Duplex Under Construction with
For Sale
$290,885
7078 Johnson Street, Merrillville, IN 46410
SINGLE_FAMILY - Merrillville, IN
Property Size1,292 SF
Lot Size0.14 Acres
Price / SF$225.14
Days on Market47
Property Features for 7078 Johnson Street
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Zoning description
residential
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Great Room, Bedroom 2, Bedroom 1, Basement, Bathroom 1, Bathroom 2
Parking features
Garage, Off Street, Open, Driveway, On Street
Patio and Porch features
Patio, Porch
Interior features
Entrance Foyer, Walk-In Closet(s), Stone Counters, Open Floorplan, Kitchen Island, High Ceilings, Eat-in Kitchen
Basement
Unfinished, Daylight, Crawl Space
Subdivision
Savannah Cove
Lot features
Back Yard, Landscaped
Middle school
Pierce Middle School
High school
Merrillville High School
Elementary school district
Merrillville
Middle school district
Merrillville
High school district
Merrillville
Directions
From Broadway, west onto 73rd street, North on Grant St, East on W 72nd place and north onto Johnson St. Homesite is on the west side of street
Standard status
Active
APN
451216156012000030
Size
1,292 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SAVANNAH COVE PHASE 1 PT. OF LOT 22 (7078 JOHNSON ST)
Tax Annual Amount
70
HOA Fee
$130 Monthly
Legal Description
SAVANNAH COVE PHASE 1 PT. OF LOT 22 (7078 JOHNSON ST)
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Energy Star Qualified Equipment (Heating), Forced Air
Water source
Public
Amenities
concrete patio
tankless water heater
9 foot ceilings
Building Details
Year built
2026
Floors in Building
1
Listing Agency:
Better Homes and Gardens Real · Better Homes and Gardens Real Estate
(219) 999-8990
Listed By:
Frederick Long · License #RB20000411
(219) 406-6927
Added: Jun 27
Changed: Aug 4
Last Checked: Aug 12 at 5:06PM
MLS# 841379
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Under construction duplex featuring an open floor plan with two bedrooms and a basement designed for future flexibility. The main level includes approximately 1,292 square feet with 9-foot ceilings, a spacious kitchen with a kitchen island and eat-in area, and a great room that flows into the dining space. Interior touches include an entrance foyer, walk-in closet(s), stone counters, and high ceilings. The main level baths are one full and one 3/4 bath, and the unfinished basement adds about 528 square feet with an option to rough in a future bathroom. A concrete patio and porch extend the living space outdoors, and the attached garage includes an opener.
The home is on a 0.139-acre lot with public water and public sewer, plus cable available. Heating is forced air, and the home includes a tankless water heater and modern mechanical systems.
Construction is set for 2026 completion, and buyers still have time for final color and finish selections while the build progresses.
The home is on a 0.139-acre lot with public water and public sewer, plus cable available. Heating is forced air, and the home includes a tankless water heater and modern mechanical systems.
Construction is set for 2026 completion, and buyers still have time for final color and finish selections while the build progresses.
Key Highlights
- Under construction for 2026 on a 0.139‑acre lot
- Approx. 1,292 SF main level with 9‑foot ceilings and an open floor plan
- Unfinished basement adds approx. 528 SF with option to rough in a future bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,844
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$256,880
$256.9K
Cap Rate 7%
$183,486
$183.5K
Cap Rate 9%
$142,711
$142.7K
Market Conditions
NOI Build-Up for 1,292 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$19.4K $15.00/SF
− Vacancy
−$1.0K −$0.80/SF
EGI
$18.3K $14.20/SF
− OpEx
−$5.5K −$4.26/SF
NOI
$12.8K $9.94/SF
Area
Lake County, IN
Vacancy
5.32%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$256,880
Cap Rate 7%
$183,486
Cap Rate 9%
$142,711
Alternative Uses
Best Use
Multifamily LT 5
$183.5K
$160.6K – $214.1K
NOI $12,844 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$163.3K
$142.9K – $190.5K
NOI $11,431 @ 7.0% cap · market cap 3.93%
Theoretical Best
Specialty Retail
$360.7K
$315.6K – $420.8K
NOI $25,247 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
132
Businesses Nearby
Explore this area
Business Placement
Demographics for 46410, IN
39,471
Population
17,685
Households
2.2
Avg Household Size
39
Median Age
24%
College-Educated
93%
High-School Grad
30.1 sq mi
ZIP Area
1,311
Density / Sq Mi
$61,735
Median Household Income
$42,235
Median Earnings
$1,267
Median Rent
$192,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Under construction duplex with an unfinished basement, two bedrooms, and public water and sewer.
Where is this duplex located?
The property is located at 7078 Johnson Street Merrillville, IN.
What is the asking price?
The asking price for this property is $290,885.
What are key features of this property?
This property features: Under construction for 2026 on a 0.139‑acre lot; Approx. 1,292 SF main level with 9‑foot ceilings and an open floor plan; Unfinished basement adds approx. 528 SF with option to rough in a future bathroom
