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    Property profile & analytics

    1605 E 37Th Ave Hobart, IN 46342

    • Retail space
    • 15,056 SF
    • 1.53 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0417539
    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.

    Current Use by Public Records

    • Western Union / Bank / Credit Union
    • Gary Miller / Pharmacy
    • Oluwatoyin Binutu / Pharmacy
    • Maria Halkias / Pharmacy

    Property Details for 1605 E 37Th Ave

    Year built
    1998
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.53 lot acres
    Property size
    15,056 SF
    Zone code
    R33
    Property type
    Retail space
    APN
    45-09-28-101-001.000-018
    APU
    450928101001000018

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,420,000
      6.5%
      $2,230,000
      7%
      $2,075,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,804,000
      Market price range: $545k - $1.80M
      AI Estimate
      $1,286,000
      Market price range: $516k - $1.29M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,145,000
      Current use
      WAREHOUSE, STORAGE
      $1,125,000
      Change: -2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Hobart
    County
    Lake
    State
    Indiana
    Longitude
    -87.2401
    Latitude
    41.5502
    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
    $65,566
    $612,100
    $1,326,200
    $1,938,300
    -
    $612,100
    $1,326,200
    $1,938,300

    Comparable in this City

    • Value Estimation by Request
      5,970 SF

      238 Main St

      RETAIL STORES (PERSONAL SERVICES) • 5,970 SF
      238 Main St, Hobart, IN 46342-4440
      View Details
    • Value Estimation
      $1,340,000
      12,996 SF

      8100 Rdg Rd

      RETAIL STORES (PERSONAL SERVICES) • 12,996 SF
      8100 Rdg Rd, Hobart, IN 46342-2504
      View Details
    • Value Estimation by Request
      2,640 SF

      403 Wisconsin St

      RETAIL STORES (PERSONAL SERVICES) • 2,640 SF
      403 Wisconsin St, Hobart, IN 46342-2160
      View Details
    • Value Estimation by Request
      2,164 SF

      308 6th St

      RETAIL STORES (PERSONAL SERVICES) • 2,164 SF
      308 6th St, New Chicago, IN 46342
      View Details
    • Value Estimation
      $870,000
      29,506 SF

      6700 County Line Rd

      RETAIL STORES (PERSONAL SERVICES) • 29,506 SF
      6700 County Line Rd, Hobart, IN 46342
      View Details
    • Value Estimation by Request
      14,800 SF

      7305 Grand Blvd

      RETAIL STORES (PERSONAL SERVICES) • 14,800 SF
      7305 Grand Blvd, Hobart, IN 46342-6644
      View Details

    Similar Nearby for Sale

    • $599,900
      4,753 SF

      Hobart Restaurant & Bar for Sale

      Prime Hobart location, high traffic, liquor license.
      3700 Montgomery St, Hobart, IN 46342
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    • New
      $270,000
      1,480 SF

      Commercial Property on Main Street

      Commercial property in a visible, central Main Street location.
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    • $1,798,600

      New Dollar General NNN Lease

      New construction Dollar General in Hobart, IN with long-term lease.
      700 N County Line Rd, Hobart, IN 46342
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    • Contact for pricing
      16.11 Acres

      Hobart Retail Outlots

      Three prime retail outlots near St. Mary's Medical Center.
      1403 Lake Park Ave, Hobart, IN 46342
      View Details
    • $399,900
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      Downtown Hobart Retail Gem

      Large retail space, prime location, updated.
      530 3Rd St, Hobart, IN 46342
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    • $475,000
      2,648 SF

      Retail Property in Hobart, Indiana

      Retail property with 46,609 sqft space in Hobart, Indiana.
      11 N Hobart Rd, Hobart, IN 46342
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,459 SF

      Retail Space in Hobart, IN

      Retail space for lease with high visibility and ample parking.
      295 S Wisconsin St, Hobart, IN 46342
      View Details
    • 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
    • $12 SF/Yr
      15,120 SF

      Former Walgreens Retail Space Available

      15,068 SF retail space on 1.53 acres for lease.
      1605 E 37Th Ave, Hobart, IN 46342
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Hobart, IN

      Retail spaces available in a shopping center with ample parking.
      1641 E 37Th Ave, Hobart, IN 46342
      View Details
    • $14 SF/Yr
      2,880 SF

      Retail Space in Hobart Center

      Retail space for lease in Pavilions of Hobart.
      1403-1413 Lake Park Ave, Hobart, IN 46342
      View Details
    • Contact for pricing
      800 SF

      Retail Space on SR 51

      Retail space with high visibility and flexible floor plan.
      1265 S Lake Park Ave, Hobart, IN 46342
      View Details
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    Hobart, IN 46342
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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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