7444 Kennedy AveHammond, IN 46323

Property Details for 7444 Kennedy Ave

Year built

2004

Construction

WOOD

Lot size

0.34 AC

Property size (Sq ft)

2,208 SF

Property type

Retail properties

Property subtype

Retail space

APN

45-07-16-131-019.000-023

APU

450716131019000023

Description

This exceptional investment opportunity presents a two-unit commercial strip mall situated on a 0.34-acre lot at 7444 Kennedy Avenue in Hammond, Indiana. Boasting a prime location with high visibility from the 80/94 expressway, this property ensures excellent accessibility for customers and high traffic exposure. The building comprises two separate units, currently occupied by tenants under favorable lease agreements. The anchor tenant, a top-performing Domino's Pizza franchise, is secured with a triple-net (NNN) lease extending to 2025, with two additional five-year extension options. The second unit is occupied under a new NNN lease commencing January 1, 2024, with two three-year renewal options. This provides immediate and long-term rental income stability. Further enhancing the investment potential, the City of Hammond has approved plans for the addition of a third unit to the existing structure. This expansion opportunity is complemented by an adjacent vacant 0.34-acre lot (parcel # 45-07-16-179-016.000-023, located at 7504 Kennedy Ave), providing ample space for additional parking to accommodate the growth. A brand new roof was installed in Spring 2024, minimizing immediate maintenance concerns. The property is offered at $675,000, representing a compelling investment in a thriving commercial area. This is a rare opportunity to acquire a well-established, income-producing property with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $1,043,095

  6.5%

  $962,857

  7%

  $894,081

• Comparable approach

  Method

  Valuation

  Relative Method

  $724,732

  Geo Method

  $724,732

• Alternative Use

  Use

  Valuation

  Residential

  $812,206

  Hospitality

  $743,976

  Educational

  $618,979

  Medical

  $640,267

  Retail

  $962,857

Location Insight

City

Hammond

County

Lake

State

Indiana

Latitude

41.5776

Longitude

-87.4621

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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