M1-Zoned Flex Industrial
8474 South Colorado Street, Merrillville, IN 46410
For Sale
Contact for pricing
Vacant 37,000 SF flex industrial building on 1.82 acres, suited for owner-users or light industrial conversions.
Property Size37,000 SF
Lot Size1.82 Acres
Price / SF$108.11
Days on Market142
Property Features for 8474 South Colorado Street
General Information
Standard status
Size
Class
Lot size
Property subtype
Zoning
Lease Type
Investment Type
Additional Details
Highway Access
Building Details
Year Built
Buildings
Stories
Tenancy
Listing Agency:
EXP Commercial
Listed By:
John Mathewson
Source:
Crexi
Added: Jun 22
Changed: Oct 25
Last Checked: Nov 8 at 6:56AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
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.
Key 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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$260,652
Cap Rate
6.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,213,040
$5.2M
Cap Rate 7%
$3,723,600
$3.7M
Cap Rate 9%
$2,896,133
$2.9M
Market Conditions
NOI Build-Up for 37,000 SF
Gross rent
$324.1K $8.76/SF
− Vacancy
−$17.5K −$0.47/SF
EGI
$306.6K $8.29/SF
− OpEx
−$46.0K −$1.24/SF
NOI
$260.7K $7.04/SF
Area
Lake County, IN
Vacancy
5.39%
Lease Rate
$8.76 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,213,040
Cap Rate 7%
$3,723,600
Cap Rate 9%
$2,896,133
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 authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
213
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
$192,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Flex space in Lake County, IN
Properties on Market for Flex space in Lake County
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
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
