Two-Unit Professional Office
New
For Sale
$340,000
2636 & 2632 W 81st Avenue, Merrillville, IN 46410
Commercial Sale, Merrillville, IN
Property Size1,165 SF
Lot Size1.28 Acres
Price / SF$291.85
Days on Market2
Property Features for 2636 & 2632 W 81st Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Parking
10
Parking features
Off Street, Driveway
Subdivision
Marshall Square Prof Centre
Directions
US Hwy 30 west past Taft St Property is located on North side of Highway
Standard status
Active
APN
451220177008000030
Size
1,165 SF
Lot size
1.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MARSHALL SQUARE PROFESSIONAL CENTRE NORTH ANNEX UNIT #2636 & MARSHALL SQUARE PROFESSIONAL CENTRE NORTH ANNEX UNIT #2632
Tax Annual Amount
4523
Legal Description
MARSHALL SQUARE PROFESSIONAL CENTRE NORTH ANNEX UNIT #2636 & MARSHALL SQUARE PROFESSIONAL CENTRE NORTH ANNEX UNIT #2632
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1989
Listing Agency:
Weichert, Realtors-Moke Agency
(219) 662-3000
Listed By:
Dennis Nichols · License #RB20001421
(219) 257-2800
Added: Sep 25
Last Checked: Sep 26 at 4:06AM
MLS# 845937
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 office property comprises two connected units with separate entrances and interior access between them. The combined layout includes reception areas, private offices, a conference room, administrative workspace, a break area with cabinetry, countertops and a sink, and multiple restrooms. Built-in shelving is installed in one office, and the property also has mechanical and utility areas. The building dates to 1989.
Positioned along the US Highway 30 commercial corridor in Merrillville, the property is exposed to a roadway carrying 45,000+ vehicles daily. It is zoned C-2, Community Commercial District. Off-street parking and driveway parking are available, and public water and sewer serve the property. The condominium association handles exterior maintenance.
Positioned along the US Highway 30 commercial corridor in Merrillville, the property is exposed to a roadway carrying 45,000+ vehicles daily. It is zoned C-2, Community Commercial District. Off-street parking and driveway parking are available, and public water and sewer serve the property. The condominium association handles exterior maintenance.
Key Highlights
- Two adjoining office units with interior access
- Reception areas, private offices, conference room, and administrative workspace
- C‑2 Community Commercial District zoning
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
4.35%
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 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$325.2K
$284.6K – $379.4K
NOI $22,766 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Office units
Yes
Highway 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Interior access connects the adjoining suites, with distinct areas for reception, meetings, and administrative work.
Where is this office units located?
The property is located at 2636 & 2632 W 81st Avenue Merrillville, IN.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Two adjoining office units with interior access; Reception areas, private offices, conference room, and administrative workspace; C‑2 Community Commercial District zoning
