Multi-Tenant Retail Shopping
For Sale
Contact for pricing
7880-7896 Broadway, Merrillville, IN 46410
Liberty Square is a multi-tenant retail center on Broadway with recent roof and rooftop HVAC improvements.
Property Size48,327 SF
Price / SF$113.81
Days on Market173
Property Features for 7880-7896 Broadway
General Information
Standard status
Active
Size
48,327 SF
Class
B
Property subtype
Retail
Zoning
C-3 Commercial
Occupancy
86%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$478,824
Site & Location
Traffic Count
35,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
8.69%
Building Details
Year Built
1967
Year Renovated
2021
Buildings
2
Units
26
Tenancy
Multi
Listing Agency:
EXP Commercial
Listed By:
John Mathewson · License #INDIANA | RB14051634
Source:
Crexi
Added: May 4
Changed: Oct 13
Last Checked: Oct 23 at 6:29AM
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 EXP Commercial
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Liberty Square Shopping Center is a 48,327-square-foot, multi-tenant retail property offering a mix of retail categories with 22 executed leases. The center includes 6,372 square feet of vacant space and has been positioned for value through lease-up and mark-to-market rent adjustments. Recent capital improvements include new TPO roofs (approximately 2021) and new rooftop HVAC units (RTUs) across both buildings, helping minimize near-term capital needs.
The property is located on Broadway (SR 53) in Merrillville, Indiana, on NW Indiana’s primary retail corridor. It benefits from proximity to I-65, US-30, and Southlake Mall, with traffic described as 35,000+ vehicles per day.
The center’s configuration supports continuing tenant occupancy across its diverse retail footprint, with broad representation including dental, wellness, beauty, food service, and specialty retail.
The property is located on Broadway (SR 53) in Merrillville, Indiana, on NW Indiana’s primary retail corridor. It benefits from proximity to I-65, US-30, and Southlake Mall, with traffic described as 35,000+ vehicles per day.
The center’s configuration supports continuing tenant occupancy across its diverse retail footprint, with broad representation including dental, wellness, beauty, food service, and specialty retail.
Key Highlights
- 48,327 SF multi‑tenant retail shopping center on Broadway (SR 53) in Merrillville, IN
- 8.69% in‑place cap rate, with value‑add potential via lease‑up of 6,372 SF of vacant space and rent mark‑to‑market adjustments
- 22 executed leases with tenants in dental, wellness, beauty, food service, and specialty retail categories
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$465,702
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,314,040
$9.3M
Cap Rate 7%
$6,652,886
$6.7M
Cap Rate 9%
$5,174,467
$5.2M
Market Conditions
NOI Build-Up for 48,327 SF
Gross rent
$695.9K $14.40/SF
− Vacancy
−$30.6K −$0.63/SF
EGI
$665.3K $13.77/SF
− OpEx
−$199.6K −$4.13/SF
NOI
$465.7K $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%
$9,314,040
Cap Rate 7%
$6,652,886
Cap Rate 9%
$5,174,467
Alternative Uses
Best Use
Retail
$6.65M
$5.82M – $7.76M
NOI $465,702 @ 7.0% cap · market cap 8.47%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$13.49M
$11.80M – $15.74M
NOI $944,370 @ 7.0% cap · market cap 17.17%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
35,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,213
Businesses Nearby
98k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 38%
Groceries 30%
Dining 16%
Beauty & Spa 8%
Aldi
Groceries
29,441 visits/mo
0.3 miles
Dollar Tree
Shops & Services
24,524 visits/mo
0.4 miles
La Carreta Mexican Restaurant
Dining
8,933 visits/mo
0.5 miles
Citgo
Shops & Services
5,252 visits/mo
0.3 miles
Great Clips
Beauty & Spa
4,588 visits/mo
0.5 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
Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- Quick-Tag — meijer 611, 611 US-30, Merrillville, IN 46410
- Century Plaza — 8203 Broadway, Merrillville, IN 46410
- Broadway Center — 257 W Lincoln Hwy, Merrillville, IN 46410
- Lincoln Junction Plaza — E 81st Ave, Merrillville, IN 46410
- Liberty Square Shopping Center — 7886 Broadway, Merrillville, IN 46410
Frequently Asked Questions
What type of property is this?
Shopping center - Liberty Square is a multi-tenant retail center on Broadway with recent roof and rooftop HVAC improvements.
Where is this shopping center located?
The property is located at 7880-7896 Broadway Merrillville, IN.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 48,327 SF multi‑tenant retail shopping center on Broadway (SR 53) in Merrillville, IN; 8.69% in‑place cap rate, with value‑add potential via lease‑up of 6,372 SF of vacant space and rent mark‑to‑market adjustments; 22 executed leases with tenants in dental, wellness, beauty, food service, and specialty retail categories
