Four-Unit Multifamily
For Sale
$399,900
126 E 73rd Ave, Merrillville, IN 46410
Four one-bedroom apartments with central air, individual mechanicals, and in-unit laundry hookups.
Property Size2,720 SF
Price / SF$147.02
Days on Market43
Property Features for 126 E 73rd Ave
General Information
Standard status
Active
Size
2,720 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,325
Amenities
in-unit laundry hookups
central air
Listing Agency:
A.R.E. Partners Inc.
(312) 339-7655
Listed By:
Antje Gehrken · License #471002284
(312) 339-7655
Source:
Exprealty
Added: Jul 9
Changed: Aug 14
Last Checked: Aug 20 at 12:30PM
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 A.R.E. Partners Inc.
Investment Insights
Based on property information with market context.
This 4-unit multifamily property contains four approximately 680 sq. ft. apartments, each configured with 1 bedroom and 1 bathroom. Individual mechanical systems include central air, while in-unit laundry hookups support separate apartment functionality. Tenants pay their own electric and gas service.
Recent property updates include a newer gutter system, sewer pipe replacement, and a front-yard cleanout installation. The furnace in Unit 3 has also been replaced. One apartment is vacant and has been freshly painted, while the property includes a total of 2,720 sq. ft. at 126 E 73rd Ave in Merrillville, Indiana.
Recent property updates include a newer gutter system, sewer pipe replacement, and a front-yard cleanout installation. The furnace in Unit 3 has also been replaced. One apartment is vacant and has been freshly painted, while the property includes a total of 2,720 sq. ft. at 126 E 73rd Ave in Merrillville, Indiana.
Key Highlights
- Four approximately 680 sq. ft. units, each with 1 bedroom and 1 bathroom
- Individual mechanicals with central air; tenants pay electric and gas
- In‑unit laundry hookups in each apartment
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
$27,041
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
6.76%
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%
$540,820
$540.8K
Cap Rate 7%
$386,300
$386.3K
Cap Rate 9%
$300,456
$300.5K
Market Conditions
NOI Build-Up for 2,720 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
$40.8K $15.00/SF
− Vacancy
−$2.2K −$0.80/SF
EGI
$38.6K $14.20/SF
− OpEx
−$11.6K −$4.26/SF
NOI
$27.0K $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%
$540,820
Cap Rate 7%
$386,300
Cap Rate 9%
$300,456
Alternative Uses
Best Use
Multifamily LT 5
$386.3K
$338.0K – $450.7K
NOI $27,041 @ 7.0% cap · market cap 6.76%
Second Best
Apartment 5plus
$343.8K
$300.8K – $401.1K
NOI $24,064 @ 7.0% cap · market cap 6.02%
Theoretical Best
Specialty Retail
$759.3K
$664.4K – $885.9K
NOI $53,152 @ 7.0% cap · market cap 13.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
340
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?
Quadplex - Four one-bedroom apartments with central air, individual mechanicals, and in-unit laundry hookups.
Where is this quadplex located?
The property is located at 126 E 73rd Ave Merrillville, IN.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Four approximately 680 sq. ft. units, each with 1 bedroom and 1 bathroom; Individual mechanicals with central air; tenants pay electric and gas; In‑unit laundry hookups in each apartment
