Single-Level Duplex
For Sale
$239,900
3446 E 69th Avenue, Merrillville, IN 46410
Residential, Merrillville, IN
Property Size1,440 SF
Lot Size0.34 Acres
Price / SF$166.60
Days on Market182
Property Features for 3446 E 69th Avenue
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 2, Bathroom 1, Dining Room, Laundry Room, Bedroom 3, Bedroom 2, Bedroom 1
Parking features
Garage, Driveway
Interior features
Ceiling Fan(s)
Appliances
Dryer, Washer, Stainless Steel Appliance(s), Refrigerator, Microwave, Gas Cooktop, Dishwasher
Subdivision
Ross Homesteads
Lot features
Back Yard, Front Yard
Directions
If you're near I-65 on US-30: Head north on I-65. Take Exit 253 (61st Ave). Turn east onto 61st Ave. Go about 1 mile and turn north on Broadway (IN-53). Turn east onto 69th Ave.
Standard status
Active
APN
451212351007000046
Size
1,440 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
ROSS HOMESTEADS LOT 5 EX. W.52.5FT
Tax Annual Amount
3470
Legal Description
ROSS HOMESTEADS LOT 5 EX. W.52.5FT
Utilities
Utilities
Water Available
Sewer type
Septic Tank
Heating system
Forced Air, Natural Gas
Water source
Well
Building Details
Year built
1999
Floors in Building
1
Listing Agency:
Absolute Realty Solutions LLC
(219) 312-4008
Listed By:
Yesenia Flores
(219) 940-8998
Added: Mar 4
Changed: Aug 26
Last Checked: Sep 2 at 1:06PM
MLS# 834858
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 maintained half-duplex offers one-level living across 1,440 square feet, with three bedrooms, one full bathroom, one half bathroom, a dining room, and a dedicated laundry room. The residence includes an attached garage and driveway parking, while the outdoor area provides space for gardening or personal use. Interior features include ceiling fans, natural-gas forced-air heat, and a kitchen equipped with a gas cooktop, dishwasher, refrigerator, microwave, washer, dryer, and stainless steel appliances.
Built in 1999, the property sits on a 0.34-acre lot. Water is available through a well, with septic service supporting the residence.
Built in 1999, the property sits on a 0.34-acre lot. Water is available through a well, with septic service supporting the residence.
Key Highlights
- Half‑duplex layout with 1,440 square feet of living area
- Three bedrooms, one full bathroom, and one half bathroom
- Single‑level design with dining and laundry rooms
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
$14,316
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
5.97%
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%
$286,320
$286.3K
Cap Rate 7%
$204,514
$204.5K
Cap Rate 9%
$159,067
$159.1K
Market Conditions
NOI Build-Up for 1,440 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
$21.6K $15.00/SF
− Vacancy
−$1.1K −$0.80/SF
EGI
$20.5K $14.20/SF
− OpEx
−$6.1K −$4.26/SF
NOI
$14.3K $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%
$286,320
Cap Rate 7%
$204,514
Cap Rate 9%
$159,067
Alternative Uses
Best Use
Multifamily LT 5
$204.5K
$179.0K – $238.6K
NOI $14,316 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$182.0K
$159.3K – $212.3K
NOI $12,740 @ 7.0% cap · market cap 5.31%
Theoretical Best
Specialty Retail
$402.0K
$351.7K – $469.0K
NOI $28,139 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
9
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?
Duplex - One-level half-duplex residence with an attached garage, private outdoor area, and updated kitchen appliances.
Where is this duplex located?
The property is located at 3446 E 69th Avenue Merrillville, IN.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Half‑duplex layout with 1,440 square feet of living area; Three bedrooms, one full bathroom, and one half bathroom; Single‑level design with dining and laundry rooms
