5529 Hohman AveHammond, IN 46320

Property Details for 5529 Hohman Ave

Year built

1929

Construction

WOOD

Lot size

0.22 AC

Property size (Sq ft)

3,892 SF

Property type

Medical offices

Property subtype

Medical centers

APN

45-02-36-379-001.000-023

APU

450236379001000023

Description

This exceptional investment opportunity presents a 3,892 square foot, single-tenant medical office building located at 5529 Hohman Avenue in Hammond, Indiana. The property, built in 1929 and boasting a Class B rating, is currently 100% occupied by Franciscan Health, a long-term tenant with a lease extending to September 2027. This NNN lease structure provides a stable and predictable income stream, with a current Net Operating Income (NOI) of approximately $67,697, yielding a 7.53% cap rate. The asking price is $899,000, translating to $230.99 per square foot. Situated on a 0.26-acre lot, the property is zoned C1 and features one single-story building. This turnkey operation is ideally positioned in the heart of downtown Hammond, benefiting from its revitalization efforts and convenient access to major transportation routes, including the South Shore Line, Borman Expressway, and Indiana Toll Road. The property's strategic location within the Chicago metropolitan area and its proximity to significant landmarks like Wolf Lake and the Horseshoe Hammond casino further enhance its appeal. This represents a compelling investment opportunity for those seeking a secure, high-yield asset in a thriving urban setting. The property's APN is 45-02-36-379-001.000-023.

• CAP approach

  CAP return

  Valuation

  6%

  $1,250,778

  6.5%

  $1,154,564

  7%

  $1,072,095

• Comparable approach

  Method

  Valuation

  Relative Method

  $506,933

  Geo Method

  $506,933

• Alternative Use

  Use

  Valuation

  Residential

  $1,431,660

  Hospitality

  $1,311,392

  Educational

  $1,091,063

  Medical

  $1,128,586

  Retail

  $1,697,209

Location Insight

City

Hammond

County

Lake

State

Indiana

Latitude

41.6128

Longitude

-87.5216

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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