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.
- Added:
- Jul 3, 2026
- Days on Market:
- 4
- Last Refresh:
- Jul 4 at 2:37 am
Property Features for 399 E 81st Ave
General Information
- Standard status
- Active
- Size
- 18,215 SF
- Lot size
- 1.64 Acres
- Property subtype
- Shopping Strip
Building Details
- Year Built
- 2003
Listing office Marcus & Millichap | Indianapolis (972) 755-5283
Listing date Jul 3, 2026
Source Marcusmillichap
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 | Indianapolis
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.
- Tenant roster includes nationally recognized brands such as Qdoba and Plato's Closet.
- Located at the intersection of East Lincoln Highway and Broadway with combined traffic count over 87,000 vehicles per day.
- Offered free and clear of debt.
Overview
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.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $491.8k | $27.00 |
| − Vacancy | −$17.2k | −$0.95 |
| EGI | $474.6k | $26.06 |
| − OpEx | −$118.6k | −$6.51 |
| NOI | $355.9k | $19.54 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Merrillville
- County
- Lake
- State
- Indiana
- Longitude
- -87.328945
- Latitude
- 41.471178
