Retail Strip Center with
For Sale
$6,059,000
399 E 81st Ave, Merrillville, IN 46410
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$332.64
Days on Market95
Property Features for 399 E 81st Ave
General Information
Standard status
Active
Size
18,215 SF
Class
A
Lot size
1.64 Acres
Property subtype
Shopping Strip
Occupancy
100%
Additional Details
Cap Rate
6.76%
Traffic Count
87,000 vehicles/day
Amenities
Class "A" Panera-Anchored Asset: Features an institutional-quality, 18,215-square-foot retail design that is 100% leased to a strong mix of e-commerce-resistant restaurant and retail tenants.
Top-Performing Drive-Thru Anchor: The anchor tenant, Panera Bread, utilizes a high-volume drive-thru lane and ranks among the top 7% of all Panera locations nationwide.
Passive Triple-Net (NNN) Structure: All tenants operate under triple-net leases, minimizing direct landlord capital exposure and expense responsibilities.
Contractual Revenue Growth: Built-in rental escalations across the tenant leases provide an excellent hedge against inflation and steadily increase Net Operating Income (NOI) over time.
Exceptional Core Location & Visibility: Strategically positioned along East Lincoln Highway (62,000+ VPD) and Broadway (25,000+ VPD), creating prominent visibility and easy access to more than 87,000 combined vehicles per day.
Long-Tenured Tenant History: Demonstrates superb historical performance and commitment to the site, highlighted by an average tenant tenure exceeding 14 years
Premier Retail Corridor Demographics: Situated in a high-density, affluent Chicago suburb directly surrounded by elite national retailers (including Walmart, Costco, Sam's Club, and Target), serving a population of over 100,000 people within a 5-mile radius.
Building Details
Building Size
18,215 SF
Year Built
2003
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Dallas
Listed By:
William Kim · License #License(s): CA: 01344741, TX: 755628, NV: S.0204443
(972) 755-5283
Source:
Marcusmillichap
Added: Jul 3
Changed: Oct 2
Last Checked: Oct 5 at 3:00PM
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 - Dallas
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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$175,528
Cap Rate
2.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,510,560
$3.5M
Cap Rate 7%
$2,507,543
$2.5M
Cap Rate 9%
$1,950,311
$2.0M
Market Conditions
NOI Build-Up for 18,215 SF
Gross rent
$262.3K $14.40/SF
− Vacancy
−$11.5K −$0.63/SF
EGI
$250.8K $13.77/SF
− OpEx
−$75.2K −$4.13/SF
NOI
$175.5K $9.64/SF
Area
Lake County, IN
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,510,560
Cap Rate 7%
$2,507,543
Cap Rate 9%
$1,950,311
Alternative Uses
Best Use
Retail
$2.51M
$2.19M – $2.93M
NOI $175,528 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.08M
$4.45M – $5.93M
NOI $355,944 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
87,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,369
Businesses Nearby
299k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 49%
Shops & Services 26%
Dining 17%
Home Improvements & Furnishings 4%
Costco Wholesale
Superstores
146,355 visits/mo
0.5 miles
Costco Gasoline
Shops & Services
51,814 visits/mo
0.3 miles
Ollie's Bargain Outlet
Shops & Services
18,134 visits/mo
0.4 miles
Golden Corral
Dining
13,427 visits/mo
0.4 miles
Hooters
Dining
11,481 visits/mo
0.1 miles
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
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
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 $6,059,000.
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.
