11-Unit Apartment
1608 169th St, Hammond, IN 46324
For Sale
Contact for pricing
The unit mix combines one-bedroom apartments with a studio in a single multifamily building.
Property Size11,000 SF
Lot Size0.11 Acres
Price / SF$109.09
Days on Market25
Property Features for 1608 169th St
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Site & Location
Highway Access
Road Access
Units
Unit Mix
Multifamily Units
Building Details
Buildings
Listing Agency:
Horvath & Tremblay
Listed By:
Anthony Spangler · License IL #475173833
(312) 533-8899
Source:
Crexi
Added: Oct 16
Changed: Nov 8
Last Checked: Nov 8 at 4:43PM
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 Horvath & Tremblay
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Investment Insights
Based on property information with market context.
This Hammond apartment property contains 11 units in one building: ten one-bedroom, one-bathroom apartments and one studio. The property has 8,000 square feet of living area within 11,000 gross square feet, on a 0.11-acre parcel. Twelve parking spaces are provided.
The property is approximately 1.0 mile from Indianapolis Boulevard (US Highway 41), a primary commercial corridor. Nearby retail and dining destinations include Hammond Mills Shopping Center and Woodmar Mall. Purdue University Northwest is approximately 1.5 miles away. Regional routes accessible from the area include I-80/94, I-90 and US Highways 6, 12, 20 and 41.
The property is approximately 1.0 mile from Indianapolis Boulevard (US Highway 41), a primary commercial corridor. Nearby retail and dining destinations include Hammond Mills Shopping Center and Woodmar Mall. Purdue University Northwest is approximately 1.5 miles away. Regional routes accessible from the area include I-80/94, I-90 and US Highways 6, 12, 20 and 41.
Key Highlights
- 11 apartments: ten 1‑bedroom/1‑bathroom units and one studio
- 8,000 square feet of living area within 11,000 total gross square feet
- Twelve parking spaces on a 0.11‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$97,319
Cap Rate
8.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,946,380
$1.9M
Cap Rate 7%
$1,390,271
$1.4M
Cap Rate 9%
$1,081,322
$1.1M
Market Conditions
NOI Build-Up for 11,000 SF
Gross rent
$187.4K $17.04/SF
− Vacancy
−$10.5K −$0.95/SF
EGI
$176.9K $16.09/SF
− OpEx
−$79.6K −$7.24/SF
NOI
$97.3K $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 Rate 5%
$1,946,380
Cap Rate 7%
$1,390,271
Cap Rate 9%
$1,081,322
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.22M – $1.62M
NOI $97,319 @ 7.0% cap · market cap 8.11%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.07M
$2.69M – $3.58M
NOI $214,954 @ 7.0% cap · market cap 17.91%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
11
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
553
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
$141,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Lake County, IN
Properties on Market for Apartment buildings in Lake County
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - The unit mix combines one-bedroom apartments with a studio in a single multifamily building.
Where is this apartment building located?
The property is located at 1608 169th St Hammond, IN.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 11 apartments: ten 1‑bedroom/1‑bathroom units and one studio; 8,000 square feet of living area within 11,000 total gross square feet; Twelve parking spaces on a 0.11‑acre parcel
