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    Bar and Restaurant Building with Parking Title is generated by Realmo AI

    1403 Michigan Street, Hammond, IN 46320

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    For Sale
    $239,000

    COMMERCIAL - Hammond, IN

    Property size:
    2,012 SF
    Lot size:
    0.22 Acres
    Price / SF:
    $118/SF
    Added:
    Jun 3, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 4 at 2:06 am

    Property Features for 1403 Michigan Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    10
    Parking features
    Off Street, Alley
    Security features
    Security Lighting
    Interior features
    Ceiling Fan(s), Wet Bar, Open Floorplan
    Standard status
    Active
    APN
    450331407028000023
    Size
    2,012 SF
    Lot size
    0.22 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    MICHIGAN AVE. ADD. L.14 BL.3 W. 25 FT. OF L.15 BL.3
    Tax Annual Amount
    5594

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1950

    We can help!

    Listing Contact
    Michael Borowiec

    Listing agent Michael Borowiec

    Listing office McColly Real Estate 2000 - 45th Street, Schererville, IN

    Listing date Jun 3, 2026

    MLS# 840051

    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

    • 2000 SF commercial building on the corner of Michigan St and Tell Ave
    • Off‑street parking with alley access
    • Includes a wet bar and open floorplan
    • Forced‑air heating
    • Public water and public sewer
    • Additional storage available in the back

    Overview

    This for-sale commercial building is set up for a bar or restaurant startup, with approximately 2,012 square feet of space and many commercial appliances included to support day-one operations. The property includes parking on site and also offers additional storage located toward the back of the building.

    The building is positioned on a corner lot at the intersection of Michigan Street and Tell Avenue in Hammond, Indiana. The location provides convenient access for guests and customers, while the lot layout supports parking directly with the property.

    For buyers looking to open a neighborhood bar or restaurant, the inclusion of commercial appliances and on-site storage can reduce the initial buildout steps. The straightforward, ready-to-operate configuration may also appeal to an owner-operator or investor seeking a turnkey starting point for a hospitality concept. The available parking and corner presence support customer access and visibility from two directions.
    Property Profile Location Intelligence

    Current Use by Public Records

    Our Place Bar & Pub

    Suggested Use

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

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

    Similar Places Nearby

    • AREA 504 BAR HAMMOND IN — 1304 Summer St, Hammond, IN 46320
    • 18th Street Distillery — 5417 Oakley Ave #1, Hammond, IN 46320
    • Our Place — 1403 Michigan St, Hammond, IN 46320
    • Just Toni's Sports Bar — 5602 Calumet Ave, Hammond, IN 46320
    • Cozy Bar — 1304 Summer St, Hammond, IN 46320

    Location Insight

    • Map
    • Local Demand
    City
    Hammond
    County
    Lake
    State
    Indiana
    Longitude
    -87.495548
    Latitude
    41.614359

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    FAQs

    What type of property is this?
    Bar & Pub - Single building with parking and commercial appliances, plus additional back storage, ready for a new bar or restaurant concept.
    Where is this bar & pub located?
    The property is located at 1403 Michigan Street Hammond, IN.
    What is the asking price?
    The asking price for this property is $239,000.
    What are key features of this property?
    This property features: 2000 SF commercial building on the corner of Michigan St and Tell Ave; Off‑street parking with alley access; Includes a wet bar and open floorplan
    (219) 718-5321
    We can help!
    Listing Contact
    Michael Borowiec
    Request Owner's contact information
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    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.

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