740 81St AveMerrillville, IN 46410

Property Details for 740 81St Ave

Year built

2002

Construction

WOOD

Lot size

1.93 AC

Property size (Sq ft)

7,607 SF

Property type

Turn key restaurants

APN

45-12-22-177-003.000-030

APU

451222177003000030

Description

This exceptional Merrillville, Indiana restaurant property presents a unique investment opportunity. Located at 740 East 81st Avenue, this 7,607 square foot former restaurant sits on a spacious 1.93-acre lot and boasts ample parking with approximately 150 spaces. The property features multiple seating areas, including a bar and a patio, offering versatile space for a variety of culinary concepts. The building is ready for immediate occupancy and could easily be adapted to suit a new restaurant's needs. Its strategic location offers high visibility and accessibility. A significant advantage is its adjacency to a separate, larger development opportunity encompassing over 40 acres, presenting potential for synergistic expansion or collaborative ventures. The asking price is $2,500,000, translating to $328.64 per square foot. This property is ideally suited for an experienced restaurateur seeking a turnkey operation or a developer looking to capitalize on the combined potential of the restaurant and the adjacent land. The property's size, location, and potential for expansion make it a compelling investment in a thriving market. The 46410 zip code offers excellent access to major transportation routes and a strong local customer base. This is a rare opportunity to acquire a substantial restaurant property with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $2,840,920

  6.5%

  $2,622,390

  7%

  $2,435,070

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,030,440

  Geo Method

  $1,030,440

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $5,162,550

  Mixed-Use / Specialty

  $2,593,380

  Hospitality / Lodging

  $1,877,090

  Office

  $2,557,500

  Institutional / Educational

  $2,689,050

  Residential Income

  $3,146,190

  Multifamily

  $3,882,330

  Automotive / Energy

  $2,304,900

  Parking / Income-Based Land

  $814,811

  Restaurant / Food Service

  $1,306,890

  Healthcare / Senior Housing

  $2,679,620

Location Insight

City

Merrillville

County

Lake

State

Indiana

Latitude

41.4722

Longitude

-87.3304

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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