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    1403 Lk Park Ave Hobart, IN 46342-6635
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    Property profile & analytics

    1403 Lk Park Ave, Hobart, IN 46342-6635

    View on Map
    • Strip malls
    • 17,524 SF
    • 1.84 lot acres
    Off-Market
    Last Sale Aug 11, 2022
    Property ID
    US31-1254089
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $595,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Subway / Take-out & Catering
    • Litehouse Whole Food Grill Northwest Indiana / Restaurant
    • Dos Amigos Mexican Fast Food / Restaurant

    Property Details for 1403 Lk Park Ave

    Year built
    2004
    Construction
    WOOD
    Lot size
    1.84 lot acres
    Zone code
    R33
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    45-13-05-301-001.000-018
    APU
    451305301001000018

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 11, 2022 — Ardena Pavilion LLC The Pavilion Group LLC Special Warranty Deed —
    Aug 3, 2022 — Ardena Pavillion LLC Pavillion Group LLC Special Warranty Deed —
    May 22, 2020 — The Pavilion Gorup LLC — Deed · related $4.9M · Tech Cu
    Nov 12, 2004 — Pavillion Group LLC — Trustees Deed · related $1.7M · Peoples Bank

    Description

    Invest in three exceptional retail outlots totaling 76,307 square feet, strategically located in Hobart, Indiana, at 1403 & 1501 S Lake Park Ave, zip code 46342. These three separate parcels, ranging from 0.41 to 0.57 acres each, boast ample parking and are situated directly across from St. Mary's Medical Center, employing over 2,000 individuals. The Pavilions retail plaza, where these outlots reside, benefits from high visibility due to multiple pylon signs and a daily traffic count approaching 15,000 vehicles on Lake Park Avenue (State Road 51). The property's location offers easy access to I-65, providing convenient access to Chicago. The existing retail center features a diverse tenant mix, including retail and office users, creating a vibrant and established commercial environment. The outlots are zoned PUD and were built in 2002. This presents a unique opportunity to acquire individual lots or the entire assemblage, ideal for various commercial ventures. The 16.11-acre site offers significant potential for development and growth within a thriving community. The property's prime location and high visibility make it an attractive investment opportunity for businesses seeking exposure to a substantial customer base. The lots are individually sellable or can be purchased as a package.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $550,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $638,000
      Market price range: $389k - $730k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $545,000
      Current use
      INDUSTRIAL (GENERAL)
      $985,000
      Change: +82% Conversion: Difficult
      MEDICAL BUILDING
      $750,000
      Change: +38% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Hobart
    County
    Lake
    State
    Indiana
    Longitude
    -87.2583
    Latitude
    41.5138
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $56,292
    $350,600
    $1,317,500
    $1,668,100
    -
    $350,600
    $1,317,500
    $1,668,100

    Comparable in this City

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      19,224 SF

      1641 37th Ave

      SHOPPING CENTER, STRIP CENTER
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    • Value Estimation
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      7878 Rdg Rd

      SHOPPING CENTER, STRIP CENTER
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    • Value Estimation by Request
      5,440 SF

      1201 37th Ave

      SHOPPING CENTER, STRIP CENTER
      1201 37th Ave, Hobart, IN 46342-2013
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    • Value Estimation
      $1,125,000
      65,441 SF

      1721 37th Ave

      SHOPPING CENTER, STRIP CENTER
      1721 37th Ave, Hobart, IN 46342-2576
      View Details
    • Value Estimation
      $1,370,000
      48,228 SF

      1425 Lk Park Ave, Unit 55

      SHOPPING CENTER, STRIP CENTER
      1425 Lk Park Ave, Hobart, IN 46342-6635
      View Details

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      76,307 SF

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      Retail space for lease in Pavilions of Hobart.
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      Highly visible commercial property with leasing potential in central Hobart.
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      Retail Property in Hobart, Indiana

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      Arby's Restaurant in Hobart, Indiana

      Absolute net Arby's restaurant for sale near Chicago.
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    Similar Nearby for Lease

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      Retail Space in Hobart, IN

      Retail spaces available near national retailers with ample parking.
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    • Contact for pricing
      1,367 SF

      Retail Space in Hobart, Indiana

      Retail spaces available with pylon signage and ample parking.
      1721-1737 E 37Th Ave, Hobart, IN 46342
      View Details
    • Contact for pricing
      857 SF

      Retail Space in Hobart Center

      Retail space available in The Pavilions of Hobart.
      1417-1461 S Lake Park Ave, Hobart, IN 46342
      View Details
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      1,200 SF

      Retail Space in Hobart, IN

      Retail spaces available in a shopping center with ample parking.
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    • Contact for pricing
      800 SF

      Retail Space on SR 51

      Retail space with high visibility and flexible floor plan.
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      Retail Space in Hobart, IN

      Retail spaces available for lease in a high-traffic area.
      1669 E 37Th Ave, Hobart, IN 46342
      View Details
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    Hobart, IN 46342-6635
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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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