For Sale
$320,000

6405 Kennedy AveHammond, IN 46323

Established Tavern w/ Apartments, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional mixed-use property, Porter's Tap, presents a unique investment opportunity in Hammond, Indiana. Located at 6405 Kennedy Ave, this 3,724 square foot building sits on an 8,668 square foot lot and boasts a prime location at a stoplight corner. Built in 1946 and extensively renovated in 2022, the property includes a thriving tavern with a fully equipped kitchen and a 3-way liquor license. The tavern's business equipment is included in the sale. Additionally, the building features two apartments: a four-bedroom, two-bathroom unit and a one-bedroom unit, currently rented month-to-month. The property offers significant upside potential. The pro-forma cap rate is 10.54%, with a pro-forma NOI of $33,717. The asking price is $320,000 ($85.93/sq ft). The property has ten parking spaces and ample room for expansion, including the potential development of a beer garden and additional parking. The permitted zoning is C-4. Amusement items are leased, and a gambling machine may be included with a separate agreement. Note that the pro-forma is based on market rents for the real estate, not tavern income. This is a 100% occupied, multi-tenant property with two tenants. The building is two stories and has three total units. The current owner has operated the business for 26 years and is seeking semi-retirement.

Highlights

  • Established Hammond, Indiana tavern with strong regional history since 1946.
  • 3,724 SF mixed-use building on an 8,668 SF lot, located at a signalized intersection on Kennedy Ave.
  • Features a fully equipped tavern kitchen and a 3-way liquor license; business equipment included.
  • Includes two income-producing apartments (one 4-bed/2-bath, one 1-bed), currently month-to-month.
  • 10 parking spaces with expansion potential for additional parking and a beer garden.
  • C-4 zoning.

Property Details for 6405 Kennedy Ave

Property type
Mixed-use properties
Square Feet
3,724 SF
Year Built/Renovated
1946/2022
Buildings
1
Stories
2
Units
3

Location Insight

City
Hammond
County
Lake
State
Indiana
Latitude
41.597435814014
Longitude
-87.461281551444
6405 Kennedy Ave, Hammond, Indiana

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6405 Kennedy Ave
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