Live-Work Property with Mechanic
For Sale
$250,000
6848 Columbia Ave, Hammond, IN 46324
A separate residence connects to the workshop, with fenced parking on a corner parcel.
Property Size1,778 SF
Price / SF$140.61
Days on Market21
Property Features for 6848 Columbia Ave
General Information
Standard status
Active
Size
1,778 SF
Property subtype
Commercial
Automotive
Service Bays
2
Automotive Uses
auto repair
Additional Details
Fenced Yard
Yes
Real Estate Included
Yes
Building Details
Year Built
1966
Listing Agency:
Listing Leaders
Listed By:
Emilio Carrillo
(219) 802-3688
Source:
Nwindianahomesearcher
Added: Oct 8
Changed: Oct 25
Last Checked: Oct 26 at 4:38PM
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 Listing Leaders
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Investment Insights
Based on property information with market context.
This live-work property pairs a mechanic shop with a separate living area connected to the workspace. The shop has two large bay doors, and a fenced parking area occupies the corner lot. Built in 1966, the property is located at 6848 Columbia Ave in Hammond, Indiana.
Key Highlights
- Mechanic shop includes two large bay doors
- Separate living area connects to the workspace
- Fenced parking area on a corner lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,553
Cap Rate
9.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$451,060
$451.1K
Cap Rate 7%
$322,186
$322.2K
Cap Rate 9%
$250,589
$250.6K
Market Conditions
NOI Build-Up for 1,778 SF
Gross rent
$38.4K $21.60/SF
− Vacancy
−$8.3K −$4.69/SF
EGI
$30.1K $16.91/SF
− OpEx
−$7.5K −$4.23/SF
NOI
$22.6K $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 Rate 5%
$451,060
Cap Rate 7%
$322,186
Cap Rate 9%
$250,589
Alternative Uses
Best Use
Office B
$322.2K
$281.9K – $375.9K
NOI $22,553 @ 7.0% cap · market cap 9.02%
Second Best
Mixed Use
$251.5K
$220.0K – $293.4K
NOI $17,602 @ 7.0% cap · market cap 7.04%
Theoretical Best
Specialty Retail
$496.3K
$434.3K – $579.1K
NOI $34,744 @ 7.0% cap · market cap 13.90%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Service bays
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
Explore this area
Business Placement
Demographics for 46324, IN
22,611
Population
9,427
Households
2.4
Avg Household Size
36
Median Age
15%
College-Educated
86%
High-School Grad
4.4 sq mi
ZIP Area
5,139
Density / Sq Mi
$61,118
Median Household Income
$38,457
Median Earnings
$1,157
Median Rent
$141,600
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Live-work space - A separate residence connects to the workshop, with fenced parking on a corner parcel.
Where is this live-work space located?
The property is located at 6848 Columbia Ave Hammond, IN.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Mechanic shop includes two large bay doors; Separate living area connects to the workspace; Fenced parking area on a corner lot
