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    Property profile & analytics

    741 Hoffman St Hammond, IN 46327

    • Warehouses
    • 6,633 SF
    • 0.34 lot acres
    For Sale
    View listing
    $765,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1151918
    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

    • Lake Iron & Metal / Recycling Center
    • Parilline Fitness / Fitness Equipment Wholesaler

    Property Details for 741 Hoffman St

    Year built
    1917
    Construction
    WOOD
    Lot size
    0.34 lot acres
    Property size
    6,633 SF
    Property type
    Warehouses
    APN
    45-02-25-479-017.000-023
    APU
    450225479017000023

    Description

    This exceptional Hammond, Indiana industrial property presents a significant investment opportunity. Situated on a 0.34-acre lot at 741 Hoffman Street, this property boasts a substantial 8,530-square-foot building, a blend of original construction (1917) and recent additions. The main structure, a 6,330-square-foot concrete block building, features high ceilings (12-14 feet) and includes two warehouse offices. A subsequent addition expanded the space by another 2,200 square feet. Accessibility is a major advantage, with two 10-foot drive-in doors conveniently located on Hoffman Street, complemented by four additional drive-in doors elsewhere in the complex. A pole barn, accessible via three garage doors, adds further versatility. The side yard offers access from Baltimore Avenue. Gas heating ensures year-round usability. The entire property is securely fenced, enhancing security and privacy. Zoned C4, this property is ideally suited for a wide range of commercial uses, including (but not limited to) auto service (excluding gas sales), auto rental, vehicle sales, and various contractor services. Additional permitted uses encompass retail or home improvement stores, furniture repair/refinishing, light equipment rental/service/repair, and motorcycle sales and service. This property offers a rare combination of size, location, and zoning flexibility, making it an attractive prospect for discerning investors and businesses alike.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $301,000
      Market price range: $168k - $817k

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

    Location Insight

    • Map
    • Local Demand
    City
    Hammond
    County
    Lake
    State
    Indiana
    Longitude
    -87.5097
    Latitude
    41.6268
    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
    $3,746
    $50,300
    $53,200
    $103,500
    -
    $50,300
    $53,200
    $103,500

    Comparable in this City

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      141 141st St

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    • Value Estimation by Request
      1,040 SF

      4715 Columbia Ave, Unit 51

      STORAGE YARD, OPEN STORAGE • 1,040 SF
      4715 Columbia Ave, Hammond, IN 46327-1643
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    • Value Estimation by Request
      3,696 SF

      4804 Hohman Ave

      STORAGE YARD, OPEN STORAGE • 3,696 SF
      4804 Hohman Ave, Hammond, IN 46327-1580
      View Details
    • Value Estimation
      $360,000
      2,730 SF

      3031 Sheffield Ave

      STORAGE YARD, OPEN STORAGE • 2,730 SF
      3031 Sheffield Ave, Hammond, IN 46327
      View Details
    • Value Estimation
      $965,000
      42,500 SF

      5026 Columbia Ave, Unit 32

      WAREHOUSE, STORAGE • 42,500 SF
      5026 Columbia Ave, Hammond, IN 46327-1758
      View Details
    • Value Estimation
      $245,000
      81 SF

      4928 White Oak Ave

      STORAGE YARD, OPEN STORAGE • 81 SF
      4928 White Oak Ave, Hammond, IN 46327
      View Details

    Similar Nearby for Sale

    • $765,000
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      Hammond Warehouse: Prime Location

      8,833 SF Warehouse, $765,000
      741 Hoffman St, Hammond, IN 46327
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      3,072 SF

      Hammond Industrial Building on Large Site

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    • $765,000
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      Versatile Commercial Property in Hammond

      0.34-acre property with 8,833 SF building, ideal for various uses.
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    • $1,250,000
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      Hammond Warehouse with Freezer Space

      5,625 SF freezer space with 14' clearance for sale.
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      Hammond Industrial Warehouse For Sale

      10,528 SF industrial warehouse in Hammond, Indiana for sale.
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    • $765,000
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      Hammond Industrial Property - Huge Potential

      Spacious industrial building, 8,530 sq ft, 0.34 acres
      741 Hoffman St, Hammond, IN 46327
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    Similar Nearby for Lease

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      40,000 SF available with heavy power and trailer parking.
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      80,000 SF

      Hammond Industrial Space Available

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      50,000 SF

      66,000 SF Warehouse Sublease

      66,000 SF warehouse space available for sublease in Hammond, IN.
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    • Contact for pricing

      Hammond Industrial Property for Rent

      Industrial property available for rent in Hammond, Indiana.
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      View Details
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      Industrial Space with CSX Railroad

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      3,072 SF truck repair facility with immediate expressway access.
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      View Details
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    Hammond, IN 46327
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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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