Updated Two-Story Office
8420 Indiana St Merrillville, IN 46410
8420 Indiana St, Merrillville, IN, 46410
$1,420,000
For Sale
$1,420,000
Fully updated two-story office building with long-term tenancy, on-site parking, and recent HVAC and interior upgrades.
Property Size9,240 SF
Price / SF$153.68
Days on Market324
Property Features for 8420 Indiana St
General Information
- Standard status
- Active
- Size
- 9,240 SF
Listing agency
Haven Realty
(224) 442-3183
Listed by
Tyren Morgan · License #RB24000327
(224) 442-3183
Source
Exprealty
Added: Sep 3, 2025 Updated: Jul 22 at 6:05PM Checked: Jul 22 at 6:05PM
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 Haven Realty
Investment Insights
Based on property information with market context.
This fully updated two-story office building contains approximately 9,240 square feet and is configured as a multi-suite property with long-term tenant occupancy. Updates include new HVAC systems installed in 2019 and 2023, with an additional installation in August 2025, along with remodeled kitchens and bathrooms from 2022–2023, new carpet and paint, and upgrades to the fire alarm system and pull stations in 2021. The building also features enhanced security with cameras in every room (2023) and smart thermostats building-wide.
Parking is supported by 32 on-site spaces plus street parking. The property is located in Merrillville’s C3 Commercial & Office District and is described as being near I-65, with high-speed internet available.
Additional capital improvements include building-wide parking lot resurfacing and restriping completed in 2020.
Parking is supported by 32 on-site spaces plus street parking. The property is located in Merrillville’s C3 Commercial & Office District and is described as being near I-65, with high-speed internet available.
Additional capital improvements include building-wide parking lot resurfacing and restriping completed in 2020.
Key Highlights
- Fully updated two‑story office building in Merrillville’s C3 Commercial & Office District
- Long‑term tenant occupied
- 9,240 SF office building near I‑65
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $199.6k | $21.60 |
| − Vacancy | −$43.3k | −$4.69 |
| EGI | $156.3k | $16.91 |
| − OpEx | −$39.1k | −$4.23 |
| NOI | $117.2k | $12.68 |
9,240 SF · lease $21.60/SF/yr · vacancy 21.70% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.67M
$1.47M – $1.95M
NOI $117,206 @ 7.0% cap · market cap 8.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.58M
$2.26M – $3.01M
NOI $180,561 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
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FAQs
What type of property is this?
Office building - Fully updated two-story office building with long-term tenancy, on-site parking, and recent HVAC and interior upgrades.
Where is this office building located?
The property is located at 8420 Indiana St Merrillville, IN.
What is the asking price?
The asking price for this property is $1,420,000.
What are key features of this property?
This property features: Fully updated two‑story office building in Merrillville’s C3 Commercial & Office District; Long‑term tenant occupied; 9,240 SF office building near I‑65
