1433 83Rd AveMerrillville, IN 46410

Property Details for 1433 83Rd Ave

Year built

2000

Construction

WOOD

Lot size

2.50 AC

Property size (Sq ft)

35,084 SF

Zone code

R33

Property type

Office properties

APN

45-12-22-477-001.000-030

APU

451222477001000030

Description

This exceptional investment opportunity presents a fully occupied, two-tenant, Class B office building totaling 33,244 square feet, situated on a 2.5-acre lot in Merrillville, Indiana. Built in 2000, this property boasts a strong 100% occupancy rate, generating a substantial net operating income (NOI) of $421,274, representing an attractive 8.74% cap rate. The asking price is $4,818,263, translating to $144.94 per square foot. The property features a convenient net lease structure with two tenants, providing stable and predictable cash flow. Ample parking is available with 1,100 spaces, serving the two-story building. Located on a high-traffic commercial corridor (approximately 40,000 vehicles per day) with easy access to Interstate 65, this property benefits from its proximity to downtown Merrillville and St. Mary Medical Center. The C-3 zoning allows for a variety of uses. The building's excellent condition and location, combined with the strong tenant base, make this a compelling investment opportunity in a growing submarket within the Chicago Metropolitan Statistical Area. Over 50% of the current tenant base has occupied the space for over nine years, demonstrating long-term commitment and market demand. This presents a rare chance to acquire a stable, high-cash-flow asset with potential for future rental increases.

• CAP approach

  CAP return

  Valuation

  6%

  $11,274,998

  6.5%

  $10,407,690

  7%

  $9,664,284

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,569,691

  Geo Method

  $4,569,691

• Alternative Use

  Use

  Valuation

  Residential

  $12,905,536

  Hospitality

  $11,821,401

  Educational

  $9,835,267

  Medical

  $10,173,517

  Retail

  $15,299,305

Location Insight

City

Merrillville

County

Lake

State

Indiana

Latitude

41.4672

Longitude

-87.3193

CBSA code

16980

CBSA name

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

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].