Hammond, Indiana, offers a unique opportunity for investors to capitalize on the city's diverse economy and rich history. With 6 restaurants for sale, Hammond presents a compelling case for those looking to invest in the food service industry. Restaurants in Hammond can represent a range of investments, from casual eateries to fine dining establishments, catering to the city's approximately 77,879 residents and visitors alike. The city's amenities, such as the parkland around Wolf Lake and the Horseshoe Hammond riverboat casino, attract tourists and locals, creating a demand for quality dining experiences. Hammond's infrastructure, including the South Shore Line commuter rail and the Borman Expressway, provides easy access to the city, making it an attractive location for businesses. Additionally, the city's educational institutions, such as Calumet College of St. Joseph and Purdue University Northwest, contribute to a skilled workforce. Hammond's geography, with its proximity to Lake Michigan, offers a unique blend of natural beauty and industrial heritage, making it an attractive location for businesses and residents. The city's attractions, such as the Festival of the Lakes and the Towle Theater, also contribute to its appeal as a destination for entertainment and leisure.
Hammond's restaurants are situated in a city with a diverse economy, featuring a range of industries, including light manufacturing, transportation, and healthcare. The city's restaurants can benefit from the presence of nearby amenities, such as the Franciscan St. Margaret Health hospital and the parkland around Wolf Lake. In addition to restaurants, Hammond also offers opportunities for investment in other property types, such as apartment buildings, which can cater to the city's growing population and workforce. Shopping centers in Hammond provide a range of retail options, from casual shopping to specialty stores. Specialty properties, such as the Horseshoe Hammond riverboat casino, offer unique entertainment and gaming experiences. Hotels in Hammond, such as the Hammond Marina Hotel, cater to tourists and business travelers, providing easy access to the city's amenities and attractions. Overall, Hammond presents a compelling case for investment in the food service industry, with its diverse economy, rich history, and range of amenities and attractions.
What is the average cost per square foot for a restaurant in Hammond?
The average cost per square foot for a restaurant in Hammond is $190 USD per square foot, with an average size of 7,386 square feet and a largest size available of 23,390 square feet, making it an attractive option for entrepreneurs looking to establish a food service business in this city of approximately 80,000 residents, which boasts a diverse economy, convenient transportation infrastructure, and popular attractions like the Horseshoe Hammond riverboat casino and Wolf Lake parkland.
What factors determine the value of a restaurant for sale in Hammond?
When evaluating the value of a restaurant for sale in Hammond, several factors come into play, including:
- Location, with proximity to major transportation hubs like the South Shore Line station and the Hammond-Whiting Amtrak station, as well as access to Lake Michigan and the Little Calumet River, influencing foot traffic and customer demographics;
- The restaurant's size, with an average size of 7,386 square feet, and a maximum size of 23,390 square feet, affecting seating capacity, kitchen space, and overall operational efficiency;
- Financial performance, including the average price per square foot of $190 USD, average cap rate of 5.86%, and the overall profitability of the business, which can impact the sale price and attractiveness to potential buyers.
