Professional Office
New
For Sale
$170,000
2632 W 81st Ave, Merrillville, IN 46410
Three private offices, a reception area, and two full bathrooms support a range of professional operations.
Property Size1,165 SF
Price / SF$145.92
Days on Market5
Property Features for 2632 W 81st Ave
General Information
Standard status
Active
Size
1,165 SF
Property subtype
Commercial
Zoning
C-2
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1989
Listing Agency:
Realtors-Moke Agency
(219) 662-3000
Listed By:
Weichert
Source:
Thelyonsgroup
Added: Sep 28
Last Checked: Oct 1 at 10:53AM
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 Realtors-Moke Agency
Investment Insights
Based on property information with market context.
This office suite includes a reception and administrative area with an existing counter, three private offices, a separate mechanical and utility area, and two full bathrooms. One office has built-in shelving. Carpeted office areas, overhead lighting, window coverings, and wood trim and doors are among the interior finishes. The property was built in 1989 and is zoned C-2, Community Commercial District.
Located at 2632 W 81st Ave in Merrillville, the suite fronts the US Highway 30 commercial corridor, where traffic exceeds 45,000 vehicles per day. The property is part of a commercial condominium development, and the condominium association handles exterior maintenance.
Located at 2632 W 81st Ave in Merrillville, the suite fronts the US Highway 30 commercial corridor, where traffic exceeds 45,000 vehicles per day. The property is part of a commercial condominium development, and the condominium association handles exterior maintenance.
Key Highlights
- Three private offices and a reception area with an existing counter
- Two full bathrooms and a separate mechanical/utility area
- Built‑in shelving in one private office
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
$14,778
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
8.69%
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%
$295,560
$295.6K
Cap Rate 7%
$211,114
$211.1K
Cap Rate 9%
$164,200
$164.2K
Market Conditions
NOI Build-Up for 1,165 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
$25.2K $21.60/SF
− Vacancy
−$5.5K −$4.69/SF
EGI
$19.7K $16.91/SF
− OpEx
−$4.9K −$4.23/SF
NOI
$14.8K $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%
$295,560
Cap Rate 7%
$211,114
Cap Rate 9%
$164,200
Alternative Uses
Best Use
Office B
$211.1K
$184.7K – $246.3K
NOI $14,778 @ 7.0% cap · market cap 8.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$325.2K
$284.6K – $379.4K
NOI $22,766 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
469
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 - Three private offices, a reception area, and two full bathrooms support a range of professional operations.
Where is this office units located?
The property is located at 2632 W 81st Ave Merrillville, IN.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: Three private offices and a reception area with an existing counter; Two full bathrooms and a separate mechanical/utility area; Built‑in shelving in one private office
