5255 Hohman AveHammond, IN 46320

Property Details for 5255 Hohman Ave

Year built

1923

Construction

TYPE NOT SPECIFIED

Lot size

0.12 AC

Property size (Sq ft)

9,920 SF

Property type

Commercial real estate

APN

45-02-36-327-002.000-023

APU

450236327002000023

Description

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.

Location Insight

City

Hammond

County

Lake

State

Indiana

Latitude

41.6174

Longitude

-87.5217

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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