Duplex Property With Ranch
New
For Sale
$270,000
1230 W 82nd Lane, Merrillville, IN 46410
Residential, Merrillville, IN
Property Size1,667 SF
Lot Size0.19 Acres
Price / SF$161.97
Days on Market2
Property Features for 1230 W 82nd Lane
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Dining Room, Bathroom 1, Bathroom 2, Bedroom 3, Laundry Room
Interior features
Cathedral Ceiling(s), Country Kitchen, Walk-In Closet(s), Soaking Tub, Open Floorplan, Laminate Counters, Eat-in Kitchen, Entrance Foyer, Ceiling Fan(s)
Appliances
Dryer, Washer, Refrigerator, Microwave, Gas Water Heater, Gas Range, Dishwasher
Subdivision
Mesa Rdg 02
Lot features
Back Yard, Landscaped, Front Yard, Corner Lot
Directions
Merrillville Rd. to 84th Drive., West to Pierce Place, North to 82nd Lane, East to home. Corner of Pierce and 84th Ln.
Standard status
Active
APN
451221328003000030
Size
1,667 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
MESA RIDGE UNIT 2 E.1/2 OF LOT 71
Tax Annual Amount
2201
Legal Description
MESA RIDGE UNIT 2 E.1/2 OF LOT 71
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
2009
Floors in Building
1
Listing Agency:
Realest.com
(219) 808-1520
Listed By:
Stephanie Benton
(219) 730-1530
Added: Aug 28
Last Checked: Aug 29 at 12:06AM
MLS# 844480
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 1,667-square-foot duplex property was built in 2009 and presents a ranch-style configuration with an open floor plan. Interior features include cathedral ceilings, laminate counters, an eat-in kitchen, a walk-in closet, a soaking tub, and a dedicated entrance foyer. The appliance package includes a gas range, dishwasher, refrigerator, microwave, washer, and dryer, while forced-air heating supports the building.
The property sits on a 0.189-acre corner lot in Merrillville, Indiana. Public water and public sewer serve the site, and the location is identified by the address 1230 W 82nd Lane. Additional physical details include a brick exterior and a two-car garage.
The property sits on a 0.189-acre corner lot in Merrillville, Indiana. Public water and public sewer serve the site, and the location is identified by the address 1230 W 82nd Lane. Additional physical details include a brick exterior and a two-car garage.
Key Highlights
- 1,667 SF duplex property built in 2009
- Ranch‑style layout with cathedral ceilings and open floor plan
- 0.189‑acre corner lot in Merrillville, IN
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
$16,572
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
6.14%
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%
$331,440
$331.4K
Cap Rate 7%
$236,743
$236.7K
Cap Rate 9%
$184,133
$184.1K
Market Conditions
NOI Build-Up for 1,667 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
$25.0K $15.00/SF
− Vacancy
−$1.3K −$0.80/SF
EGI
$23.7K $14.20/SF
− OpEx
−$7.1K −$4.26/SF
NOI
$16.6K $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%
$331,440
Cap Rate 7%
$236,743
Cap Rate 9%
$184,133
Alternative Uses
Best Use
Multifamily LT 5
$236.7K
$207.2K – $276.2K
NOI $16,572 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$210.7K
$184.4K – $245.8K
NOI $14,748 @ 7.0% cap · market cap 5.46%
Theoretical Best
Specialty Retail
$465.4K
$407.2K – $542.9K
NOI $32,575 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
659
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 - Ranch-style duplex property with open interiors, modern appliances, and public utilities in Merrillville.
Where is this duplex located?
The property is located at 1230 W 82nd Lane Merrillville, IN.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: 1,667 SF duplex property built in 2009; Ranch‑style layout with cathedral ceilings and open floor plan; 0.189‑acre corner lot in Merrillville, IN
