Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    8700-8708 Merrillville Rd Merrillville, IN 46410

    • Land
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 8700-8708 Merrillville Rd

    Property type
    Land

    Description

    This exceptional 10.35-acre vacant land parcel presents a remarkable opportunity for developers seeking a prime location in Merrillville, Indiana. Situated at 8700-8708 Merrillville Road, this property is conveniently located south of 86th Avenue and east of Grant Street (requiring an extension). Originally part of the Sedona Planned Unit Development (PUD), the land boasts an R4 zoning designation, allowing for a high-density development of up to 10 units per acre. This makes it ideally suited for multi-unit residential projects, offering significant potential for substantial returns. The asking price for this expansive tract is $219,000. The property's address is precisely 8700-8708 Merrillville Road, Merrillville, IN 46410, within Lake County. Its geographical coordinates are 41.459838 latitude and -87.3459867 longitude. This ready-to-develop land offers a unique chance to capitalize on the growing demand for housing in a desirable Indiana location. The property's size and zoning make it an attractive investment for those seeking a high-yield development project. Serious inquiries are encouraged to explore the full potential of this exceptional offering.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.346
    Latitude
    41.4598

    Comparable in this City

    • Value Estimation by Request
      1.11 Acres

      Broadway Ave

      Land • 1.11 Acres
      0 Broadway Ave, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      4.22 Acres

      3425 Hwy

      Land • 4.22 Acres
      3425 Hwy, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      3.00 Acres

      5340-64 Broadway

      Lifestyle centers • 43,688 SF
      5340-64 Broadway, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      87.00 Acres

      73Rd Ave

      Land • 87.00 Acres
      0 73Rd Ave, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      14.53 Acres

      8200 Grant St

      Land • 14.53 Acres
      8200 Grant St, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      9.96 Acres

      400-407 87Th Ave

      Land • 9.96 Acres
      400-407 87Th Ave, Merrillville, IN 46410
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      41.40 Acres

      Gateway at the Crossing

      Land • 41.40 Acres
      1000 80Th Pl, Merrillville, IN 46410
      View Details
    • Contact for pricing
      2.42 Acres

      Merrillville Commercial Land - 2.42 Acres

      Prime Commercial Land Near Southlake Mall
      1500 83Rd Ave, Merrillville, IN 46410
      View Details
    • $250,000
      2.07 Acres

      Broadway Corner Commercial Land

      High-traffic, 2-acre commercial lot
      8690 Broadway Ave, Merrillville, IN 46410
      View Details
    • $1,235,900
      14.53 Acres

      8200 Grant St

      Land • 14.53 Acres
      8200 Grant St, Merrillville, IN 46410
      View Details
    • $1,670,000

      Merrillville Residential Land Investment

      Prime Indiana Land, $1.67M Asking
      9100 Connecticut Dr, Merrillville, IN 46410
      View Details
    • $1,250,000
      9.96 Acres

      Merrillville Commercial Land Portfolio

      Almost 10 acres, prime residential location.
      400-407 87Th Ave, Merrillville, IN 46410
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      14,176 SF

      Merrillville Office Building

      1,700 SF Suite Available, Prime Location
      120 90Th Dr, Merrillville, IN 46410
      View Details
    • Contact for pricing
      7,704 SF

      Retail Center in Merrillville, IN

      New retail center in the heart of Merrillville trade area.
      1431 E 79Th Ave, Merrillville, IN 46410
      View Details
    • $18 SF/Yr
      1,860 SF

      Renovated Office Space Available

      Merrillville office suite with recent renovations, available November 1st.
      7725 Broadway, Merrillville, IN 46410
      View Details
    • $12 SF/Yr
      30,276 SF

      Merrillville Executive Office Suites

      Prime Retail & Office Space Available
      7950-7990 Broadway, Merrillville, IN 46410
      View Details
    • $10 SF/Yr
      2,880 SF

      Versatile Flex Spaces Available

      Two flex spaces suitable for office, warehouse, showroom, or retail.
      1561 E 93Rd Ave, Merrillville, IN 46410
      View Details
    • $16 SF/Yr
      32,792 SF

      Merrillville Professional Office Building

      Professional and medical office suites available for lease in Merrillville.
      521 E 86Th Ave, Merrillville, IN 46410
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    8700-8708 Merrillville Rd
    Merrillville, IN 46410
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.