Hammond Commercial Property on
For Sale
$915,000
Pending
2620 E 165th Street, Hammond, IN 46323
SINGLE_FAMILY - Hammond, IN
Property Size8,656 SF
Lot Size0.43 Acres
Days on Market143
Property Features for 2620 E 165th Street
General Information
Property type
Residential
Property subtype
Retail
Zoning description
Commercial
Parking
14
Interior features
Ceiling Fan(s), Open Floorplan, High Ceilings
Exterior features
Lighting
Subdivision
Kaplans Turner-Meyn Park
Directions
Located on 165th St in Hammond, just east of Indianapolis Blvd (US-41) and west of Calumet Ave. Property is on the north side of the street.
Standard status
Pending
APN
450709126004000023
Size
8,656 SF
Lot size
0.43 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
KAPLAN TURNER MEYN PARK ALL LOTS 1 TO 6 BL.4
Tax Annual Amount
9692
Legal Description
KAPLAN TURNER MEYN PARK ALL LOTS 1 TO 6 BL.4
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Building Details
Year built
1966
Listing Agency:
Realest.com
(219) 808-1520
Listed By:
Joshua Austgen
(219) 293-1657
Added: Mar 25
Changed: Jun 1
Last Checked: Aug 14 at 10:06AM
MLS# 835999
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.
This commercial property is located on 165th Street in Hammond, offering high visibility and strong daily traffic counts. The property is suitable for a range of business uses, including retail, office, medical, or service-based operations. The space features a functional layout that can be adapted to meet business needs, along with on-site parking for customers and employees. The property is located near major roadways, restaurants, and established businesses, providing accessibility and visibility. The lot size is 0.431 acres and the property size is 8656 square feet. This property is suitable for owner-users or investors looking to establish or expand in a growing commercial corridor.
Key Highlights
- High‑visibility location on 165th Street with strong daily traffic counts.
- Versatile property suitable for retail, office, medical, or service‑based businesses.
- Ample on‑site parking for customers and employees.
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
$83,413
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
9.12%
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%
$1,668,260
$1.7M
Cap Rate 7%
$1,191,614
$1.2M
Cap Rate 9%
$926,811
$926.8K
Market Conditions
NOI Build-Up for 8,656 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
$124.6K $14.40/SF
− Vacancy
−$5.5K −$0.63/SF
EGI
$119.2K $13.77/SF
− OpEx
−$35.7K −$4.13/SF
NOI
$83.4K $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%
$1,668,260
Cap Rate 7%
$1,191,614
Cap Rate 9%
$926,811
Alternative Uses
Best Use
Retail
$1.19M
$1.04M – $1.39M
NOI $83,413 @ 7.0% cap · market cap 9.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.42M
$2.11M – $2.82M
NOI $169,149 @ 7.0% cap · market cap 18.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
107k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 33%
Groceries 31%
Shops & Services 31%
Home Improvements & Furnishings 3%
Strack & Van Til
Groceries
33,307 visits/mo
0.3 miles
Burger King
Dining
19,460 visits/mo
0.4 miles
Chase Bank
Shops & Services
14,962 visits/mo
0.4 miles
KFC
Dining
8,272 visits/mo
0.4 miles
Dollar General
Shops & Services
7,894 visits/mo
0.3 miles
Demographics for 46323, IN
22,510
Population
8,955
Households
2.5
Avg Household Size
35
Median Age
15%
College-Educated
85%
High-School Grad
6.2 sq mi
ZIP Area
3,631
Density / Sq Mi
$56,906
Median Household Income
$35,292
Median Earnings
$1,189
Median Rent
$149,200
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?
Retail space - High-visibility commercial property suitable for retail, office, or medical use.
Where is this retail space located?
The property is located at 2620 E 165th Street Hammond, IN.
What is the asking price?
The asking price for this property is $915,000.
What are key features of this property?
This property features: High‑visibility location on 165th Street with strong daily traffic counts.; Versatile property suitable for retail, office, medical, or service‑based businesses.; Ample on‑site parking for customers and employees.
