Turnkey Restaurant and
For Sale
$1,500,000
6247 Kennedy Ave, Hammond, IN 46323
Own an operating restaurant plus a fully leased bar on a double lot.
Property Size4,366 SF
Lot Size0.62 Acres
Price / SF$343.56
Days on Market457
Property Features for 6247 Kennedy Ave
General Information
Standard status
Active
Size
4,366 SF
Lot size
0.62 Acres
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$6,368
Building Details
Tenancy
Multi
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Anthony Christopher · License #RB22001074
(708) 715-6193
Source:
Exprealty
Added: Jun 12, 2025
Changed: Aug 20
Last Checked: Sep 10 at 12:52PM
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 property is a double-lot site totaling approximately 0.62 acres and includes an operating restaurant and a separate leased bar. The sale includes two tenants: the owner-occupied Latin Bliss Restaurant and Kenwood Tap, which is fully leased. The combined setup is designed for hands-on operation with an added stream of rental income from the bar.
The property is located at 6247 Kennedy Ave, Hammond, IN, in a high-visibility area. The site is approximately 4,366 square feet as listed, and it is presented as a turnkey opportunity with the existing tenants included in the sale.
The property is located at 6247 Kennedy Ave, Hammond, IN, in a high-visibility area. The site is approximately 4,366 square feet as listed, and it is presented as a turnkey opportunity with the existing tenants included in the sale.
Key Highlights
- .62‑acre double lot with an operating, income‑generating restaurant and bar included in the sale
- Two tenants: Latin Bliss Restaurant (owner‑occupied) and Kenwood Tap (fully leased)
- Latin Bliss Restaurant is an operating venue with a loyal customer base
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
$85,317
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
5.69%
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%
$1,706,340
$1.7M
Cap Rate 7%
$1,218,814
$1.2M
Cap Rate 9%
$947,967
$948.0K
Market Conditions
NOI Build-Up for 4,366 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
$117.9K $27.00/SF
− Vacancy
−$4.1K −$0.95/SF
EGI
$113.8K $26.06/SF
− OpEx
−$28.4K −$6.51/SF
NOI
$85.3K $19.54/SF
Area
Lake County, IN
Vacancy
3.50%
Lease Rate
$27.00 /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%
$1,706,340
Cap Rate 7%
$1,218,814
Cap Rate 9%
$947,967
Alternative Uses
Best Use
Specialty Retail
$1.22M
$1.07M – $1.42M
NOI $85,317 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
250
Businesses Nearby
16k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 61%
Home Improvements & Furnishings 21%
Dining 18%
Marathon
Shops & Services
7,425 visits/mo
0.3 miles
Lindys Ace Hardware
Home Improvements & Furnishings
3,409 visits/mo
0.1 miles
Dairy Queen
Dining
2,913 visits/mo
0.5 miles
Old National Bank
Shops & Services
2,477 visits/mo
0.4 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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Own an operating restaurant plus a fully leased bar on a double lot.
Where is this conventional restaurant located?
The property is located at 6247 Kennedy Ave Hammond, IN.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: .62‑acre double lot with an operating, income‑generating restaurant and bar included in the sale; Two tenants: Latin Bliss Restaurant (owner‑occupied) and Kenwood Tap (fully leased); Latin Bliss Restaurant is an operating venue with a loyal customer base
