Downtown Retail Building with
For Sale
$99,900
Pending
232 Main St, Hobart, IN 46342
For sale retail property near I-65 with visibility on Main St in Hobart, Indiana.
Property Size736 SF
Days on Market129
Property Features for 232 Main St
General Information
Standard status
Pending
Size
736 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,232
Listing Agency:
Ginter Realty
(219) 973-1842
Listed By:
Carrie Adelman · License #RB14038267
(219) 973-1842
Source:
Exprealty
Added: Apr 27
Changed: Aug 21
Last Checked: Aug 30 at 11:18PM
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 Ginter Realty
Investment Insights
Based on property information with market context.
This for-sale downtown commercial property at 232 Main St, Hobart, Indiana is positioned for strong street-level exposure. The offering includes a retail building with approximately 736 square feet of space.
Public remarks highlight convenient access “just minutes from I-65,” supporting easy routes for customers and deliveries. The location is presented as being in the heart of the downtown area, with visibility and charm noted for the storefront environment.
The building is being marketed as a bank and retail-oriented commercial opportunity, offering a compact footprint that may suit users looking for a presence on Main St.
Public remarks highlight convenient access “just minutes from I-65,” supporting easy routes for customers and deliveries. The location is presented as being in the heart of the downtown area, with visibility and charm noted for the storefront environment.
The building is being marketed as a bank and retail-oriented commercial opportunity, offering a compact footprint that may suit users looking for a presence on Main St.
Key Highlights
- Retail property for sale near I‑65 in Hobart, Indiana
- Located with visibility on Main St in Hobart
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
$7,092
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
7.10%
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%
$141,840
$141.8K
Cap Rate 7%
$101,314
$101.3K
Cap Rate 9%
$78,800
$78.8K
Market Conditions
NOI Build-Up for 736 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
$10.6K $14.40/SF
− Vacancy
−$466 −$0.63/SF
EGI
$10.1K $13.77/SF
− OpEx
−$3.0K −$4.13/SF
NOI
$7.1K $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%
$141,840
Cap Rate 7%
$101,314
Cap Rate 9%
$78,800
Alternative Uses
Best Use
Specialty Retail
$205.5K
$179.8K – $239.7K
NOI $14,382 @ 7.0% cap · market cap 14.40%
Second Best
Retail
$101.3K
$88.7K – $118.2K
NOI $7,092 @ 7.0% cap · market cap 7.10%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
30k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 88%
Home Improvements & Furnishings 12%
Family Express
Shops & Services
9,636 visits/mo
0.4 miles
Chase Bank
Shops & Services
7,661 visits/mo
0.2 miles
Citgo
Shops & Services
3,737 visits/mo
0.2 miles
Hobart Ace Hardware
Home Improvements & Furnishings
3,610 visits/mo
0.4 miles
Dollar General
Shops & Services
2,827 visits/mo
0.1 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.
Frequently Asked Questions
What type of property is this?
Bank - For sale retail property near I-65 with visibility on Main St in Hobart, Indiana.
Where is this bank located?
The property is located at 232 Main St Hobart, IN.
What is the asking price?
The asking price for this property is $99,900.
What are key features of this property?
This property features: Retail property for sale near I‑65 in Hobart, Indiana; Located with visibility on Main St in Hobart
