Two-Unit Residential Income
23 Mason Street Hammond, IN 46320
23 Mason Street, Hammond, IN, 46320
Contact for pricing
For Sale
Contact for pricing
A move-in ready duplex with two separate units, each with its own fireplace, plus basement coin laundry.
Property Size2,600 SF
Price / SF$134.23
Days on Market131
Property Features for 23 Mason Street
General Information
- Standard status
- Active
- Size
- 2,600 SF
- Property subtype
- Multifamily, Land
Building Details
- Year Built
- 1907
Listing agency
McColly Real Estate
(219) 775-0440
Listed by
Daniel del Real
Source
Crexi
Added: Mar 14 Updated: Jul 21 at 7:07AM Checked: Jul 21 at 7:07AM
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 McColly Real Estate
Investment Insights
Based on property information with market context.
This for-sale two-unit residential duplex is presented in move-in ready condition, with both units freshly painted. The main-level unit features four bedrooms and one bathroom, along with a sunroom and a fireplace. The upper-level unit offers three bedrooms and one bathroom, plus a dedicated office space and its own fireplace. A basement laundry area with coin-operated equipment provides additional on-site income potential.
Major updates reported within the last seven years include a new roof, water heater, two independent furnaces, replacement windows, updated copper plumbing with a hydropneumatic pressure booster, full PVC sewer replacement, an updated electrical panel, and gutter guards.
The property is described as being within walking distance of Downtown Hammond, with the Southshore Hammond Gateway Station less than 2 miles away and direct rail access to Chicago, with the city located under 25 miles from the property.
Major updates reported within the last seven years include a new roof, water heater, two independent furnaces, replacement windows, updated copper plumbing with a hydropneumatic pressure booster, full PVC sewer replacement, an updated electrical panel, and gutter guards.
The property is described as being within walking distance of Downtown Hammond, with the Southshore Hammond Gateway Station less than 2 miles away and direct rail access to Chicago, with the city located under 25 miles from the property.
Key Highlights
- Two‑unit income property built in 1907 with separate main‑level and upper‑level units
- Main‑level unit: approx. 1,400 SF with 4 bedrooms, 1 bath, sunroom, and fireplace
- Upper‑level unit: approx. 1,200 SF with 3 bedrooms, 1 bath, dedicated office, and fireplace
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.0k | $15.00 |
| − Vacancy | −$2.1k | −$0.80 |
| EGI | $36.9k | $14.20 |
| − OpEx | −$11.1k | −$4.26 |
| NOI | $25.8k | $9.94 |
2,600 SF · lease $15.00/SF/yr · vacancy 5.32% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$369.3K
$323.1K – $430.8K
NOI $25,848 @ 7.0% cap · market cap 7.41%
Second Best
Apartment 5plus
$328.6K
$287.5K – $383.4K
NOI $23,003 @ 7.0% cap · market cap 6.59%
Theoretical Best
Specialty Retail
$725.8K
$635.1K – $846.8K
NOI $50,807 @ 7.0% cap · market cap 14.56%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - A move-in ready duplex with two separate units, each with its own fireplace, plus basement coin laundry.
Where is this duplex located?
The property is located at 23 Mason Street Hammond, IN.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two‑unit income property built in 1907 with separate main‑level and upper‑level units; Main‑level unit: approx. 1,400 SF with 4 bedrooms, 1 bath, sunroom, and fireplace; Upper‑level unit: approx. 1,200 SF with 3 bedrooms, 1 bath, dedicated office, and fireplace
