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    8420 Indiana St Merrillville, IN 46410

    View on Map
    Sponsored
    For Sale
    $1,420,000

    SINGLE_FAMILY - Merrillville, IN

    Type:Office
    Property size:
    9,240 SF
    Lot size:
    0.83 Acres
    Days on Market:
    25
    Last Refresh:
    Mar 23 at 8:06 pm

    Property Features for 8420 Indiana St

    General Information

    Property type
    Residential
    Property subtype
    Office
    Standard status
    Active
    APN
    451222476009000030
    Parking
    32
    Parking features
    On Street, Driveway
    Exterior features
    Lighting, Rain Gutters, Private Yard
    Size
    9,240 SF
    Lot size
    0.83 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating), Natural Gas, Forced Air
    Water source
    Public

    Building Details

    Year built
    2000

    We can help!

    Listing Contact
    Tyren Morgan

    Haven Realty LLC

    Listing agent Tyren Morgan

    Listing date Feb 26, 2026

    MLS# 827116

    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.

    Learn more

    Property Insight Report

    Overview

    Updated Office Building Investment Opportunity

    This updated 9,240 square foot two-story office building is located in Merrillville's C3 Commercial & Office District. It is currently tenant-occupied, making it an ideal investment opportunity. The property is situated near I-65 and features 32 on-site parking spaces, as well as street parking. High-speed internet is available. Recent upgrades include new HVAC systems installed in 2019 and 2023, with another installation planned for August 2025. The kitchens and bathrooms were remodeled between 2022 and 2023. New carpet and paint have been applied throughout the building. A new fire alarm system and pull stations were installed in 2021. An advanced security system with cameras in every room was installed in 2023. Smart thermostats are installed building-wide. The parking lot was resurfaced and restriped in 2020. The building sits on a 0.831-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Real Estate Agency Restaurant Building Supply Spa & Massage Center Big Box & Wholesale Store Dental Office Law Firm Auto Repair Shop Hair Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.318142
    Latitude
    41.464004

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    FAQs

    What type of property is this?
    Office building - Updated two-story office building in Merrillville's Commercial & Office District.
    Where is this office building located?
    The property is located at 8420 Indiana St Merrillville, IN.
    What is the asking price?
    The asking price for this property is $1,420,000.
    What are key features of this property?
    This property features: - Fully updated 9,240 SF two-story office building in Merrillville's C3 Commercial & Office District.; - Long term tenant occupied, ideal for investors.; - Recent upgrades include new HVAC, remodeled kitchens & bathrooms, new carpet/paint, fire alarm & pull stations, smart thermostats building-wide, and parking lot resurfacing/restriping.
    (224) 442-3183
    Request Owner's contact information
    8420 Indiana St Merrillville, IN 46410
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    Merrillville, IN 46410
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    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
    8420 Indiana St Merrillville, IN 46410
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    We can help!
    Listing Contact
    Tyren Morgan
    Real Estate License ID: RB24000327
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