New Construction
For Sale
$289,635
7078 Johnson Street, Merrillville, IN 46410
Residential, Merrillville, IN
Property Size1,292 SF
Lot Size0.14 Acres
Price / SF$224.18
Days on Market67
Property Features for 7078 Johnson Street
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Zoning description
residential
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Great Room, Bedroom 2, Basement, Bathroom 1
Parking features
Driveway, On Street, Garage, Off Street, Open
Patio and Porch features
Porch, Patio
Interior features
Entrance Foyer, Walk-In Closet(s), Stone Counters, Open Floorplan, Kitchen Island, High Ceilings, Eat-in Kitchen
Basement
Daylight, Crawl Space, Unfinished
Appliances
Dishwasher, Refrigerator, Microwave, Gas Range
Subdivision
Savannah Cove
Lot features
Back Yard, Landscaped
Middle school
Pierce Middle School
High school
Merrillville High School
Elementary school district
Merrillville
Middle school district
Merrillville
High school district
Merrillville
Directions
From Broadway, west onto 73rd street, North on Grant St, East on W 72nd place and north onto Johnson St. Homesite is on the west side of street
Standard status
Active
APN
451216156012000030
Size
1,292 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SAVANNAH COVE PHASE 1 PT. OF LOT 22 (7078 JOHNSON ST)
Tax Annual Amount
70
HOA Fee
$130 Monthly
Legal Description
SAVANNAH COVE PHASE 1 PT. OF LOT 22 (7078 JOHNSON ST)
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air, Energy Star Qualified Equipment (Heating)
Water source
Public
Amenities
9 foot ceilings
concrete patio
attached garage
tankless water heater
kitchen appliances included
Building Details
Year built
2026
Floors in Building
1
Listing Agency:
Better Homes and Gardens Real · Better Homes and Gardens Real Estate
(219) 999-8990
Listed By:
Frederick Long · License #RB20000411
(219) 406-6927
Added: Jun 27
Changed: Aug 30
Last Checked: Sep 1 at 1:06PM
MLS# 841379
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 under-construction duplex offers a ranch-style arrangement with 1,292 square feet on the main level, including two bedrooms and two full bathrooms. The open-concept plan connects the kitchen, dining area, and great room, with 9-foot ceilings, a kitchen island, stone counters, and an eat-in area. The primary bedroom includes a private bath, while the second bedroom is positioned near the other full bathroom.
The unfinished basement adds 528 square feet and includes the option for a future bathroom rough-in. A concrete patio, porch, and attached garage with opener extend the functional features of the home. Kitchen appliances include a dishwasher, refrigerator, microwave, and gas range. Additional systems include a tankless water heater, forced-air heating, public water, and public sewer. The property is planned for completion in 2026 on a 0.139-acre lot in Merrillville, Indiana.
The unfinished basement adds 528 square feet and includes the option for a future bathroom rough-in. A concrete patio, porch, and attached garage with opener extend the functional features of the home. Kitchen appliances include a dishwasher, refrigerator, microwave, and gas range. Additional systems include a tankless water heater, forced-air heating, public water, and public sewer. The property is planned for completion in 2026 on a 0.139-acre lot in Merrillville, Indiana.
Key Highlights
- Under construction with planned 2026 completion
- 1,292‑square‑foot main level with 2 bedrooms and 2 full bathrooms
- Unfinished 528‑square‑foot basement with option for future bathroom rough‑in
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
$12,844
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
4.43%
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%
$256,880
$256.9K
Cap Rate 7%
$183,486
$183.5K
Cap Rate 9%
$142,711
$142.7K
Market Conditions
NOI Build-Up for 1,292 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
$19.4K $15.00/SF
− Vacancy
−$1.0K −$0.80/SF
EGI
$18.3K $14.20/SF
− OpEx
−$5.5K −$4.26/SF
NOI
$12.8K $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%
$256,880
Cap Rate 7%
$183,486
Cap Rate 9%
$142,711
Alternative Uses
Best Use
Multifamily LT 5
$183.5K
$160.6K – $214.1K
NOI $12,844 @ 7.0% cap · market cap 4.43%
Second Best
Apartment 5plus
$163.3K
$142.9K – $190.5K
NOI $11,431 @ 7.0% cap · market cap 3.95%
Theoretical Best
Specialty Retail
$360.7K
$315.6K – $420.8K
NOI $25,247 @ 7.0% cap · market cap 8.72%
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
102
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 - Ranch-style layout with a full basement, open living areas, and an attached garage with opener.
Where is this duplex located?
The property is located at 7078 Johnson Street Merrillville, IN.
What is the asking price?
The asking price for this property is $289,635.
What are key features of this property?
This property features: Under construction with planned 2026 completion; 1,292‑square‑foot main level with 2 bedrooms and 2 full bathrooms; Unfinished 528‑square‑foot basement with option for future bathroom rough‑in
