Climate-Controlled Flex Garage with
For Sale
$239,900
Pending
8213 Clay Street, Merrillville, IN 46410
SINGLE_FAMILY - Merrillville, IN
Property Size1,550 SF
Lot Size0.46 Acres
Days on Market47
Property Features for 8213 Clay Street
General Information
Property type
Residential
Property subtype
Office
Parking
2
Parking features
Garage, Off Street, Open, Driveway, Oversize
Security features
Security Lighting
Exterior features
Storage
Basement
Crawl Space
Appliances
Microwave, Stainless Steel Appliance(s), Refrigerator
Subdivision
Todd Park
Lot features
Back Yard, Rectangular Lot, Front Yard
Directions
via E U.S. Hwy 30 and E 81st Ave. Head toward Mississippi St. Continue to follow E 81st Ave. Pass by AutoZone Auto Parts (on the right in 1.2 mi) Turn right onto Clay St. Building will be on the left
Standard status
Pending
APN
451319301012000046
Size
1,550 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TODD PARK PART OF LOT 2 PARCEL 100X200FT.
Tax Annual Amount
3066
Legal Description
TODD PARK PART OF LOT 2 PARCEL 100X200FT.
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Central
Water source
Well
Amenities
kitchenette/break room
modernized restroom
dedicated IT closet
utility closets
whole-property Generac generator system
Building Details
Year built
1950
Additional Structures
Storage
Listing Agency:
eXp Realty, LLC
(888) 611-3912
Listed By:
Jana Caudill · License #RB14024542
(219) 661-1256
Added: Jun 26
Changed: Aug 3
Last Checked: Aug 11 at 12:06PM
MLS# 841338
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 flex space offering includes two buildings designed for office use plus climate-controlled storage and operations. Building 1 is an 800 SF commercial office converted in 2007 and refreshed with high-end finishes in 2024, featuring a large 11' x 15' executive office, an 11' x 10' private office, and a bright open-concept central workspace suitable for reception or team desks. The 2024 upgrades include new luxury vinyl plank (LVP) flooring, a completely upgraded kitchenette/break room, and a modernized restroom. Building 1 also offers dedicated IT and additional utility closets, along with a well-maintained crawl space with two sump pumps backed by a whole-property Generac generator system.
Building 2 is a fully heated 750 SF flex garage for storage, shipping, inventory, or fleet parking. It includes a climate-controlled workspace with 2024 structural enhancements: additional vertical height clearance and a brand-new 8' x 15'6" overhead garage door for loading and logistics.
The property sits on a 0.459-acre lot and is serviced by well and septic. It is zoned B-3 (General Business District), supporting flexible, high-utility commercial operations.
Building 2 is a fully heated 750 SF flex garage for storage, shipping, inventory, or fleet parking. It includes a climate-controlled workspace with 2024 structural enhancements: additional vertical height clearance and a brand-new 8' x 15'6" overhead garage door for loading and logistics.
The property sits on a 0.459-acre lot and is serviced by well and septic. It is zoned B-3 (General Business District), supporting flexible, high-utility commercial operations.
Key Highlights
- B‑3 (General Business District) zoning with well and septic service
- Building 1: 800 SF commercial office converted in 2007 and refreshed in 2024
- Building 1 office layout: 11' x 15' executive office, 11' x 10' private office, open‑concept workspace
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
$19,661
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
8.20%
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%
$393,220
$393.2K
Cap Rate 7%
$280,871
$280.9K
Cap Rate 9%
$218,456
$218.5K
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
$33.5K $21.60/SF
− Vacancy
−$7.3K −$4.69/SF
EGI
$26.2K $16.91/SF
− OpEx
−$6.6K −$4.23/SF
NOI
$19.7K $12.68/SF
Area
Lake County, IN
Vacancy
21.70%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$393,220
Cap Rate 7%
$280,871
Cap Rate 9%
$218,456
Alternative Uses
Best Use
Office B
$280.9K
$245.8K – $327.7K
NOI $19,661 @ 7.0% cap · market cap 8.20%
Second Best
Warehouse
$156.0K
$136.5K – $182.0K
NOI $10,919 @ 7.0% cap · market cap 4.55%
Theoretical Best
Specialty Retail
$432.7K
$378.6K – $504.8K
NOI $30,289 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Well-served
Demand for This Use
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 Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - B-3 zoning with well and septic servicing two flex buildings including heated garage space and office interiors.
Where is this flex space located?
The property is located at 8213 Clay Street Merrillville, IN.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: B‑3 (General Business District) zoning with well and septic service; Building 1: 800 SF commercial office converted in 2007 and refreshed in 2024; Building 1 office layout: 11' x 15' executive office, 11' x 10' private office, open‑concept workspace
