1403 Lake Park AveHobart, IN 46342

Property Details for 1403 Lake Park Ave

Year built

2004

Construction

WOOD

Lot size

1.84 AC

Property size (Sq ft)

17,524 SF

Zone code

R33

Property type

Retail properties

Property subtype

Strip malls

APN

45-13-05-301-001.000-018

APU

451305301001000018

Description

Invest in three exceptional retail outlots totaling 76,307 square feet, strategically located in Hobart, Indiana, at 1403 & 1501 S Lake Park Ave, zip code 46342. These three separate parcels, ranging from 0.41 to 0.57 acres each, boast ample parking and are situated directly across from St. Mary's Medical Center, employing over 2,000 individuals. The Pavilions retail plaza, where these outlots reside, benefits from high visibility due to multiple pylon signs and a daily traffic count approaching 15,000 vehicles on Lake Park Avenue (State Road 51). The property's location offers easy access to I-65, providing convenient access to Chicago. The existing retail center features a diverse tenant mix, including retail and office users, creating a vibrant and established commercial environment. The outlots are zoned PUD and were built in 2002. This presents a unique opportunity to acquire individual lots or the entire assemblage, ideal for various commercial ventures. The 16.11-acre site offers significant potential for development and growth within a thriving community. The property's prime location and high visibility make it an attractive investment opportunity for businesses seeking exposure to a substantial customer base. The lots are individually sellable or can be purchased as a package.

• CAP approach

  CAP return

  Valuation

  6%

  $8,278,620

  6.5%

  $7,641,803

  7%

  $7,095,960

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,751,902

  Geo Method

  $5,751,902

• Alternative Use

  Use

  Valuation

  Residential

  $6,446,146

  Hospitality

  $5,904,636

  Educational

  $4,912,588

  Medical

  $5,081,539

  Retail

  $7,641,803

Location Insight

City

Hobart

County

Lake

State

Indiana

Latitude

41.5138

Longitude

-87.2583

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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