5255 Hohman AveHammond, IN 46320

For Sale
$1,200,000
High-yield office building, excellent location.

Overview

Added:
Dec 11, 2024
Days on market:
126
This exceptional value-add investment opportunity presents a 14,300 square foot Class B executive office building located at 5255/5259/5261 Hohman Avenue in Hammond, Indiana, 46320. The property is currently multi-tenant, with one tenant occupying approximately 7,000 square feet under a long-term lease recently renewed. An additional +/- 7,300 square feet is available for lease at $12.00 per square foot on a gross lease basis. The asking price is $1,200,000, representing a price per square foot of $83.92 and a pro-forma capitalization rate of 9.17%. The property boasts a pro-forma net operating income (NOI) of $110,000, with built-in rent bumps of 3.00% per year. This property is situated in a Tax Advantaged Opportunity Zone, offering significant potential tax benefits for investors. The existing long-term lease provides immediate cash flow, while the available space presents an opportunity to increase occupancy and further enhance profitability. This presents an excellent owner-occupied 504 loan opportunity.

Highlights

  • $1,200,000 asking price for a 14,300 square foot office building.
  • Located at 5255 Hohman Ave, Hammond, IN 46320.
  • Class B, multi-tenant office building with one current tenant.
  • Gross lease, with a current rent of $12.00 PSF and 3% annual rent bumps.
  • 9.17% pro-forma cap rate and $110,000 pro-forma NOI.
  • Situated in an Opportunity Zone, offering potential tax advantages.

Property Details for 5255 Hohman Ave

Property type
Office properties
Square Feet
14,300 SF
Class
B

Location Insight

City
Hammond
County
Lake
State
Indiana
Latitude
41.617411
Longitude
-87.521604
5255 Hohman Ave, Hammond, Indiana

FAQs

What type of property is this?
Office property - High-yield office building, excellent location.
Where is the office property located?
The property is located at 5255 Hohman Ave Hammond, IN.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: $1,200,000 asking price for a 14,300 square foot office building.; Located at 5255 Hohman Ave, Hammond, IN 46320.; Class B, multi-tenant office building with one current tenant.
How can I contact the broker?
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5255 Hohman Ave
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