Retail Strip Center with
399 E 81st Ave Merrillville, IN 46410
399 E 81st Ave, Merrillville, IN, 46410
$6,270,000
For Sale
$6,270,000
Fee-simple retail strip center anchored by Panera Bread with a dedicated drive-thru at a high-traffic intersection.
Property Size18,215 SF
Lot Size1.64 Acres
Price / SF$344.22
Days on Market16
Property Features for 399 E 81st Ave
General Information
- Standard status
- Active
- Size
- 18,215 SF
- Lot size
- 1.64 Acres
- Property subtype
- Shopping Strip
Building Details
- Year Built
- 2003
Listing Agency
Marcus & Millichap | Indianapolis
(972) 755-5283
Listed by
William Kim · License #License(s): CA: 01344741, TX: 755628, NV: S.0204443
(972) 755-5283
Source
Marcusmillichap
Added: Jul 3 Checked: Jul 17 at 2:16 am
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 Marcus & Millichap | Indianapolis
Investment Insights
Based on property information with market context.
Century Plaza is a Class A retail strip center offered as 100% fee simple. The property is 100% occupied and totals 18,215 square feet on approximately 1.64 acres. The tenant mix is oriented toward dining and daily services and includes nationally recognized brands such as Panera Bread, Qdoba, and Plato's Closet.
The center is anchored by Panera Bread with a dedicated drive-thru. It is located at the high-traffic intersection of East Lincoln Highway and Broadway, with a combined traffic count reported at over 87,000 vehicles per day. The surrounding area is described as a dense, affluent southern Chicago suburb within the Chicago MSA.
For buyers and operators, the asset offers a straightforward strip-center format with an institutional-quality anchor and a stable, internet-resistant tenant roster. With all space currently occupied and the property offered free and clear of debt, it is positioned to support an owner looking for an immediately income-producing retail investment tied to dining and daily needs.
The center is anchored by Panera Bread with a dedicated drive-thru. It is located at the high-traffic intersection of East Lincoln Highway and Broadway, with a combined traffic count reported at over 87,000 vehicles per day. The surrounding area is described as a dense, affluent southern Chicago suburb within the Chicago MSA.
For buyers and operators, the asset offers a straightforward strip-center format with an institutional-quality anchor and a stable, internet-resistant tenant roster. With all space currently occupied and the property offered free and clear of debt, it is positioned to support an owner looking for an immediately income-producing retail investment tied to dining and daily needs.
Key Highlights
- Century Plaza is a 100% fee simple interest retail strip center in Merrillville, IN, built in 2003.
- 18,215 SF retail center on approximately 1.64 acres, currently 100% occupied.
- Anchored by Panera Bread with a dedicated drive‑thru.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $491.8k | $27.00 |
| − Vacancy | −$17.2k | −$0.95 |
| EGI | $474.6k | $26.06 |
| − OpEx | −$118.6k | −$6.51 |
| NOI | $355.9k | $19.54 |
18,215 SF · lease $27.00/SF/yr · vacancy 3.50% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$5.08M
$4.45M – $5.93M
NOI $355,944 @ 7.0% cap · market cap 5.68%
Second Best
Retail
$2.51M
$2.19M – $2.93M
NOI $175,528 @ 7.0% cap · market cap 2.80%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
El Timon Mexican ...
Restaurant
The Social Restaurant
Restaurant
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FAQs
What type of property is this?
Strip mall - Fee-simple retail strip center anchored by Panera Bread with a dedicated drive-thru at a high-traffic intersection.
Where is this strip mall located?
The property is located at 399 E 81st Ave Merrillville, IN.
What is the asking price?
The asking price for this property is $6,270,000.
What are key features of this property?
This property features: Century Plaza is a 100% fee simple interest retail strip center in Merrillville, IN, built in 2003.; 18,215 SF retail center on approximately 1.64 acres, currently 100% occupied.; Anchored by Panera Bread with a dedicated drive‑thru.
