Just Listed: 777 Memory Lane Hobart IN — 0.76 Acres, Creek & Fireplace

Just Listed — 777 Memory Lane, Hobart, IN 46342 | $199,000 — A rare 0.76-acre lot with mature trees, a backyard creek, and a masonry fireplace on a single-family ranch owned by one family since 1957. Being offered for sale for the very first time.

Property Overview — A Rare Hobart Home on Nearly 3/4 Acre

777 Memory Lane in Hobart is the kind of listing that doesn’t come around often. Built in 1957 and owned by the same family for nearly 70 years, this 3-bedroom, 2-bathroom ranch sits on 0.76 acres — a lot size that’s exceptionally rare for the area. With mature trees providing natural privacy, a peaceful creek running through the backyard, and a full basement with expansion potential, this property offers a blank canvas for the right buyer.

Listed at $199,000 ($159/sq ft), the home at 777 Memory Lane is being sold AS-IS and will require repairs and updating — including roof replacement and cosmetic renovations throughout. But for a buyer looking to build equity through renovation, the bones are exceptional: masonry fireplace, full basement, 2-car garage, and even a bomb shelter. The RVM® (Realtor Valuation Model®) estimates the property’s value at $234,710, meaning 777 Memory Lane is priced at roughly 85% of estimated value — a significant equity opportunity from day one.

For context on the local market, Hobart, Indiana is a growing community in Lake County where median home prices hover around $225,000. At $199,000 with nearly an acre of land, 777 Memory Lane represents one of the most affordable entry points in the area — especially for buyers willing to invest in updates.

Quick Facts — 777 Memory Lane

Interior Features at 777 Memory Lane — A Solid 1957 Ranch with Expansion Potential

The interior of 777 Memory Lane offers the kind of solid construction that defined mid-century ranch homes. While the finishes are dated and will require updating, the fundamental layout and structure are sound. Here’s what you’ll find inside:

• 3 Bedrooms — Comfortable layout with room to grow. The primary bedroom offers ample space, while the additional bedrooms are well-proportioned for a home of this era.
• 2 Bathrooms — Full and half baths serve the home. Both will need cosmetic updates but the plumbing infrastructure is in place.
• Full Basement — Unfinished with significant expansion potential. This is where 777 Memory Lane really shines for a renovation buyer — add a family room, home office, additional bedroom, or entertainment space and dramatically increase the home’s value.
• Masonry Fireplace — A classic brick fireplace anchoring the living space. This is the heart of the home and a feature that buyers actively seek in mid-century ranches.
• 1,248 Sq Ft of Living Space — Efficient single-story ranch layout. The basement adds another ~1,000 sq ft of potential finished space.
• Running Water & Electricity — The home has functional utilities, making it possible to live in the property while making updates over time. This is a critical advantage for buyers who want to house-hack their renovation.

Outdoor & Lot Features — The Real Story at 777 Memory Lane

The lot is what sets 777 Memory Lane apart from anything else on the market in Hobart right now. At 0.76 acres, it’s nearly three times the size of a standard subdivision lot in the area. In a market where most new construction sits on 0.15–0.25 acre lots, finding nearly a full acre at this price point is exceptionally rare.

Here’s what the lot at 777 Memory Lane includes:

• Mature Trees — Established shade trees throughout the property provide natural privacy and a park-like setting that takes decades to cultivate. You can’t buy mature trees — you inherit them.
• Backyard Creek — A peaceful creek runs through the rear of the property. This is an incredibly rare feature for a Hobart home and creates a tranquil, natural backdrop that can’t be replicated.
• Natural Privacy — The combination of mature trees and lot positioning creates a secluded feel that’s hard to find at this price point. Despite being in town, 777 Memory Lane feels like a country retreat.
• 2-Car Garage — Attached garage with direct access to the home. Provides secure parking and additional storage space.
• Bomb Shelter — A unique Cold War-era feature — a conversation piece and potentially functional storm shelter. This is a piece of 1950s Americana that you simply don’t find in modern construction.
• Garden & Outdoor Living Potential — The open acreage offers space for gardens, outbuildings, fire pits, patios, or even a future addition. The possibilities on 0.76 acres are limited only by your imagination and budget.

