2881 81St AveMerrillville, IN 46410

Property Details for 2881 81St Ave

Year built

1995

Construction

TYPE NOT SPECIFIED

Lot size

3.96 AC

Property size (Sq ft)

42,366 SF

Zone code

R33

Property type

Retail space

APN

45-12-23-426-002.000-046

APU

451223426002000046

Description

This exceptional investment opportunity presents a 42,097 square-foot O'Reilly Auto Parts retail and distribution hub in Merrillville, Indiana. Located at 2881 E 81st Ave, this property boasts a prime location within the Chicago MSA, situated on an outparcel to a Home Depot and Target, ensuring high visibility and traffic. The building, renovated in 2024, benefits from a strong 15-year net lease commencing October 11, 2024, with four 5-year renewal options and 8% rent bumps starting in year 11. The tenant, O'Reilly Auto Parts, is investment-grade rated (BBB by Standard & Poor's), guaranteeing a stable income stream. The property's strategic location along East 81st Avenue (65,400 VPD) and proximity to Interstate 65 (67,400 VPD) provide exceptional accessibility. The surrounding area features a dense retail corridor including Southlake Mall, Sam's Club, Walmart, Costco, and other major retailers. With a 5.50% cap rate and a strong NOI of $391,968, this asset offers a compelling return on investment. The 3.96-acre lot size and the large format store design, serving as both a retail storefront and distribution center, further enhance its value. The property is 100% occupied and serves a population of over 89,100 within a five-mile radius, boasting an average household income exceeding $89,200. This is a rare opportunity to acquire a high-performing, net-leased property with a strong tenant and exceptional location. The asking price is $7,126,709, with a price per square foot of $169.29.

• CAP approach

  CAP return

  Valuation

  6%

  $20,014,380

  6.5%

  $18,474,812

  7%

  $17,155,184

• Comparable approach

  Method

  Valuation

  Relative Method

  $13,905,792

  Geo Method

  $13,905,792

• Alternative Use

  Use

  Valuation

  Residential

  $15,584,196

  Hospitality

  $14,275,040

  Educational

  $11,876,665

  Medical

  $12,285,122

  Retail

  $18,474,812

Location Insight

City

Merrillville

County

Lake

State

Indiana

Latitude

41.4704

Longitude

-87.3003

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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