15-Unit Apartment
For Sale
$1,875,000
225 Carroll St, Hammond, IN 46320
The four-story property has a predominantly two-bedroom layout and a shared laundry room for residents.
Property Size14,904 SF
Price / SF$125.81
Days on Market52
Property Features for 225 Carroll St
General Information
Standard status
Active
Size
14,904 SF
Total Parking Spaces
17
Property subtype
Commercial
Units
Unit Mix
13 x 2BR/1BA, 1 x 1BR, 1 x studio
Multifamily Units
15
Amenities
common laundry area
Building Details
Year Built
1930
Buildings
1
Stories
4
Construction
brick and block
Listing Agency:
Rose Real Estate
Listed By:
Michael Larson
(219) 614-4578
Source:
Nwindianahomesearcher
Added: Sep 13
Changed: Nov 3
Last Checked: Nov 3 at 2:35PM
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 Rose Real Estate
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1930, this four-story apartment property contains 15 units within a brick-and-block exterior. The mix includes 13 two-bedroom/one-bath apartments, one one-bedroom apartment, and one studio. Apartment interiors have received recent updates; select units have granite kitchen counters and stainless-steel appliances. Electric heat serves each apartment, and some units also have window air-conditioning units.
The property provides 17 on-site parking spaces. A shared laundry area is equipped with two washers and two dryers.
The property provides 17 on-site parking spaces. A shared laundry area is equipped with two washers and two dryers.
Key Highlights
- 15 apartments: 13 two‑bedroom/one‑bath units, one one‑bedroom unit, and one studio
- 17 on‑site parking spaces
- Shared laundry area with two washers and two dryers
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$131,858
Cap Rate
7.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,637,160
$2.6M
Cap Rate 7%
$1,883,686
$1.9M
Cap Rate 9%
$1,465,089
$1.5M
Market Conditions
NOI Build-Up for 14,904 SF
Gross rent
$254.0K $17.04/SF
− Vacancy
−$14.2K −$0.95/SF
EGI
$239.7K $16.09/SF
− OpEx
−$107.9K −$7.24/SF
NOI
$131.9K $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%
$2,637,160
Cap Rate 7%
$1,883,686
Cap Rate 9%
$1,465,089
Alternative Uses
Best Use
Apartment 5plus
$1.88M
$1.65M – $2.20M
NOI $131,858 @ 7.0% cap · market cap 7.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.16M
$3.64M – $4.85M
NOI $291,243 @ 7.0% cap · market cap 15.53%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
Explore this area
Business Placement
Demographics for 46320, IN
14,514
Population
6,236
Households
2.3
Avg Household Size
33
Median Age
12%
College-Educated
81%
High-School Grad
4.7 sq mi
ZIP Area
3,088
Density / Sq Mi
$35,706
Median Household Income
$24,499
Median Earnings
$853
Median Rent
$115,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - The four-story property has a predominantly two-bedroom layout and a shared laundry room for residents.
Where is this apartment building located?
The property is located at 225 Carroll St Hammond, IN.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: 15 apartments: 13 two‑bedroom/one‑bath units, one one‑bedroom unit, and one studio; 17 on‑site parking spaces; Shared laundry area with two washers and two dryers
