8460 Mississippi StMerrillville, IN 46410

Property Details for 8460 Mississippi St

Year built

2017

Construction

WOOD

Lot size

2.20 AC

Property size (Sq ft)

60,444 SF

Property type

Hotels

Property subtype

Motels

APN

45-12-22-479-004.000-030

APU

451222479004000030

Description

This exceptional 2-acre parcel of land, zoned C-3, presents a remarkable investment opportunity in Merrillville, Indiana. Located at 8460 Mississippi Street, this property boasts a highly desirable location near the intersection of Mississippi Street and Indiana Avenue, offering convenient access to major transportation arteries. The site's proximity to Southlake Mall to the north and the US 30 and I-65 interchange just a few blocks south ensures high visibility and accessibility. Surrounding businesses include various hospitality establishments, national retailers, and restaurants, creating a vibrant and thriving commercial environment. Preliminary discussions with Merrillville town officials have indicated a potential for flex and/or warehouse uses, subject to meeting specific criteria and obtaining necessary municipal approvals. Utilities are to be connected to the site. The property's C-3 zoning allows for a wide range of commercial uses, including retail, office, and hospitality developments, making it an ideal location for a variety of businesses. The asking price for this exceptional property is $400,000. This prime location, combined with its versatile zoning and convenient access to major roadways, makes this a truly unique opportunity for investors and developers seeking a strategic foothold in a rapidly growing market within Lake County, Indiana, zip code 46410.

• CAP approach

  CAP return

  Valuation

  6%

  $22,063,538

  6.5%

  $20,366,344

  7%

  $18,911,604

• Comparable approach

  Method

  Valuation

  Relative Method

  $18,501,152

  Geo Method

  $18,501,152

• Alternative Use

  Use

  Valuation

  Residential

  $22,234,130

  Hospitality

  $20,366,344

  Educational

  $16,944,558

  Medical

  $17,527,308

  Retail

  $26,358,202

Location Insight

City

Merrillville

County

Lake

State

Indiana

Latitude

41.465

Longitude

-87.3171

CBSA code

16980

CBSA name

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

Property Tax & Assessments

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