Live-Work Property with Mechanic
New
For Sale
$250,000
6848 Columbia Avenue, Hammond, IN 46324
Commercial Sale, Hammond, IN
Property Size1,778 SF
Lot Size0.37 Acres
Price / SF$140.61
Days on Market2
Property Features for 6848 Columbia Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
30
Parking features
Alley, Oversize, Garage
Interior features
High Ceilings
Exterior features
Lighting, Storage
Subdivision
Richland Meadows
Lot features
Corner Lot
Elementary school district
Hammond
Middle school district
Hammond
High school district
Hammond
Directions
169th West to Columbia Ave
Standard status
Active
APN
450707183019000023
Size
1,778 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
RICHLAND MEADOWS ALL LOTS 8 & 9 BL.1
Tax Annual Amount
2437
Legal Description
RICHLAND MEADOWS ALL LOTS 8 & 9 BL.1
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1966
Additional Structures
Storage
Listing Agency:
Listing Leaders
(219) 462-5478
Listed By:
Emilio Carrillo
(219) 802-3688
Added: Oct 16
Last Checked: Oct 17 at 3:06AM
MLS# 846967
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.
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Investment Insights
Based on property information with market context.
Configured for both residential and commercial use, this 1,778-square-foot property combines a mechanic shop with an adjoining living area. The shop has two large bay doors and high ceilings, while exterior storage and lighting add to the on-site features. Built in 1966, the property sits on a 0.37-acre corner lot with fenced parking and access to an alley. Heating is by natural gas, with public water and public sewer service.
Key Highlights
- 1,778‑square‑foot live‑work property on a 0.37‑acre corner lot
- Mechanic shop with two large bay doors and high ceilings
- Connected living area
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
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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Cap Rate, Value Estimation, Potential NOI and more
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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 living area connects to a mechanic shop with multiple service bays and fenced vehicle parking.
Where is this live-work space located?
The property is located at 6848 Columbia Avenue 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: 1,778‑square‑foot live‑work property on a 0.37‑acre corner lot; Mechanic shop with two large bay doors and high ceilings; Connected living area
