6823-6837 Grand Ave
Hammond, IN 46323
Fully Occupied Strip Center in NW Indiana · Retail Property For Sale

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in an 11,850 square foot retail center located in Northwest
Indiana, within the Chicago MSA. The property is fully occupied with all tenants paying replaceable and, in most cases, below market rent. A new owner can
modernize the building’s appearance and mark rents to market in order to create value. Grand Foods, the anchor tenant, recently extended their lease
for 5 years and increased their base rent from $6 per square foot to $10 per square foot – with strong annual increases. The tenants also do not currently
have the benefit of option periods, which provides a new owner with additional flexibility.
All tenants operate on true NNN leases, reimbursing for their pro rata shareof Real Estate Taxes, CAM, Insurance, Management and Administrative Fees.
The tenants are synergistic in nature, and the suite sizes are uniformly small and compact, with the majority averaging at about 1,000 square feet. This is a
parking lot that appears to consistently stay busy.
The demographics surrounding the property are dense, with close to 200,000 people living within a 5-mile radius. The property is also a stone’s throw from
Morton High School, with a student body of 1,500. The tenants benefit from prominent pylon signage, as well as unrestricted ingress and egress from the
property’s access points. The site is adjacent to an Autozone and kitty corner to a Save-a-Lot Grocery anchored retail center.
Priced at a 9.00% percent CAP rate and a price per square foot of $143, this is an opportunity to purchase a high-yield retail opportunity with landlord
friendly NNN leases and room to grow the NOI over the near-term.