Street Retail Building with
For Sale
$495,000
1500 West 37th Avenue, Hobart, IN 46342
Retail building with a drive-in door, adjacent gravel lot option, and 18 paved parking spaces.
Property Size2,400 SF
Price / SF$206.25
Days on Market48
Property Features for 1500 West 37th Avenue
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
18
Property subtype
Retail
Additional Details
Drive-In Doors
1
Building Details
Building Size
2,400 SF
Listing Agency:
Premier Commercial Real Estate Services, Inc.
Listed By:
Steve Monnot
(260) 444-7194
Source:
Tcnworldwide
Added: Jul 19
Changed: Sep 2
Last Checked: Sep 4 at 3:03AM
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 Premier Commercial Real Estate Services, Inc.
Investment Insights
Based on property information with market context.
This sale offering is for a 2,400 SF storefront building suited for retail or street retail use. The property includes a drive-in door previously used for auto detailing and features on-site parking.
The site also includes an adjacent gravel lot with a build-to-suit option, along with 18 paved parking spaces. A billboard lease is in place, providing an additional income component.
The property is structured as an NNN listing.
The site also includes an adjacent gravel lot with a build-to-suit option, along with 18 paved parking spaces. A billboard lease is in place, providing an additional income component.
The property is structured as an NNN listing.
Key Highlights
- 2,400 SF retail building offered at $495,000; available for lease at $18/SF NNN
- Drive‑in door previously used for auto detailing
- Adjacent gravel lot with build‑to‑suit option
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
$23,128
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
4.67%
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%
$462,560
$462.6K
Cap Rate 7%
$330,400
$330.4K
Cap Rate 9%
$256,978
$257.0K
Market Conditions
NOI Build-Up for 2,400 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
$34.6K $14.40/SF
− Vacancy
−$1.5K −$0.63/SF
EGI
$33.0K $13.77/SF
− OpEx
−$9.9K −$4.13/SF
NOI
$23.1K $9.64/SF
Area
Lake County, IN
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$462,560
Cap Rate 7%
$330,400
Cap Rate 9%
$256,978
Alternative Uses
Best Use
Retail
$330.4K
$289.1K – $385.5K
NOI $23,128 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$670.0K
$586.2K – $781.7K
NOI $46,899 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
41k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 67%
Dining 33%
Speedway
Shops & Services
12,334 visits/mo
0.5 miles
Dunkin' Donuts
Dining
10,050 visits/mo
0.4 miles
Dollar General
Shops & Services
6,718 visits/mo
0.5 miles
AutoZone
Shops & Services
5,122 visits/mo
0.5 miles
El Ranchero
Dining
3,543 visits/mo
0.3 miles
Demographics for 46342, IN
32,540
Population
13,774
Households
2.4
Avg Household Size
40
Median Age
21%
College-Educated
93%
High-School Grad
35.0 sq mi
ZIP Area
930
Density / Sq Mi
$72,163
Median Household Income
$41,574
Median Earnings
$1,110
Median Rent
$193,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bryan's Florist — 1331 W 37th Ave, Hobart, IN 46342
Frequently Asked Questions
What type of property is this?
Storefront property - Retail building with a drive-in door, adjacent gravel lot option, and 18 paved parking spaces.
Where is this storefront property located?
The property is located at 1500 West 37th Avenue Hobart, IN.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 2,400 SF retail building offered at $495,000; available for lease at $18/SF NNN; Drive‑in door previously used for auto detailing; Adjacent gravel lot with build‑to‑suit option
