Under-Construction Duplex
For Sale
$285,450
Pending
7123 Johnson Street, Merrillville, IN 46410
Residential, Merrillville, IN
Property Size1,469 SF
Lot Size0.15 Acres
Days on Market90
Property Features for 7123 Johnson Street
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Zoning description
residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Great Room, Bedroom 2, Laundry Room, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1
Parking features
On Street, Driveway, Garage, Open, Off Street
Interior features
Double Vanity, Walk-In Closet(s), Stone Counters, Recessed Lighting, Pantry, Open Floorplan, Kitchen Island, His and Hers Closets, High Ceilings, Eat-in Kitchen, Entrance Foyer
Subdivision
Savannah Cove
Lot features
Back Yard, Rectangular Lot, Paved, Landscaped, Front Yard, Few Trees
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 on 73rd, north on Grant St. East on 72nd place, North on Johnson St. Homesite is on the east side of Johnson St.
Standard status
Pending
APN
451216158008000030
Size
1,469 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
SAVANNAH COVE PHASE 1 PT. OF LOT 58 (7123 JOHNSON ST)
Tax Annual Amount
70
HOA Fee
$130 Monthly
Legal Description
SAVANNAH COVE PHASE 1 PT. OF LOT 58 (7123 JOHNSON ST)
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Energy Star Qualified Equipment (Heating), Natural Gas, Forced Air
Water source
Public
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 12
Changed: Sep 6
Last Checked: Sep 9 at 9:06AM
MLS# 840672
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 duplex property is under construction with a 2026 build year and November delivery. The 1,469-square-foot layout includes 3 bedrooms, 2 bathrooms, a great room, laundry room, entrance foyer, and an open kitchen with stone counters, recessed lighting, pantry storage, and island seating. Nine-foot ceilings, walk-in closets, double vanity, and energy-efficient heating equipment are among the interior and mechanical features described.
The property occupies 0.145 acres in Merrillville, IN. Parking includes a 2-car attached garage along with driveway, off-street, on-street, and open parking options. Public water and public sewer serve the property, with cable available. Natural gas forced-air heating is specified.
The property occupies 0.145 acres in Merrillville, IN. Parking includes a 2-car attached garage along with driveway, off-street, on-street, and open parking options. Public water and public sewer serve the property, with cable available. Natural gas forced-air heating is specified.
Key Highlights
- Duplex property under construction with a 2026 build year and November delivery
- 1,469 square feet on a 0.145‑acre lot
- 3 bedrooms and 2 bathrooms with an open‑concept floor plan
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
$14,604
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
5.12%
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%
$292,080
$292.1K
Cap Rate 7%
$208,629
$208.6K
Cap Rate 9%
$162,267
$162.3K
Market Conditions
NOI Build-Up for 1,469 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
$22.0K $15.00/SF
− Vacancy
−$1.2K −$0.80/SF
EGI
$20.9K $14.20/SF
− OpEx
−$6.3K −$4.26/SF
NOI
$14.6K $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%
$292,080
Cap Rate 7%
$208,629
Cap Rate 9%
$162,267
Alternative Uses
Best Use
Multifamily LT 5
$208.6K
$182.6K – $243.4K
NOI $14,604 @ 7.0% cap · market cap 5.12%
Second Best
Apartment 5plus
$185.7K
$162.5K – $216.6K
NOI $12,996 @ 7.0% cap · market cap 4.55%
Theoretical Best
Specialty Retail
$410.1K
$358.8K – $478.4K
NOI $28,706 @ 7.0% cap · market cap 10.06%
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
105
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 - Open-concept interiors feature a great room, kitchen island, pantry, and attached garage.
Where is this duplex located?
The property is located at 7123 Johnson Street Merrillville, IN.
What is the asking price?
The asking price for this property is $285,450.
What are key features of this property?
This property features: Duplex property under construction with a 2026 build year and November delivery; 1,469 square feet on a 0.145‑acre lot; 3 bedrooms and 2 bathrooms with an open‑concept floor plan
