Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Spacious Flex Space with Drive-In Title is generated by Realmo AI

    813 W Old Ridge Road, Hobart, IN 46342

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Flexible commercial space with drive-in door and off-street parking.

    Type:Industrial
    Added:
    Jun 30, 2023
    Days on Market:
    1048
    Last Refresh:
    Mar 17 at 1:20 pm

    Property Features for 813 W Old Ridge Road

    General Information

    Standard status
    Active
    Property subtype
    Industrial

    Building Details

    Year Built
    1975

    Spaces For Lease

    at 813 W Old Ridge Road Contact us

    $6 /Mo

    Size
    7,553 SF
    Type
    Industrial
    Contact us

    We can help!

    Listing Contact
    Bill Loy

    Listing agent Bill Loy License #IN RB17001333

    Listing office McColly Rosenboom Commercial Bourbonnais

    Listing date Jun 30, 2023

    Source Crexi

    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 Rosenboom Commercial Bourbonnais

    HighLights

    • Flexible B‑3 zoning allows for a variety of business uses.
    • 10' drive‑in door for easy loading and unloading.
    • Mostly open floor plan provides space and flexibility.
    • Off‑street parking for convenient access.
    • ADA accessibility ensures inclusivity.
    • Built in 1975.

    Overview

    This commercial space features a mostly open floor plan, suitable for businesses needing ample space and flexibility. A 10' drive-in door facilitates easy loading and unloading. Off-street parking provides convenient access for customers and employees. The property is ADA accessible, ensuring safe and comfortable access for all. Zoned B-3, the property offers flexibility for various uses, including contractors, office space, storage, and warehousing.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Harbor Cabinetry Llc General Contractor

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hobart
    County
    Lake
    State
    Indiana
    Longitude
    -87.2700783
    Latitude
    41.5394337

    Nearby Similar for Lease

    • Contact for pricing

      Retail Space in Hobart, IN

      Retail spaces available for lease in a high-traffic area.
      1669 -1719 E 37th Ave, Hobart, IN 46342
      View Details
    • Contact for pricing

      Professional Office Space For Lease

      3,000 SF office space with high traffic and accessibility.
      7779 E Ridge Rd, Hobart, IN 46342
      View Details
    • Contact for pricing

      Office Building For Lease

      Office building for lease, 1,700-4,700 SF, corner location.
      904 W Old Ridge Rd, Hobart, IN 46342
      View Details
    • $12 SF/Yr

      Retail Space in Hobart Center

      Retail space available in The Pavilions of Hobart.
      1417-1461 S Lake Park Ave, Hobart, IN
      View Details
    • $16 SF/Yr

      Professional Office Space Available

      Well-maintained office space with high visibility and easy access.
      7779 E Ridge Rd, Hobart, IN
      View Details
    • Contact for pricing

      Retail Space in Hobart, IN

      Retail spaces available near national retailers with ample parking.
      1721 E 37th Ave, Hobart, IN
      View Details
    • $15 SF/Yr

      Retail Space on SR 51

      Retail space with high visibility and flexible floor plan.
      1265 S Lake Park Ave, Hobart, IN
      View Details
    • $12 SF/Yr

      Former Walgreens Retail Space Available

      15,068 SF retail space on 1.53 acres for lease.
      1605 E 37th Ave, Hobart, IN
      View Details
    • Contact for pricing

      Retail Space in Merrillville Plaza

      Retail space available in a community shopping center.
      1661 E 80th Ave, Hobart, IN
      View Details
    • $6 SF/Yr

      Spacious Commercial Space in Hobart

      Flexible commercial space with drive-in door and off-street parking.
      813 W Old Ridge Road, Hobart, IN 46342
      View Details
    • Contact for pricing

      Retail Space in Hobart, IN

      Retail spaces available in a shopping center with ample parking.
      1641 E 37th Ave, Hobart, IN
      View Details
    • Contact for pricing

      Retail Space in Hobart, Indiana

      Retail spaces available with pylon signage and ample parking.
      1721-1737 E 37 Ave, Hobart, IN
      View Details

    FAQs

    What type of property is this?
    Flex space - Flexible commercial space with drive-in door and off-street parking.
    Where is this flex space located?
    The property is located at 813 W Old Ridge Road Hobart, IN.
    What is the lease rate?
    The lease rate is $6 SF/Yr.
    What are key features of this property?
    This property features: Flexible B‑3 zoning allows for a variety of business uses.; 10' drive‑in door for easy loading and unloading.; Mostly open floor plan provides space and flexibility.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Bill Loy
    Real Estate License ID: IN RB17001333
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    813 W Old Ridge Road, Hobart, IN 46342
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!