M1-Zoned Flex Industrial
8474 South Colorado Street, Merrillville, IN 46410
New
Vacant 37,000 SF flex industrial building on 1.82 acres, suited for owner-users or light industrial conversions.
Type:Industrial
Property size:
37,000 SFLot size:
1.82 AcresPrice / SF:
$108/SF- Added:
- Jun 22, 2026
- Days on Market:
- 5
- Last Refresh:
- Jun 26 at 2:41 am
Property Features for 8474 South Colorado Street
General Information
- Standard status
- Active
- Size
- 37,000 SF
- Lot size
- 1.82 Acres
- Property subtype
- Industrial
Building Details
- Year Built
- 1976
Listing office EXP Commercial
Listing date Jun 22, 2026
Source Crexi
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
HighLights
- Vacant 37,000 SF M1‑zoned flex industrial building built in 1976
- Situated on 1.82 acres in Merrillville’s established industrial corridor (Lake County)
- M1 zoning supports light industrial uses such as warehousing, distribution, contractor operations, and light manufacturing
- Building is available for an owner‑user/operator to take occupancy and configure the space
- Building‑to‑land ratio leaves room to evaluate outdoor storage, yard space, or additional parking
- Convenient access to I‑65 and US‑30 corridors connecting northwest Indiana to the Chicago area
Overview
The offering is a 37,000-square-foot flex industrial building built in 1967, currently vacant and ready for an owner-user or operator to take occupancy. The property is located on 1.82 acres and is zoned M1, supporting light industrial activity including warehousing, distribution, contractor operations, and light manufacturing. Depending on the selected configuration, the space may also work for a multi-tenant flex conversion based on layout.
Situated in Merrillville’s established industrial corridor in Lake County, the building is positioned for connectivity to broader regional distribution routes, with access to the I-65 and US-30 corridors that serve northwest Indiana and the Chicago market. Tours are available by appointment.
From a tenant and operator standpoint, the vacancy and M1 zoning make this a practical fit for organizations that want flexibility in how they use and configure the space rather than working around an existing tenancy. The building-to-land ratio also provides room to consider outdoor storage, yard space, or additional parking aligned with the end use. Contact the listing broker to schedule a showing.
Situated in Merrillville’s established industrial corridor in Lake County, the building is positioned for connectivity to broader regional distribution routes, with access to the I-65 and US-30 corridors that serve northwest Indiana and the Chicago market. Tours are available by appointment.
From a tenant and operator standpoint, the vacancy and M1 zoning make this a practical fit for organizations that want flexibility in how they use and configure the space rather than working around an existing tenancy. The building-to-land ratio also provides room to consider outdoor storage, yard space, or additional parking aligned with the end use. Contact the listing broker to schedule a showing.
Local Financial Insights For Warehouse
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 | $324.1k | $8.76 |
| − Vacancy | −$17.5k | −$0.47 |
| EGI | $306.6k | $8.29 |
| − OpEx | −$46.0k | −$1.24 |
| NOI | $260.7k | $7.04 |
37,000 SF · lease $8.76/SF/yr · vacancy 5.39% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$3.72M
$3.26M – $4.34M
NOI $260,652 @ 7.0% cap · market cap 6.52%
Second Best
Industrial
$3.07M
$2.68M – $3.58M
NOI $214,655 @ 7.0% cap · market cap 5.37%
Theoretical Best
Specialty Retail
$10.33M
$9.04M – $12.05M
NOI $723,026 @ 7.0% cap · market cap 18.08%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Evan’s Fresh Express
Trucking Company
Location Insight
- Map
- Local Demand
- City
- Merrillville
- County
- Lake
- State
- Indiana
- Longitude
- -87.297099
- Latitude
- 41.462733
Nearby Similar for Sale
FAQs
What type of property is this?
Flex space - Vacant 37,000 SF flex industrial building on 1.82 acres, suited for owner-users or light industrial conversions.
Where is this flex space located?
The property is located at 8474 South Colorado Street Merrillville, IN.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Vacant 37,000 SF M1‑zoned flex industrial building built in 1976; Situated on 1.82 acres in Merrillville’s established industrial corridor (Lake County); M1 zoning supports light industrial uses such as warehousing, distribution, contractor operations, and light manufacturing
