Remodeled Duplex with Two
For Sale
$569,000
7932-7934 Whitcomb Street, Merrillville, IN 46410
Residential, Merrillville, IN
Property Size5,830 SF
Lot Size0.41 Acres
Price / SF$97.60
Days on Market25
Property Features for 7932-7934 Whitcomb Street
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
7
Bathrooms
6
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 4, Bonus Room, Bedroom 3, Bathroom 1, Dining Room, Bathroom 5, Bathroom 3, Bathroom 4, Den, Bedroom 6, Bathroom 6, Bedroom 5, Bedroom 7, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Garage, Driveway
Interior features
Ceiling Fan(s), In-Law Floorplan
Appliances
Dryer, Washer, Stainless Steel Appliance(s), Refrigerator, Gas Water Heater, Gas Range, Gas Cooktop
Subdivision
Reiners addition
Lot features
Back Yard
Directions
US 30 to Whitcomb St. North 1 block property located on West side of street
Standard status
Active
APN
451219176005000030
Size
5,830 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
REINER'S ADDITION LOT 2
Tax Annual Amount
9204
Legal Description
REINER'S ADDITION LOT 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Baseboard, Natural Gas
Water source
Public
Amenities
fence and paver patio
workshop area
Building Details
Year built
1975
Floors in Building
2
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Anthony Christopher · License #RB22001074
(708) 715-6193
Added: Aug 3
Changed: Aug 19
Last Checked: Aug 27 at 9:06AM
MLS# 843333
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.
This duplex contains 5,830 square feet on a 0.41-acre parcel and was fully remodeled in 2021. The two residences provide separate living arrangements, with one offering 4 bedrooms and 3 bathrooms and the other configured with 3 bedrooms and 3 bathrooms. Both include bonus or flex areas, updated windows, kitchens with substantial cabinet and pantry storage, and garage parking. One residence has a 3-car garage, while the other includes a 2-car garage with a workshop area.
Additional features include a paver patio, fencing, public water and sewer, natural-gas heating, and in-unit laundry appliances. The property is near shopping and offers access to Route 30. Its layout supports either owner occupancy alongside leasing or use by an extended household, as described for the two-unit configuration.
Additional features include a paver patio, fencing, public water and sewer, natural-gas heating, and in-unit laundry appliances. The property is near shopping and offers access to Route 30. Its layout supports either owner occupancy alongside leasing or use by an extended household, as described for the two-unit configuration.
Key Highlights
- 5,830‑square‑foot duplex on 0.41 acres
- Fully remodeled in 2021
- One unit offers 4 bedrooms and 3 bathrooms; the second has 3 bedrooms and 3 bathrooms
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
$51,579
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
9.06%
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%
$1,031,580
$1.0M
Cap Rate 7%
$736,843
$736.8K
Cap Rate 9%
$573,100
$573.1K
Market Conditions
NOI Build-Up for 5,830 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
$99.3K $17.04/SF
− Vacancy
−$5.6K −$0.95/SF
EGI
$93.8K $16.09/SF
− OpEx
−$42.2K −$7.24/SF
NOI
$51.6K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$1,031,580
Cap Rate 7%
$736,843
Cap Rate 9%
$573,100
Alternative Uses
Best Use
Multifamily LT 5
$828.0K
$724.5K – $966.0K
NOI $57,958 @ 7.0% cap · market cap 10.19%
Second Best
Apartment 5plus
$736.8K
$644.7K – $859.7K
NOI $51,579 @ 7.0% cap · market cap 9.06%
Theoretical Best
Specialty Retail
$1.63M
$1.42M – $1.90M
NOI $113,925 @ 7.0% cap · market cap 20.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
233
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 - Two residences offer distinct layouts, garages, and flexible occupancy options.
Where is this duplex located?
The property is located at 7932-7934 Whitcomb Street Merrillville, IN.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: 5,830‑square‑foot duplex on 0.41 acres; Fully remodeled in 2021; One unit offers 4 bedrooms and 3 bathrooms; the second has 3 bedrooms and 3 bathrooms
