Apartment Building Portfolio with
For Sale
$650,000
7027 Parrish Ave, Hammond, IN 46323
Multifamily portfolio offering renovated apartments, varied unit layouts, and individual or package acquisition options.
Property Size5,220 SF
Price / SF$124.52
Days on Market53
Property Features for 7027 Parrish Ave
General Information
Standard status
Active
Size
5,220 SF
Property subtype
Commercial
Units
Unit Mix
4 x 3BR/2BA, 16 x 1BR/1BA
Multifamily Units
20
Additional Details
Highway Access
Yes
Building Details
Year Built
1978
Buildings
4
Listing Agency:
Ellsbury Group
(219) 200-5133
Listed By:
Andrew Page
Source:
Illianahomesource
Added: Jul 8
Changed: Aug 28
Last Checked: Aug 29 at 10:36AM
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 Ellsbury Group
Investment Insights
Based on property information with market context.
This multifamily offering includes four apartment buildings, each arranged with five units. The recurring layout features one three-bedroom, two-bath residence alongside four one-bedroom, one-bath apartments, creating a consistent configuration across the portfolio. Fifteen of the 20 total units have received recent interior renovations. The buildings date to 1978.
The properties are located on the same block in Hammond, Indiana, at 7027 Parrish Ave, 7050 Idaho Ave, 7105 Parrish Ave, and 7100 Idaho Ave. Acquisition is available by individual building or as a combined portfolio, allowing purchasers to select a single asset or the full group.
The properties are located on the same block in Hammond, Indiana, at 7027 Parrish Ave, 7050 Idaho Ave, 7105 Parrish Ave, and 7100 Idaho Ave. Acquisition is available by individual building or as a combined portfolio, allowing purchasers to select a single asset or the full group.
Key Highlights
- Four apartment buildings with 20 total units
- Each building includes one 3‑bedroom, 2‑bath unit and four 1‑bedroom, 1‑bath units
- 15 of 20 units have been recently renovated
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
$46,182
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
7.10%
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%
$923,640
$923.6K
Cap Rate 7%
$659,743
$659.7K
Cap Rate 9%
$513,133
$513.1K
Market Conditions
NOI Build-Up for 5,220 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
$88.9K $17.04/SF
− Vacancy
−$5.0K −$0.95/SF
EGI
$84.0K $16.09/SF
− OpEx
−$37.8K −$7.24/SF
NOI
$46.2K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$923,640
Cap Rate 7%
$659,743
Cap Rate 9%
$513,133
Alternative Uses
Best Use
Apartment 5plus
$659.7K
$577.3K – $769.7K
NOI $46,182 @ 7.0% cap · market cap 7.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.46M
$1.28M – $1.70M
NOI $102,005 @ 7.0% cap · market cap 15.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
437
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily portfolio offering renovated apartments, varied unit layouts, and individual or package acquisition options.
Where is this apartment building located?
The property is located at 7027 Parrish Ave Hammond, IN.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four apartment buildings with 20 total units; Each building includes one 3‑bedroom, 2‑bath unit and four 1‑bedroom, 1‑bath units; 15 of 20 units have been recently renovated
