Updated Storefront with Office
New
For Sale
$155,000
804 E 3rd St, Hobart, IN 46342
B-2 zoning supports professional, retail, medical, salon, service, and other permitted business uses.
Property Size1,220 SF
Price / SF$127.05
Days on Market2
Property Features for 804 E 3rd St
General Information
Standard status
Active
Size
1,220 SF
Zoning
B-2 Central Business District
Amenities
private offices
open flex areas
kitchen/break room
bathroom
basement storage
separate entrances
Building Details
Year Built
1896
Listing Agency:
Listing Leaders
Listed By:
Nikola Trajceski · License #RB19001195
(219) 765-7595
Source:
Realtopiare
Added: Sep 19
Last Checked: Sep 19 at 6:12AM
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
Investment Insights
Based on property information with market context.
This approximately 1,220-square-foot storefront property combines an updated interior with a practical mix of enclosed and flexible work areas. The layout includes two private offices, two open flex areas, a kitchen and break room, a bathroom, and basement storage. Two separate entrances add functional access for business operations.
Located near Downtown Hobart, the property is positioned close to local businesses, restaurants, amenities, and major roadways. B-2 Central Business District zoning supports professional office, retail, medical and dental, salon, service, and other permitted business uses.
Located near Downtown Hobart, the property is positioned close to local businesses, restaurants, amenities, and major roadways. B-2 Central Business District zoning supports professional office, retail, medical and dental, salon, service, and other permitted business uses.
Key Highlights
- Approximately 1,220 SF of commercial space
- Two private offices and two open flex areas
- Kitchen/break room, bathroom, and basement storage
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
$11,757
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
7.59%
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%
$235,140
$235.1K
Cap Rate 7%
$167,957
$168.0K
Cap Rate 9%
$130,633
$130.6K
Market Conditions
NOI Build-Up for 1,220 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
$17.6K $14.40/SF
− Vacancy
−$773 −$0.63/SF
EGI
$16.8K $13.77/SF
− OpEx
−$5.0K −$4.13/SF
NOI
$11.8K $9.64/SF
Area
Lake County, IN
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$235,140
Cap Rate 7%
$167,957
Cap Rate 9%
$130,633
Alternative Uses
Best Use
Retail
$168.0K
$147.0K – $196.0K
NOI $11,757 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$340.6K
$298.0K – $397.3K
NOI $23,840 @ 7.0% cap · market cap 15.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
20k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 82%
Home Improvements & Furnishings 18%
Chase Bank
Shops & Services
7,661 visits/mo
0.4 miles
Citgo
Shops & Services
3,737 visits/mo
0.4 miles
Hobart Ace Hardware
Home Improvements & Furnishings
3,610 visits/mo
0.5 miles
Dollar General
Shops & Services
2,827 visits/mo
0.3 miles
Citgo
Shops & Services
1,672 visits/mo
0.1 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- Kellen's Florist Inc — 342 Main St, Hobart, IN 46342
Frequently Asked Questions
What type of property is this?
Storefront property - B-2 zoning supports professional, retail, medical, salon, service, and other permitted business uses.
Where is this storefront property located?
The property is located at 804 E 3rd St Hobart, IN.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Approximately 1,220 SF of commercial space; Two private offices and two open flex areas; Kitchen/break room, bathroom, and basement storage
