Storefront Property with Office
For Sale
$255,000
341 Main Street, Hobart, IN 46342
Commercial Sale, Hobart, IN
Property Size1,480 SF
Lot Size0.06 Acres
Price / SF$172.30
Days on Market50
Property Features for 341 Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking
2
Parking features
Alley
Interior features
High Ceilings
Subdivision
Hobart
Lot features
Paved
View
City
Directions
I65S to 61st Ave, E on 61st to S Lake Park Ave. Left on Lincoln St. Property is on the right side of road.
Standard status
Active
APN
450932176009000018
Size
1,480 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
ORIGINAL TOWN OF HOBART S.19.78FT OF LOT 16
Tax Annual Amount
3407
Legal Description
ORIGINAL TOWN OF HOBART S.19.78FT OF LOT 16
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Water source
Public
Building Details
Year built
1950
Listing Agency:
Better Homes and Gardens Real
(219) 365-8000
Listed By:
Daisylou Castillo
(219) 307-5741
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 20 at 2:06AM
MLS# 841639
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 1480-square-foot storefront property at 341 Main Street includes four private office spaces and high ceilings. Constructed in 1950, the building received a new roof in 2021. Central heating fueled by natural gas serves the interior, while public water and public sewer are available.
The property is located in Hobart, IN, on Main Street, with alley parking identified among the site features. The existing office configuration supports continued commercial occupancy, leasing of individual spaces, or operation of an owner-occupied business, as described for the property.
The property is located in Hobart, IN, on Main Street, with alley parking identified among the site features. The existing office configuration supports continued commercial occupancy, leasing of individual spaces, or operation of an owner-occupied business, as described for the property.
Key Highlights
- 1480 square feet of storefront commercial space
- Four private office spaces
- New roof installed in 2021
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
$18,773
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
7.36%
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%
$375,460
$375.5K
Cap Rate 7%
$268,186
$268.2K
Cap Rate 9%
$208,589
$208.6K
Market Conditions
NOI Build-Up for 1,480 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
$32.0K $21.60/SF
− Vacancy
−$6.9K −$4.69/SF
EGI
$25.0K $16.91/SF
− OpEx
−$6.3K −$4.23/SF
NOI
$18.8K $12.68/SF
Area
Lake County, IN
Vacancy
21.70%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$375,460
Cap Rate 7%
$268,186
Cap Rate 9%
$208,589
Alternative Uses
Best Use
Office B
$268.2K
$234.7K – $312.9K
NOI $18,773 @ 7.0% cap · market cap 7.36%
Second Best
Retail
$203.7K
$178.3K – $237.7K
NOI $14,262 @ 7.0% cap · market cap 5.59%
Theoretical Best
Specialty Retail
$413.2K
$361.5K – $482.0K
NOI $28,921 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Four private office spaces support owner use or leasing.
Where is this storefront property located?
The property is located at 341 Main Street Hobart, IN.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 1480 square feet of storefront commercial space; Four private office spaces; New roof installed in 2021
