Ranch Duplex with
For Sale
$324,900
8652 Madison Street, Merrillville, IN 46410
Residential, Merrillville, IN
Property Size1,733 SF
Lot Size0.21 Acres
Price / SF$187.48
Days on Market263
Property Features for 8652 Madison Street
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Rooms
Bedroom 3, Great Room, Bathroom 2, Bedroom 1, Bedroom 2, Laundry Room, Bathroom 1
Parking features
Driveway, Open
Patio and Porch features
Patio
Interior features
Cathedral Ceiling(s), Walk-In Closet(s), Recessed Lighting, Pantry, Open Floorplan, Laminate Counters, Eat-in Kitchen, Ceiling Fan(s)
Appliances
Dishwasher
Subdivision
Villas on Madison at Hunter's Glen
Lot features
Cul-De-Sac, Paved, Landscaped
Directions
Broadway to 86th Ave, then west to Madison Street, property is located at the end of the cul-de-sac
Standard status
Active
APN
451228207011000030
Size
1,733 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
VILLAS ON MADISON IN HUNTER'S GLEN PT. OF LOT 5 (8652 MADISON ST)
Tax Annual Amount
22
HOA Fee
$360 Annually
Legal Description
VILLAS ON MADISON IN HUNTER'S GLEN PT. OF LOT 5 (8652 MADISON ST)
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
2025
Floors in Building
1
Listing Agency:
Springer Real Estate Company
(219) 838-0180
Listed By:
Jackie Galambos
(219) 902-6960
Added: Dec 15, 2025
Changed: Sep 3
Last Checked: Sep 4 at 5:06PM
MLS# 831907
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 under-construction ranch duplex includes 1,733 square feet of main-level living space on a 0.206-acre lot. The three-bedroom, two-bath layout features a great room, open floor plan, eat-in kitchen, pantry, laundry room, and primary suite with an ensuite bathroom and walk-in closet. Cathedral ceilings, recessed lighting, laminate counters, and ceiling fans add to the interior specifications. A sunroom opens to nature views, while the property also includes a patio and an open driveway.
The home is planned for completion in 2025 and is served by public water and public sewer. Heating is provided by forced air using natural gas, and the kitchen includes a dishwasher. Shopping, restaurants, and expressway access are identified nearby.
The home is planned for completion in 2025 and is served by public water and public sewer. Heating is provided by forced air using natural gas, and the kitchen includes a dishwasher. Shopping, restaurants, and expressway access are identified nearby.
Key Highlights
- 1,733‑square‑foot ranch duplex on a 0.206‑acre lot
- Three bedrooms and two bathrooms with a primary ensuite
- Sunroom with nature views plus an outdoor patio
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
$17,228
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
5.30%
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%
$344,560
$344.6K
Cap Rate 7%
$246,114
$246.1K
Cap Rate 9%
$191,422
$191.4K
Market Conditions
NOI Build-Up for 1,733 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
$26.0K $15.00/SF
− Vacancy
−$1.4K −$0.80/SF
EGI
$24.6K $14.20/SF
− OpEx
−$7.4K −$4.26/SF
NOI
$17.2K $9.94/SF
Area
Lake County, IN
Vacancy
5.32%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$344,560
Cap Rate 7%
$246,114
Cap Rate 9%
$191,422
Alternative Uses
Best Use
Multifamily LT 5
$246.1K
$215.4K – $287.1K
NOI $17,228 @ 7.0% cap · market cap 5.30%
Second Best
Apartment 5plus
$219.0K
$191.7K – $255.5K
NOI $15,332 @ 7.0% cap · market cap 4.72%
Theoretical Best
Specialty Retail
$483.8K
$423.3K – $564.4K
NOI $33,865 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,568
Businesses Nearby
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 Multifamily 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?
Duplex - Under-construction paired villa with open living areas, a private primary suite, and public utilities.
Where is this duplex located?
The property is located at 8652 Madison Street Merrillville, IN.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 1,733‑square‑foot ranch duplex on a 0.206‑acre lot; Three bedrooms and two bathrooms with a primary ensuite; Sunroom with nature views plus an outdoor patio
