Half-Duplex Residential Income
For Sale
$234,900
Pending
8781 Monroe Street, Merrillville, IN 46410
Residential, Merrillville, IN
Property Size1,253 SF
Lot Size0.14 Acres
Days on Market16
Property Features for 8781 Monroe Street
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Dining Room, Laundry Room, Bedroom 2
Parking features
Garage, Open, Driveway
Window features
Blinds
Patio and Porch features
Deck
Interior features
Ceiling Fan(s)
Exterior features
Rain Gutters
Basement
Crawl Space
Appliances
Built-In Gas Range, Washer, Refrigerator, Microwave, Dishwasher, Dryer
Subdivision
Westwood 02
Lot features
Landscaped, Paved
Elementary school district
Merrillville
Middle school district
Merrillville
High school district
Merrillville
Directions
US 30 to Merrillville Road, South to 87th, East to Monroe, South to Home
Standard status
Pending
APN
451228258007000030
Size
1,253 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
WESTWOOD II N.53FT OF LOT 13
Tax Annual Amount
1865
Legal Description
WESTWOOD II N.53FT OF LOT 13
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
2000
Floors in Building
1
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Jeffrey Fryzel · License #475168697
(708) 243-1827
Added: Aug 6
Changed: Aug 19
Last Checked: Aug 21 at 12:06AM
MLS# 843471
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 half-duplex in the Westwood subdivision provides 1,253 square feet with two bedrooms, two full bathrooms, a dining room, laundry room, and an eat-in kitchen. The home was built in 2000 and includes an attached garage, driveway, open parking, and a rear deck. Interior features include ceiling fan(s), while rain gutters serve the exterior. The kitchen is equipped with a built-in gas range, microwave, dishwasher, refrigerator, washer, and dryer. Forced-air heating is installed, and recent updates noted include appliances that are two years old and flooring completed one year ago.
The property is near major highways, shopping, dining, and everyday amenities. Public water and public sewer serve the home, cable is available, and there is no HOA. The 0.1375-acre lot adds outdoor space while maintaining a manageable residential footprint.
The property is near major highways, shopping, dining, and everyday amenities. Public water and public sewer serve the home, cable is available, and there is no HOA. The 0.1375-acre lot adds outdoor space while maintaining a manageable residential footprint.
Key Highlights
- Half‑duplex with 1,253 square feet of living space
- Two bedrooms and two full bathrooms
- 0.1375‑acre lot in the Westwood subdivision
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
$11,086
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
4.72%
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%
$221,720
$221.7K
Cap Rate 7%
$158,371
$158.4K
Cap Rate 9%
$123,178
$123.2K
Market Conditions
NOI Build-Up for 1,253 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
$21.4K $17.04/SF
− Vacancy
−$1.2K −$0.95/SF
EGI
$20.2K $16.09/SF
− OpEx
−$9.1K −$7.24/SF
NOI
$11.1K $8.85/SF
Area
Lake County, IN
Vacancy
5.60%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
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%
$221,720
Cap Rate 7%
$158,371
Cap Rate 9%
$123,178
Alternative Uses
Best Use
Apartment 5plus
$158.4K
$138.6K – $184.8K
NOI $11,086 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$349.8K
$306.1K – $408.1K
NOI $24,485 @ 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
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,466
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two full bathrooms, an attached garage, and a rear deck support comfortable everyday living.
Where is this residential income property located?
The property is located at 8781 Monroe Street Merrillville, IN.
What is the asking price?
The asking price for this property is $234,900.
What are key features of this property?
This property features: Half‑duplex with 1,253 square feet of living space; Two bedrooms and two full bathrooms; 0.1375‑acre lot in the Westwood subdivision
