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    521 86Th Ave Merrillville, IN 46410

    Sponsored
    For Sale
    $2,399,000

    32,792 SF Office, Value-Add Opportunity

    Property size:
    32,792 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This single-story, 32,792 square foot office building in Merrillville, Indiana, presents a compelling value-add investment opportunity. Located on a 2.83-acre lot at 521 E 86th Ave, this Class B property boasts 14 units, currently at 58% occupancy. Built in 1979 and renovated in 1985, the building offers a mix of executive and medical office suites, catering to diverse tenant needs. Features include private entries, restrooms, kitchenettes, conference rooms, co-working space, and ample parking (138 spaces) with monumental signage. The property is offered at $2,399,000, translating to $73.16 per square foot. The Net Net Net (NNN) lease structure and multi-tenant occupancy provide a solid foundation for income generation. The property's location in Lake County, Indiana, benefits from low property taxes ($1.41/SF). This is an ideal opportunity for an owner-user, medical/dental professional, executive office user, or investor seeking a property priced below replacement cost. The building's layout allows for various office configurations, accommodating a range of tenant sizes and uses. The substantial lot size offers potential for future expansion or development. The property's address is 521 E 86th Ave, Merrillville, IN 46410. The Assessor's Parcel Number (APN) is 45-12-27-103-003.000-030.

    Property Features for 521 86Th Ave

    General Information

    Property type
    Medical offices
    Square Feet
    32,792 SF
    Class
    B
    Lot Size
    123,275 SF

    Building Details

    Year Built/Renovated
    1979/1985
    Buildings
    1
    Stories
    1
    Units
    14

    HighLights

    • 32,792 SF single‑story office building on a 2.83‑acre lot.
    • Suitable for executive and medical office uses.
    • Private entries and restrooms for each suite.
    • Low Lake County property taxes at $1.41/SF.
    • Abundant parking with 138 spaces.
    • Monument signage available.
    Property Profile Location Intelligence

    Current Use by Public Records

    Kelly Hendrickson | Counselor ... Counselor Ms. Vanessa Qualls ... Counselor Starcevich Kristine L ... Neurologist Certified Sleep Center-Northern Doctor Sagalovsky Helena MD Internist

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Wholesale Shop Auto Repair Shop Dental Office Hair Salon Law Firm Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.330847100553
    Latitude
    41.461699582917

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    FAQs

    What type of property is this?
    Medical office - 32,792 SF Office, Value-Add Opportunity
    Where is this medical office located?
    The property is located at 521 86Th Ave Merrillville, IN.
    What is the asking price?
    The asking price for this property is $2,399,000.
    What are key features of this property?
    This property features: 32,792 SF single-story office building on a 2.83-acre lot.; Suitable for executive and medical office uses.; Private entries and restrooms for each suite.
    Request Owner's contact information
    521 86Th Ave Merrillville, IN 46410
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    521 86Th Ave Merrillville, IN 46410
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