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5969 Park Pl, Hammond, IN 46320 4 units 5969 Park Pl 5 Unit Apartment Building $319,000 ($63,800/Unit) 7.44% Cap Rate Hammond, IN 46320
Investment Highlights
- Well-maintained four-unit multifamily property featuring one two-bedroom/one-bath unit and three one-bedroom/one-bath units.
- Tenants pay their own gas and electric utilities; ownership covers water, sewer, and trash.
- Convenient Lake County location with quick access to major highways, just 20 miles from Downtown Chicago.
- Approximately 3,560 square feet of building area with efficient, easy-to-manage operations.
- Individual heating systems and functional layouts in each unit support tenant comfort and long-term occupancy.
- Strong in-place income with upside potential through rent growth; current cap rate of 7.44% and proforma cap rate of 9.72%.
Executive Summary
Presenting a well-maintained four-unit multifamily property situated on a quiet residential street in Hammond. This property offers a balanced unit mix with one 2-bedroom/1-bath unit and three 1-bedroom/1-bath units, delivering strong rental demand and versatility for both investors and owner-occupants.
The building encompasses 3,560 square feet and is designed for easy management. Tenants are responsible for their own gas and electric, while the owner covers water, sewer, and trash services. Each unit features a practical layout and individual heating systems, enhancing tenant comfort and supporting long-term occupancy.
Located in Lake County, the property benefits from excellent connectivity with quick access to major highways, making it an appealing option for commuters. With consistent income already in place and potential for future growth, this asset represents an outstanding opportunity for investors seeking dependable cash flow or for an owner-occupant looking to live on-site while generating rental income.
The building encompasses 3,560 square feet and is designed for easy management. Tenants are responsible for their own gas and electric, while the owner covers water, sewer, and trash services. Each unit features a practical layout and individual heating systems, enhancing tenant comfort and supporting long-term occupancy.
Located in Lake County, the property benefits from excellent connectivity with quick access to major highways, making it an appealing option for commuters. With consistent income already in place and potential for future growth, this asset represents an outstanding opportunity for investors seeking dependable cash flow or for an owner-occupant looking to live on-site while generating rental income.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$43,500
|
$13.88
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$43,500
|
$13.88
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$19,362
|
$6.18
|
| Net Operating Income |
$24,138
|
$7.70
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $43,500 |
| Annual Per SF | $13.88 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $43,500 |
| Annual Per SF | $13.88 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $19,362 |
| Annual Per SF | $6.18 |
| Net Operating Income | |
|---|---|
| Annual | $24,138 |
| Annual Per SF | $7.70 |
Property Facts Under Contract
| Price | $319,000 | Apartment Style | Low-Rise |
| Price Per Unit | $63,800 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 7.44% | Building Size | 3,560 SF |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1915 |
| Property Subtype | Apartment |
| Price | $319,000 |
| Price Per Unit | $63,800 |
| Sale Type | Investment |
| Cap Rate | 7.44% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 3,560 SF |
| No. Stories | 2 |
| Year Built | 1915 |
Amenities
Unit Amenities
- Air Conditioning
- Microwave
- Heating
- Ceiling Fans
- Range
- Carpet
- Yard
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Vintage Building
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $950.00 | - |
| 1+1 | 4 | $882.50 | - |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Minimal public transit
10/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 45-06-01-178-011.000-023 | Improvements Assessment | $280,000 (2025) |
| Land Assessment | $16,400 (2025) | Total Assessment | $296,400 (2025) |
Property Taxes
Parcel Number
45-06-01-178-011.000-023
Land Assessment
$16,400 (2025)
Improvements Assessment
$280,000 (2025)
Total Assessment
$296,400 (2025)
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5969 Park Pl, Hammond, IN 46320 4 units | 5969 Park Pl
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