Mixed-Use Property with
New
For Sale
$425,000
2593 Hamstrom Road, Portage, IN 46368
Commercial Sale, Portage, IN
Property Size3,360 SF
Lot Size0.43 Acres
Price / SF$126.49
Days on Market2
Property Features for 2593 Hamstrom Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
13
Directions
Central Ave. to Hamstrom North to property
Standard status
Active
APN
640513227031000016
Size
3,360 SF
Lot size
0.43 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PARC IN N 106 S416.4 W206 EX W 200 N .3 EX W30 NE NE 13-36-7 .427A
Tax Annual Amount
3690
Legal Description
PARC IN N 106 S416.4 W206 EX W 200 N .3 EX W30 NE NE 13-36-7 .427A
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1959
Listing Agency:
The Chatwell Group Real Estate
Listed By:
Jason Chatwell · License #RB14045111
(219) 465-8819
Added: Sep 25
Last Checked: Sep 26 at 12:06PM
MLS# 845929
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The 3,360-square-foot commercial building combines a reception area, six private offices, warehouse space and storage rooms. The warehouse has ceilings of approximately 12 feet, an overhead garage door and a separate oversized man door; additional storage is available in the attic. A 988-square-foot ranch home with three bedrooms and one bathroom is also part of the property. The site measures 0.427 acres and includes a parking lot. Commercial Mixed zoning applies.
The property is across from two gas stations and near Founders Square in Portage. Public water and public sewer serve the site. The commercial building was built in 1959.
The property is across from two gas stations and near Founders Square in Portage. Public water and public sewer serve the site. The commercial building was built in 1959.
Key Highlights
- 3,360‑square‑foot commercial building with reception area and six private offices
- Warehouse ceilings are approximately 12 feet, with an overhead garage door and oversized man door
- Separate 988‑square‑foot ranch home with 3 bedrooms and 1 bathroom
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
$30,794
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
7.25%
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%
$615,880
$615.9K
Cap Rate 7%
$439,914
$439.9K
Cap Rate 9%
$342,156
$342.2K
Market Conditions
NOI Build-Up for 3,360 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
$52.4K $15.60/SF
− Vacancy
−$3.1K −$0.94/SF
EGI
$49.3K $14.66/SF
− OpEx
−$18.5K −$5.50/SF
NOI
$30.8K $9.17/SF
Area
Porter County, IN
Vacancy
6.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$615,880
Cap Rate 7%
$439,914
Cap Rate 9%
$342,156
Alternative Uses
Best Use
Mixed Use
$439.9K
$384.9K – $513.2K
NOI $30,794 @ 7.0% cap · market cap 7.25%
Second Best
Warehouse
$231.6K
$202.7K – $270.2K
NOI $16,212 @ 7.0% cap · market cap 3.81%
Theoretical Best
Healthcare Medical
$1.27M
$1.11M – $1.49M
NOI $89,143 @ 7.0% cap · market cap 20.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
397
Businesses Nearby
Explore this area
Business Placement
Demographics for 46368, IN
39,837
Population
16,870
Households
2.4
Avg Household Size
39
Median Age
18%
College-Educated
90%
High-School Grad
25.3 sq mi
ZIP Area
1,575
Density / Sq Mi
$72,638
Median Household Income
$42,508
Median Earnings
$1,140
Median Rent
$213,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office and warehouse space is paired with a separate ranch home on the same parcel.
Where is this mixed-use property located?
The property is located at 2593 Hamstrom Road Portage, IN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 3,360‑square‑foot commercial building with reception area and six private offices; Warehouse ceilings are approximately 12 feet, with an overhead garage door and oversized man door; Separate 988‑square‑foot ranch home with 3 bedrooms and 1 bathroom
