Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Regency Park Townhome Lots Title is generated by Realmo AI

    359 East 59th Place, Merrillville, IN 46410

    View on Map
    Claim this Listing
    For Sale
    $490,000

    Vacant Land - Merrillville, IN

    Lot size:
    1.53 Acres
    Added:
    Sep 26, 2025
    Days on Market:
    234
    Last Refresh:
    May 17 at 9:06 am

    Property Features for 359 East 59th Place

    General Information

    Property type
    Land
    Property subtype
    Other
    Parking features
    Garage
    Standard status
    Active
    Lot size
    1.53 Acres

    Taxes and HOA fees

    Tax Annual Amount
    0

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Craig Stevenson
    Craig Stevenson

    Listing agent Craig Stevenson

    Listing office Geswein Farm & Land Realty 3633 Chesterfield Way, West Lafayette, IN

    Listing date Sep 26, 2025

    MLS# 11581155 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Shovel‑ready: Engineered plans are already approved, allowing for immediate project start.
    • 54 Townhome Lots: Represents a significant portion of a development project.
    • Last Phase: These are the final 54 lots in the 258‑lot Regency Park subdivision.
    • Homeowners Association: Regency Park has an established Homeowners Association.
    • Clubhouse: Community amenity providing recreational and social opportunities.
    • Owner Financing: Seller may offer owner financing to qualified buyers.

    Overview

    For sale are 54 townhome lots located in Regency Park. These shovel-ready lots benefit from already approved engineered plans, offering the opportunity for immediate project commencement. Representing the final phase, these 54 lots complete the 258-lot subdivision. Regency Park includes a Homeowners Association and clubhouse. The total lot size is 1.53 acres. Located in Merrillville, Indiana, the property is situated at 359 East 59th Place, within the 46410 postal code.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.329341
    Latitude
    41.509327

    Nearby Similar for Sale

    • $350,000
      3,000 SF

      Merrillville Office Suite For Sale

      3,000 SF office suite ideal for professional services.
      2624 W 81st Avenue, Merrillville, IN 46410
      View Details
    • $375,000

      Merrillville Development Site For Sale

      2.84 acre development site near U.S. 30 and Broadway.
      555 E 84th Drive, Merrillville, IN 46410
      View Details
    • $584,900
      4,320 SF

      Merrillville Four-Unit Investment Opportunity

      Fully brick 4-unit property with cash flow and value-add potential.
      135 W 57th Avenue, Merrillville, IN 46410
      View Details
    • $1,420,000
      9,240 SF

      Updated Office Building Investment Opportunity

      Updated two-story office building in Merrillville's Commercial & Office District.
      8420 Indiana Street, Merrillville, IN 46410
      View Details
    • $459,900

      Prime Commercial Corner Lot

      2.2-acre corner lot zoned C-3 in Merrillville, Indiana.
      7900 Grant Street, Merrillville, IN 46410
      View Details
    • $599,000

      Spacious Remodeled Duplex in Merrillville

      Remodeled duplex with multi-generational living or investment potential.
      7932-7934 Whitcomb Street, Merrillville, IN 46410
      View Details
    • $434,900

      Merrillville Four-Unit Multifamily Property

      Four-unit building in Merrillville with recent updates and separate utilities.
      5625 Massachusetts Street, Merrillville, IN 46410
      View Details
    • $24,900

      Brookwood Subdivision Land For Sale

      Residential land adjacent to golf course in Brookwood Subdivision.
      2115 W 64th Place, Merrillville, IN 46410
      View Details
    • $350,000

      Restaurant Pad Ready For Development

      Improved restaurant pad near I-65, ideal for highway restaurant.
      6201 Opportunity Ln, Merrillville, IN 46410
      View Details
    • $650,000

      6.23 Acres Visible Land

      Highly visible 6.23 acres of land for sale.
      8400 Georgia Street, Merrillville, IN 46410
      View Details
    • $60,000

      Residential Land in Merrillville, IN

      0.84-acre partially wooded lot, ideal for custom home.
      745 E 61st Approx, Merrillville, IN 46410
      View Details
    • $590,000
      5,581 SF

      High-Traffic U.S. 30 Frontage Flex

      Flex space on U.S. 30 with redevelopment potential.
      W Lincoln Hwy 2215, Merrillville, IN
      View Details

    FAQs

    What type of property is this?
    Land - 54 shovel-ready townhome lots in Regency Park, Merrillville, IN.
    Where is this land located?
    The property is located at 359 East 59th Place Merrillville, IN.
    What is the asking price?
    The asking price for this property is $490,000.
    What are key features of this property?
    This property features: Shovel‑ready: Engineered plans are already approved, allowing for immediate project start.; 54 Townhome Lots: Represents a significant portion of a development project.; Last Phase: These are the final 54 lots in the 258‑lot Regency Park subdivision.
    (765) 427-1619
    We can help!
    Listing Contact
    Craig Stevenson
    Craig Stevenson
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    359 East 59th Place, Merrillville, IN 46410
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!