What to Expect — AS-IS Sale with Renovation Opportunity at 777 Memory Lane

Transparency matters: 777 Memory Lane is being sold AS-IS and will require work. Buyers should expect to make improvements, including:

• Roof replacement — The roof has reached the end of its useful life and will need full replacement.
• Cosmetic renovations throughout the interior — paint, flooring, fixtures, and trim.
• Kitchen and bathroom updates — The existing layouts are functional but dated. New cabinetry, countertops, and fixtures will transform these spaces.
• Flooring replacement — Original flooring throughout will need updating to match modern preferences.
• Potential mechanical system updates — HVAC, plumbing, and electrical systems should be inspected and updated as needed.

However, the home at 777 Memory Lane is structurally sound, offers running water and electricity, and is livable during renovations. For the right buyer — an investor, a first-time buyer willing to sweat equity, or a homeowner looking for a forever-home project — this is an opportunity to build significant equity while customizing a well-built home to your own tastes and needs.

Why 777 Memory Lane Stands Out in the Hobart Real Estate Market

Hobart, Indiana is one of Northwest Indiana’s most sought-after communities, known for its small-town feel with big-city access. Located in Lake County with easy access to I-65 and the South Shore Line, Hobart offers a manageable commute to downtown Chicago (approximately 45 minutes by car). The city has seen steady population growth and increasing demand for housing, particularly for properties with larger lots and privacy.

Here’s why 777 Memory Lane matters in the local Hobart market:

• Rare Lot Size — At 0.76 acres, this lot is exceptionally large for Hobart. Most residential lots in the area are 0.2–0.3 acres. Finding nearly an acre in town is increasingly uncommon.
• Affordable Price Point — At $199,000, 777 Memory Lane is one of the most affordable single-family homes in Hobart, especially given the lot size and potential.
• One-Owner History — Owned by the same family since 1957. First time on the market — ever. This means no flip-quality shortcuts; the home is original and ready for your vision.
• Equity Opportunity — Listed at 85% of the RVM® estimated value ($234,710), offering up to $35,000+ in immediate equity potential for renovation buyers who are willing to put in the work.
• Location — Hobart offers excellent schools, parks, and outdoor recreation, including the nearby Lake George and the Hobart Prairie Ravine Nature Preserve. The city’s blend of suburban convenience and natural amenities makes it a draw for families and outdoor enthusiasts alike.

Schedule a Showing at 777 Memory Lane

777 Memory Lane won’t last long at this price point. If you’re looking for a renovation project with serious upside — or a forever home on a rare piece of land in Hobart — let’s go take a look. Open house scheduled for Saturday, July 19th, 12:00–1:30 PM, or schedule a private tour at your convenience.

📞 Call (219) 508-8579

✉️ team@joshpavich.com

Get Free Home Valuation →

Listing data sourced from NIRA MLS (Listing ID 841811) and Realtors Property Resource® (RPR). RVM® estimate as of 7/19/2026. All information is not guaranteed and should be independently verified. Property is being sold AS-IS. Equal Housing Opportunity.

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Frequently Asked Questions About 777 Memory Lane, Hobart IN

Thinking About Buying or Selling in Hobart?

If you’re weighing a move in Northwest Indiana — buying, selling, or just trying to figure out what 777 Memory Lane means for your situation — I’m happy to walk through it with you. I bring 10 years of HVAC and mechanical contracting experience to every home I look at, and that lens changes what an inspection actually tells you.

If you’re weighing a move in Northwest Indiana — buying, selling, or just trying to figure out what this listing means for your situation — I’m happy to walk through it with you. I bring 10 years of HVAC and mechanical contracting experience to every home I look at, and that lens changes what an inspection actually tells you. Josh Pavich Licensed Real Estate Agent  •  Weichert Realtors — Shoreline  •  NIRA Member 📞 Call (219) 508-8579 ✉️ team@joshpavich.com Get Free Home Valuation →

See more Hobart listings and market data at our Hobart Real Estate page. For another just-listed property, check out 12 E 700 N in Valparaiso.