Duplex Property with Open
For Sale
$258,100
Pending
7808 Wright Street, Merrillville, IN 46410
Residential, Merrillville, IN
Property Size1,550 SF
Lot Size0.14 Acres
Days on Market144
Property Features for 7808 Wright Street
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1, Laundry Room, Kitchen, Bedroom 3
Window features
Insulated Windows
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Stone Counters, Pantry, Open Floorplan
Exterior features
Lighting
Fireplace
1
Appliances
Dryer, Washer, Refrigerator, Microwave, Dishwasher
Subdivision
Fox Moor Unit 1b
Lot features
Back Yard, Paved, Landscaped, Front Yard
Directions
Rt 30 to Merrillville Border, by Lexus dealership, West off Whitecomb, north to Morton St. then right to Wright St.
Standard status
Pending
APN
451219132005000030
Size
1,550 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
FOX MOOR UNIT 1B N'LY PT. OF LOT 37(7808 WRIGHT ST)
Tax Annual Amount
2555
HOA Fee
$350 Annually
Legal Description
FOX MOOR UNIT 1B N'LY PT. OF LOT 37(7808 WRIGHT ST)
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
2019
Floors in Building
1
Listing Agency:
Listing Leaders
(219) 462-5478
Listed By:
Ryan Midkiff
(219) 742-0365
Added: Apr 14
Changed: Aug 26
Last Checked: Sep 4 at 5:06PM
MLS# 837197
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.
Built in 2019, this duplex property contains 1,550 square feet with a three-bedroom, two-bathroom layout. The interior includes an open floorplan, 9-foot ceilings, a spacious great room, stone counters, a pantry, and solid cabinetry in the kitchen. The extended primary bedroom has a private bathroom and large closet, while the additional bedrooms provide storage and flexibility. A fireplace, patio, ceiling fans, and dedicated laundry room add to the physical configuration.
The property is served by public water and public sewer. Heating is provided by forced air using natural gas, and the appliance package includes a washer, dryer, refrigerator, microwave, and dishwasher. Exterior features include lighting, while the 0.14-acre lot provides the setting for the residence.
The property is served by public water and public sewer. Heating is provided by forced air using natural gas, and the appliance package includes a washer, dryer, refrigerator, microwave, and dishwasher. Exterior features include lighting, while the 0.14-acre lot provides the setting for the residence.
Key Highlights
- 1,550‑square‑foot duplex property built in 2019
- Three bedrooms and two bathrooms with an open floorplan
- 9‑foot ceilings, spacious great room, stone counters, and pantry
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
$15,409
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%
$308,180
$308.2K
Cap Rate 7%
$220,129
$220.1K
Cap Rate 9%
$171,211
$171.2K
Market Conditions
NOI Build-Up for 1,550 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
$23.3K $15.00/SF
− Vacancy
−$1.2K −$0.80/SF
EGI
$22.0K $14.20/SF
− OpEx
−$6.6K −$4.26/SF
NOI
$15.4K $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%
$308,180
Cap Rate 7%
$220,129
Cap Rate 9%
$171,211
Alternative Uses
Best Use
Multifamily LT 5
$220.1K
$192.6K – $256.8K
NOI $15,409 @ 7.0% cap · market cap 5.97%
Second Best
Apartment 5plus
$195.9K
$171.4K – $228.6K
NOI $13,713 @ 7.0% cap · market cap 5.31%
Theoretical Best
Specialty Retail
$432.7K
$378.6K – $504.8K
NOI $30,289 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9 ft
Clear height
1
Residential units
Location Intelligence
Trade Area within ½ mile
225
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 - The 2019 property offers three bedrooms, two bathrooms, public utilities, and a patio on a 0.14-acre lot.
Where is this duplex located?
The property is located at 7808 Wright Street Merrillville, IN.
What is the asking price?
The asking price for this property is $258,100.
What are key features of this property?
This property features: 1,550‑square‑foot duplex property built in 2019; Three bedrooms and two bathrooms with an open floorplan; 9‑foot ceilings, spacious great room, stone counters, and pantry
