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    2143 Calumet Ave Whiting, IN 46394

    • Office Properties & Spaces
    • 13,000 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hammond Community Hospital Ambulatory Care Center / Medical Clinic

    Property Details for 2143 Calumet Ave

    Property size
    13,000 SF
    Property type
    Office Properties & Spaces
    Property subtype
    Medical offices

    Description

    This exceptional 13,000-square-foot medical office building, located at 2143 Calumet Ave in Whiting, Indiana, presents a unique investment opportunity. Priced at $1,499,000 ($65.38/SF), the property is currently vacant, offering a blank canvas for a new owner. The two-story building previously served as the Hammond Surgical Center and is ideally suited for continued use as a medical facility, though zoning permits diverse alternative uses. All existing equipment is included in the sale, representing significant value. The building boasts a large off-street parking lot, a considerable advantage for patient and staff convenience. Its prime location, just one mile from Chicago and the Illinois border, offers exceptional accessibility. Enjoy the benefits of low Indiana property taxes and the potential for reduced doctor's malpractice insurance costs. The property's enviable position across from Wolf Lake, the Hammond Music Venue, and lakefront development provides high visibility and attractive surroundings. The zip code is 46394, and the property is situated in Lake County. This is a rare chance to acquire a well-located, substantial medical office building with significant potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Whiting
    County
    Lake
    State
    Indiana
    Longitude
    -87.5081
    Latitude
    41.6741

    Comparable in this City

    • Value Estimation by Request

      1514 119Th St

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    • Value Estimation by Request
      4,640 SF

      1516 119Th St

      Office space • 4,640 SF
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    • Value Estimation
      $410,000
      6,047 SF

      816 119th St

      MEDICAL BUILDING • 6,047 SF
      816 119th St, Whiting, IN 46394-1401
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    • Value Estimation
      $250,000
      1,967 SF

      1104 119th St

      MEDICAL BUILDING • 1,967 SF
      1104 119th St, Whiting, IN 46394-1515
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    • Value Estimation
      $440,000
      16,296 SF

      2075 Indianapolis Blvd

      MEDICAL BUILDING • 16,296 SF
      2075 Indianapolis Blvd, Whiting, IN 46394-1948
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    • Value Estimation
      $325,000
      3,600 SF

      1032 119th St

      MEDICAL BUILDING • 3,600 SF
      1032 119th St, Whiting, IN 46394-1514
      View Details

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    Whiting, IN 46394
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    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
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