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Northwest Indiana Multifamily Investment

1080 W 85th Ave, Merrillville, IN 46410

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For Sale

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Well-maintained 8-unit multifamily property with strong cash flow.

Type:Multifamily

Property size:

8,624 SF

Price / SF:

$156/SF

HighLights

Strong in‑place cash flow with a 7.2% Day‑1 cap rate.
Located in a stable Northwest Indiana rental market.
Major exterior improvements completed in 2021 including new roof, windows, siding, and gutters.
Efficient 2 bed / 1.5 bath floor plans averaging approximately 1,100 square feet.
Modern finishes, stainless steel appliances, and washer/dryer hookups in each unit.
Built in 1999 as condominium units.

We can help!

Contact an agent

Tariq Suboh

For Sale

Contact for pricing

Well-maintained 8-unit multifamily property with strong cash flow.

Type:Multifamily

Property size:

8,624 SF

Price / SF:

$156/SF

Added:: Mar 18, 2026
Days on Market:: 102
Last Refresh:: Mar 20 at 12:18 am

Property Features for 1080 W 85th Ave

General Information

Standard status: Active
Size: 8,624 SF
Property subtype: Multifamily

Building Details

Year Built: 1999

We can help!

Contact an agent

Tariq Suboh

Listing office Ellsbury Group

Listing date Mar 18, 2026

Source Crexi

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Ellsbury Group

HighLights

Strong in‑place cash flow with a 7.2% Day‑1 cap rate.
Located in a stable Northwest Indiana rental market.
Major exterior improvements completed in 2021 including new roof, windows, siding, and gutters.
Efficient 2 bed / 1.5 bath floor plans averaging approximately 1,100 square feet.
Modern finishes, stainless steel appliances, and washer/dryer hookups in each unit.
Built in 1999 as condominium units.

Overview

This is an 8-unit multifamily property located in Northwest Indiana. Constructed in 1999 as condominium units, the Class A building features 2 bed / 1.5 bath floor plans averaging approximately 1,100 square feet. Units include modern finishes, stainless steel appliances, and washer/dryer hookups. Exterior improvements completed in 2021 include a new roof, windows, siding, and gutters. Tenants are responsible for electricity and gas/heat. The property size is 8,624 square feet. The asset offers in place cash flow along with upside potential in a supply-constrained submarket.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$147.0k	$17.04
− Vacancy	−$8.2k	−$0.95
EGI	$138.7k	$16.09
− OpEx	−$62.4k	−$7.24
NOI	$76.3k	$8.85

8,624 SF · lease $17.04/SF/yr · vacancy 5.60% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$1.09M

$953.7K – $1.27M (±1% cap)

NOI $76,298 @ 7.0% cap · market cap 5.65%

Second Best

—

no second resolved use

Theoretical Best

Specialty Retail

$2.41M

$2.11M – $2.81M (±1% cap)

NOI $168,524 @ 7.0% cap · market cap 12.48%

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

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: Merrillville
County: Lake
State: Indiana
Longitude: -87.3452445
Latitude: 41.4635994

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For sale
Apartment buildings
IN
Merrillville
46410
1080 W 85th Ave

What type of property is this?

Apartment building - Well-maintained 8-unit multifamily property with strong cash flow.

Where is this apartment building located?

The property is located at 1080 W 85th Ave Merrillville, IN.

What is the asking price?

The asking price for this property is $1,350,000.

What are key features of this property?

This property features: Strong in‑place cash flow with a 7.2% Day‑1 cap rate.; Located in a stable Northwest Indiana rental market.; Major exterior improvements completed in 2021 including new roof, windows, siding, and gutters.