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    Property profile & analytics

    4728 61st Ave Hobart, IN 46342-6478

    • Office properties & Spaces
    • 3,358 SF
    • 4.91 lot acres
    OFF-MARKET
    Last Sale
    Apr 29, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0408432
    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

    • Office properties & Spaces

    Property Details for 4728 61st Ave

    Year built
    1953
    Construction
    WOOD
    Lot size
    4.91 lot acres
    Property size
    3,358 SF
    Property type
    Office properties & Spaces
    APN
    45-12-02-352-002.000-018
    APU
    451202352002000018

    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
    -87.3157
    Latitude
    41.5092
    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
    $30,971
    $354,400
    $85,900
    $440,300
    -
    $354,400
    $85,900
    $440,300

    Comparable in this City

    • Value Estimation
      $1,485,000
      22,985 SF

      200 Hobart Rd

      OFFICE (GENERAL) • 22,985 SF
      200 Hobart Rd, Hobart, IN 46342-4653
      View Details
    • Value Estimation by Request
      7,136 SF

      122 Huber Blvd

      OFFICE (GENERAL) • 7,136 SF
      122 Huber Blvd, New Chicago, IN 46342-1068
      View Details
    • Value Estimation
      $1,620,000
      25,072 SF

      100 Main St

      OFFICE (GENERAL) • 25,072 SF
      100 Main St, Hobart, IN 46342-4351
      View Details
    • Value Estimation
      $930,000
      14,406 SF

      414 Main St

      OFFICE (GENERAL) • 14,406 SF
      414 Main St, Hobart, IN 46342-4444
      View Details
    • Value Estimation
      $3,185,000
      34,345 SF

      101 61st Ave

      OFFICE (GENERAL) • 34,345 SF
      101 61st Ave, Hobart, IN 46342-6449
      View Details
    • Value Estimation
      $1,450,000
      11,514 SF

      97 Bracken Pkwy

      OFFICE (GENERAL) • 11,514 SF
      97 Bracken Pkwy, Hobart, IN 46342-6600
      View Details

    Similar Nearby for Sale

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      Hobart Office Building - Huge Potential

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      Commercial Property on Main Street

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      Professional Office Space For Sale

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    • $99,900
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      Hobart Land Package For Sale

      1.52 acres of land package in Hobart, Indiana.
      3800 Gill St, Hobart, IN 46342
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    • $30,000
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      Hobart Land with River Frontage

      0.64 acre lot with Deep River frontage in Hobart.
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    • New
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      0.31 Acres

      Residential Land in Quiet Neighborhood

      Large lot suitable for modular or manufactured home.
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    Similar Nearby for Lease

    • Contact for pricing

      Spacious Flex Space with Drive-In

      Flexible commercial space with drive-in door and off-street parking.
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      2,903 SF

      Professional Office Space Available

      Well-maintained office space with high visibility and easy access.
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      View Details
    • Contact for pricing

      Office Building For Lease

      Office building for lease in Hobart, Indiana.
      904 W Old Ridge Rd, Hobart, IN 46342
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      857 SF

      Retail Space in Hobart Center

      Retail space available in The Pavilions of Hobart.
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      7,553 SF

      Spacious Commercial Space in Hobart

      Flexible commercial space with drive-in door and off-street parking.
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      View Details
    • Contact for pricing
      6,670 SF

      Retail Space in Hobart, IN

      Retail spaces available near national retailers with ample parking.
      1721 E 37Th Ave, Hobart, IN 46342
      View Details
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    Hobart, IN 46342-6478
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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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