Remodeled End-Unit Office
For Sale
Contact for pricing
260 E 90th Drive, Merrillville, IN 46410
End-cap workspace offers abundant daylight, private rooms, and refreshed interior finishes for professional use.
Property Size2,860 SF
Price / SF$160.80
Days on Market13
Property Features for 260 E 90th Drive
General Information
Standard status
Active
Size
2,860 SF
Property subtype
Office, Retail, Mixed Use, Business for Sale
Additional Details
HOA Fee
$430
Highway Access
Yes
Building Details
Year Built
1989
Construction
brick
Tenancy
Single
Owner Occupied
No
Listing Agency:
Century 21 Circle
(219) 306-7812
Listed By:
Colleen Johnston Hatami · License #IN
Source:
Crexi
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 29 at 2:25AM
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 Century 21 Circle
Investment Insights
Based on property information with market context.
This 2,860-square-foot office unit has been remodeled with new flooring, LED lighting, interior paint, solid oak doors and matching baseboards. The end-unit layout includes eight windowed private offices, an oversized conference room, two updated restrooms, and an employee break room with a new sink and refrigerator. Two furnaces, two air conditioning units, and a water heater serve the space. The all-brick exterior is well maintained.
The property at 260 E 90th Drive is positioned just off Broadway between I-65 and US 30. It is adjacent to a hospital and emergency room and surrounded by medical offices, law firms, and retail businesses. The current tenant will vacate upon an accepted offer, providing an opportunity for owner occupancy or re-leasing.
The property at 260 E 90th Drive is positioned just off Broadway between I-65 and US 30. It is adjacent to a hospital and emergency room and surrounded by medical offices, law firms, and retail businesses. The current tenant will vacate upon an accepted offer, providing an opportunity for owner occupancy or re-leasing.
Key Highlights
- 2,860 SF remodeled office unit
- Eight private offices, each with windows
- Oversized conference room plus two updated restrooms
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
$36,278
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
7.89%
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%
$725,560
$725.6K
Cap Rate 7%
$518,257
$518.3K
Cap Rate 9%
$403,089
$403.1K
Market Conditions
NOI Build-Up for 2,860 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
$61.8K $21.60/SF
− Vacancy
−$13.4K −$4.69/SF
EGI
$48.4K $16.91/SF
− OpEx
−$12.1K −$4.23/SF
NOI
$36.3K $12.68/SF
Area
Lake County, IN
Vacancy
21.70%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$725,560
Cap Rate 7%
$518,257
Cap Rate 9%
$403,089
Alternative Uses
Best Use
Office B
$518.3K
$453.5K – $604.6K
NOI $36,278 @ 7.0% cap · market cap 7.89%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$798.4K
$698.6K – $931.5K
NOI $55,888 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,592
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - End-cap workspace offers abundant daylight, private rooms, and refreshed interior finishes for professional use.
Where is this office units located?
The property is located at 260 E 90th Drive Merrillville, IN.
What is the asking price?
The asking price for this property is $459,900.
What are key features of this property?
This property features: 2,860 SF remodeled office unit; Eight private offices, each with windows; Oversized conference room plus two updated restrooms
