
    Latitude
    41.56146

    Nearby Similar for Sale

    • $499,999

      Hobart Corner Development Opportunity

      High-visibility 1.0 acre corner lot in Hobart, Indiana.
      3700 Montgomery, Hobart, IN 46342
      View Details
    • $260,000
      1,480 SF

      Commercial Property on Main Street

      Highly visible commercial property with leasing potential in central Hobart.
      341 Main Street, Hobart, IN 46342
      View Details
    • $99,900

      Hobart Land Package For Sale

      1.52 acres of land in Hobart, Indiana for sale.
      3800 Gill Street, Hobart, IN 46342
      View Details
    • $1,798,600
      10,640 SF

      New Dollar General NNN Lease

      New construction Dollar General in Hobart, IN with long-term lease.
      700 N County Line Rd , Hobart, IN 46342
      View Details
    • $1,299,900
      17,500 SF

      Hobart Commercial Property For Sale

      2.3 acres with two buildings suitable for various uses.
      939 S Wisconsin Street, Hobart, IN 46342
      View Details
    • $300,000

      Renovated Duplex in Hobart, IN

      Two-unit property with updated interiors and new appliances.
      529 Lake Street, Hobart, IN 46342
      View Details
    • $249,900

      5.5 Acres in Hobart, IN

      5.5-acre commercial land near St. Mary's Hospital in Hobart, Indiana.
      Ash Street, Hobart, IN 46342
      View Details
    • $55,000

      Hobart Land for Residential Development

      0.75 acre lot, build your dream home!
      3800 Brown Street, Hobart, IN 46342
      View Details
    • $35,000

      Vacant Lot in Hobart, IN

      Vacant lot in Hobart, ideal for building or investment.
      7007 Lincolnway Street, Hobart, IN 46342
      View Details
    • $475,000
      2,648 SF

      Retail Property in Hobart, Indiana

      Retail property with 46,609 sqft space in Hobart, Indiana.
      11 N Hobart Road, Hobart, IN 46342
      View Details
    • $24,874

      Residential Land in Quiet Neighborhood

      Large lot suitable for modular or manufactured home.
      2600 Bl. W 38th Avenue, Hobart, IN 46342
      View Details
    • Contact for pricing
      2,880 SF

      Retail Space in Hobart Center

      Retail space for lease in Pavilions of Hobart.
      1403-1413 Lake Park Ave, Hobart, IN
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 5+ acre residential land parcel in Hobart, Indiana.
    Where is this residential land & home lot located?
    The property is located at 1400 Bl. E 31st Avenue Hobart, IN.
    What is the asking price?
    The asking price for this property is $120,000.
    What are key features of this property?
    This property features: Over 5 acres of land provides ample space and privacy.; Zoned R3, allowing for the construction of 1‑4 unit dwellings.; Modular and manufactured homes are permitted.
    (219) 765-3621
    We can help!
    Listing Contact
    Robert Craig
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1400 Bl. E 31st Avenue, Hobart, IN 46342
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!