Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Office Space in Peoples Bank Title is generated by Realmo AI

    1501 S Lake Park Ave, Hobart, IN

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Second floor office space with signage and ample parking.

    Type:OFFICE
    Property size:
    3,400 SF
    Lot size:
    1.37 Acres
    Added:
    Aug 1, 2025
    Days on Market:
    301
    Last Refresh:
    May 20 at 9:14 pm

    Property Features for 1501 S Lake Park Ave

    General Information

    Standard status
    Active
    Size
    3,400 SF
    Lot size
    1.37 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 1501 S Lake Park Ave Contact us

    We can help!

    Listing Contact
    Lora Kokot

    Listing agent Lora Kokot

    Listing office 1st American Management

    Listing date Aug 1, 2025

    Source Moodyscre

    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 1st American Management

    HighLights

    • Prime location directly across from St. Mary's Medical Center.
    • Prestigious Peoples Bank building address.
    • Signage available on Lake Park Avenue.
    • Ample on‑site parking.
    • Private entrance.
    • Elevator access.

    Overview

    This is a second-floor office space located in the Peoples Bank building. Signage is available on Lake Park Avenue. The location is directly across from St. Mary's Medical Center. The property features ample on-site parking, elevator access, and a private entrance. The property has a size of 3400 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Peoples Bank Bank

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Hobart
    County
    Lake
    State
    Indiana
    Longitude
    -87.2583621
    Latitude
    41.5126459

    Nearby Similar for Lease

    • Contact for pricing
      6,670 SF

      Retail Space in Hobart, IN

      Retail spaces available for lease in a high-traffic area.
      1669 -1719 E 37th Ave, Hobart, IN 46342
      View Details
    • $12 SF/Yr
      1,500 SF

      Retail Space in Hobart Center

      Retail space available in The Pavilions of Hobart.
      1417-1461 S Lake Park Ave, Hobart, IN
      View Details
    • Contact for pricing
      3,000 SF

      Professional Office Space For Lease

      3,000 SF office space with high traffic and accessibility.
      7779 E Ridge Rd, Hobart, IN 46342
      View Details
    • Contact for pricing
      4,700 SF

      Office Building For Lease

      Office building for lease, 1,700-4,700 SF, corner location.
      904 W Old Ridge Rd, Hobart, IN 46342
      View Details
    • $15 SF/Yr
      800 SF

      Retail Space on SR 51

      Retail space with high visibility and flexible floor plan.
      1265 S Lake Park Ave, Hobart, IN
      View Details
    • Contact for pricing
      2,360 SF

      Retail Space in Hobart, IN

      Retail spaces available near national retailers with ample parking.
      1721 E 37th Ave, Hobart, IN
      View Details
    • $12 SF/Yr
      15,120 SF

      Former Walgreens Retail Space Available

      15,068 SF retail space on 1.53 acres for lease.
      1605 E 37th Ave, Hobart, IN
      View Details
    • Contact for pricing
      3,460 SF

      Retail Space in Merrillville Plaza

      Retail space available in a community shopping center.
      1661 E 80th Ave, Hobart, IN
      View Details
    • $6 SF/Yr
      7,553 SF

      Spacious Flex Space with Drive-In

      Adaptable flex space featuring drive-in door and off-street parking.
      813 W Old Ridge Road, Hobart, IN 46342
      View Details
    • $6 SF/Yr
      7,553 SF

      Spacious Commercial Space in Hobart

      Flexible commercial space with drive-in door and off-street parking.
      813 W Old Ridge Road, Hobart, IN 46342
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Hobart, IN

      Retail spaces available in a shopping center with ample parking.
      1641 E 37th Ave, Hobart, IN
      View Details
    • Contact for pricing
      1,367 SF

      Retail Space in Hobart, Indiana

      Retail spaces available with pylon signage and ample parking.
      1721-1737 E 37 Ave, Hobart, IN
      View Details

    FAQs

    What type of property is this?
    Office units - Second floor office space with signage and ample parking.
    Where is this office units located?
    The property is located at 1501 S Lake Park Ave Hobart, IN.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Prime location directly across from St. Mary's Medical Center.; Prestigious Peoples Bank building address.; Signage available on Lake Park Avenue.
    (219) 464-3536 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Lora Kokot
    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
    1501 S Lake Park Ave, Hobart, IN
    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!