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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    408 Shelby St Hobart, IN 46342-4720

    • Manufacturing properties
    • 62,266 SF
    • 1.69 lot acres
    OFF-MARKET
    Value Estimations
    $1,575,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0771689
    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

    • Midwest Service Center / Electrical Substation

    Property Details for 408 Shelby St

    Year built
    1970
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.69 lot acres
    Property size
    62,266 SF
    Property type
    Manufacturing properties
    APN
    45-09-33-152-006.000-018
    APU
    450933152006000018

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Hobart
    County
    Lake
    State
    Indiana
    Longitude
    -87.2363
    Latitude
    41.5321
    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
    $57,416
    $129,100
    $1,564,600
    $1,693,700
    -
    $129,100
    $1,564,600
    $1,693,700

    Comparable in this City

    • Value Estimation
      $1,830,000
      30,846 SF

      409 Shelby St

      MANUFACTURING (LIGHT) • 30,846 SF
      409 Shelby St, Hobart, IN 46342-4721
      View Details
    • Value Estimation
      $1,140,000
      49,729 SF

      400 Indiana St

      MANUFACTURING (LIGHT) • 49,729 SF
      400 Indiana St, Hobart, IN 46342-4541
      View Details
    • Value Estimation
      $925,000
      25,000 SF

      1935 36th Ave

      MANUFACTURING (LIGHT) • 25,000 SF
      1935 36th Ave, Hobart, IN 46342
      View Details
    • Value Estimation by Request
      0.86 Acres

      3421 37th Ave

      MANUFACTURING (LIGHT) • 0.86 Acres
      3421 37th Ave, Hobart, IN 46342-1751
      View Details
    • Value Estimation
      $1,510,000
      15,192 SF

      3530 Hobart Rd

      MANUFACTURING (LIGHT) • 15,192 SF
      3530 Hobart Rd, Hobart, IN 46342-1442
      View Details
    • Value Estimation
      $2,070,000
      40,000 SF

      1935 36th Ave

      MANUFACTURING (LIGHT) • 40,000 SF
      1935 36th Ave, Hobart, IN 46342
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.21 Acres

      Residential Land in Hobart, Indiana

      Land for sale near Hobart middle school.
      753 Fleming St, Hobart, IN 46342
      View Details
    • $2,500,000
      160.00 Acres

      Expansive Land Parcel in Hobart

      160-acre parcel in Hobart, IN, near Chicago.
      6363 Grand Blvd, Hobart, IN 46342
      View Details
    • $344,800

      Updated Two-Unit Apartment Building

      Turnkey investment opportunity with two updated units and separate utilities.
      2302 W 37Th Ave, Hobart, IN 46342
      View Details
    • $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
    • $30,000
      0.64 Acres

      Hobart Land with River Frontage

      0.64 acre lot with Deep River frontage in Hobart.
      600 Van Buren Ave, Hobart, IN 46342
      View Details
    • $99,900
      1.52 Acres

      Hobart Land Package For Sale

      1.52 acres of land package in Hobart, Indiana.
      3800 Gill St, Hobart, IN 46342
      View Details

    Similar Nearby for Lease

    • $6 SF/Yr

      Adaptable Flex Space with Drive-In

      Versatile flex space featuring drive-in access and off-street parking.
      813 W Old Ridge Rd, Hobart, IN 46342
      View Details
    • $6 SF/Yr
      7,553 SF

      Spacious Commercial Space in Hobart

      Flexible commercial space with drive-in door and off-street parking.
      813 W Old Ridge Rd, Hobart, IN 46342
      View Details
    • $14 SF/Yr
      182,337 SF

      North Ridge Center Retail Space

      Lake County retail space, multiple units available.
      7760 Ridge Rd, Hobart, IN 46342
      View Details
    • $17 SF/Yr
      7,279 SF

      Hobart Office Space Available

      Prime Hobart location, 620 sq ft office suite.
      904 Old Ridge Rd, 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
      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
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    408 Shelby St
    Hobart, IN 46342-4720
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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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