Brick Ranch Apartment
For Sale
$495,000
851 150th St, Hammond, IN 46327
Five-unit property with a one-bedroom and two-bedroom mix, resident-paid gas and electric, and on-site coin laundry.
Property Size3,120 SF
Days on Market195
Property Features for 851 150th St
General Information
Standard status
Active
Size
3,120 SF
Class
C
Property subtype
MultiFamily Apartments
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR, 4 x 1BR
Multifamily Units
5
Amenities
coin-operated laundry room
Building Details
Building Size
3,120 SF
Year Built
1972
Buildings
1
Construction
brick ranch
Listing Agency:
Diversified Commercial Real Estate
(219) 836-4740
Listed By:
Mike Larson · License ##RB14030764
(219) 836-4740
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 4:02PM
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 Diversified Commercial Real Estate
Investment Insights
Based on property information with market context.
Built in 1972, this one-story brick apartment property contains 5 units: 1 two-bedroom apartment and 4 one-bedroom apartments. Three units have been remodeled with updated kitchen cabinetry, granite countertops, vinyl flooring, plumbing and light fixtures, plus custom bathroom finishes. Each apartment is equipped with an individual wall air-conditioning unit, while the building also includes a coin-operated laundry room. Tenants pay their own gas and electric service.
The property occupies the northwest corner of 150th Street and Pine Avenue, a few blocks east of Calumet Avenue. The South Shore Train Station is 1 mile away, Wolf Lake is 3 miles away, and Downtown Chicago is 22 miles away.
The property occupies the northwest corner of 150th Street and Pine Avenue, a few blocks east of Calumet Avenue. The South Shore Train Station is 1 mile away, Wolf Lake is 3 miles away, and Downtown Chicago is 22 miles away.
Key Highlights
- 5‑unit apartment building with 1 two‑bedroom and 4 one‑bedroom apartments
- 3 of 5 units remodeled with updated kitchens, flooring, plumbing, lighting, and bathroom finishes
- Brick ranch‑style construction built in 1972
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
$27,603
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
5.58%
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%
$552,060
$552.1K
Cap Rate 7%
$394,329
$394.3K
Cap Rate 9%
$306,700
$306.7K
Market Conditions
NOI Build-Up for 3,120 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
$53.2K $17.04/SF
− Vacancy
−$3.0K −$0.95/SF
EGI
$50.2K $16.09/SF
− OpEx
−$22.6K −$7.24/SF
NOI
$27.6K $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%
$552,060
Cap Rate 7%
$394,329
Cap Rate 9%
$306,700
Alternative Uses
Best Use
Apartment 5plus
$394.3K
$345.0K – $460.1K
NOI $27,603 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$871.0K
$762.1K – $1.02M
NOI $60,969 @ 7.0% cap · market cap 12.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
Business Placement
Demographics for 46327, IN
11,078
Population
4,389
Households
2.5
Avg Household Size
34
Median Age
12%
College-Educated
77%
High-School Grad
4.6 sq mi
ZIP Area
2,408
Density / Sq Mi
$50,457
Median Household Income
$30,939
Median Earnings
$1,133
Median Rent
$116,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit property with a one-bedroom and two-bedroom mix, resident-paid gas and electric, and on-site coin laundry.
Where is this apartment building located?
The property is located at 851 150th St Hammond, IN.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 5‑unit apartment building with 1 two‑bedroom and 4 one‑bedroom apartments; 3 of 5 units remodeled with updated kitchens, flooring, plumbing, lighting, and bathroom finishes; Brick ranch‑style construction built in 1972
