7880 BroadwayMerrillville, IN 46410

Property Details for 7880 Broadway

Year built

1976

Construction

TYPE NOT SPECIFIED

Lot size

2.05 AC

Property size (Sq ft)

24,396 SF

Property type

Strip malls

Property subtype

Neighborhood centers

APN

45-12-21-226-027.000-030

APU

451221226027000030

Description

This single-story, 24,396 square foot building, located at 7880 Broadway in Merrillville, Indiana, offers versatile commercial space ideal for a variety of businesses. Built in 1976 and renovated in 2023, the property features four suites, with 6,097 square feet currently vacant. Individual suites range from a minimum of 1,250 square feet to a maximum contiguous space of 3,400 square feet, making it suitable for various business needs. The building enjoys a high-traffic location with 18,000 cars passing daily, ensuring excellent visibility. One available space features an inviting open area perfect for retail displays or customer seating, complemented by a private office with barn doors and convenient access to shared restrooms. This prime commercial location in Lake County (zip code 46410) presents a fantastic opportunity for businesses seeking high visibility and a well-maintained space. The property's recent renovation ensures modern amenities and a comfortable environment for both employees and customers. This is a rare opportunity to secure a well-positioned commercial space in a thriving area.

• CAP approach

  CAP return

  Valuation

  6%

  $9,110,960

  6.5%

  $8,410,120

  7%

  $7,809,390

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,304,680

  Geo Method

  $3,304,680

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $16,556,500

  Mixed-Use / Specialty

  $8,317,100

  Hospitality / Lodging

  $6,019,920

  Office

  $8,202,030

  Institutional / Educational

  $8,623,900

  Residential Income

  $10,090,000

  Multifamily

  $12,450,800

  Automotive / Energy

  $7,391,920

  Parking / Income-Based Land

  $2,613,140

  Restaurant / Food Service

  $4,191,260

  Healthcare / Senior Housing

  $8,593,670

Location Insight

City

Merrillville

County

Lake

State

Indiana

Latitude

41.4755

Longitude

-87.3368

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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