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

    1344 83rd Ave Merrillville, IN 46410-6364

    • Hotels
    • 43,644 SF
    • 2.44 lot acres
    OFF-MARKET
    Last Sale
    Jan 11, 2022
    $5,250,000
    Value Estimations
    $4,745,000
    Show details
    Cap Rate Potential
    5.7%
    Hotels
    Location Intelligence
    Property ID
    US31-0691391
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Comfort Suites Merrillville near US 30 / Hotel

    Property Details for 1344 83rd Ave

    Year built
    2008
    Construction
    WOOD
    Lot size
    2.44 lot acres
    Property size
    43,644 SF
    Property type
    Hotels
    Property subtype
    Motels
    APN
    45-12-22-401-004.000-030
    APU
    451222401004000030

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,950,000
      ML approach
      $3,965,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,665,000
      6.5%
      $4,305,000
      7%
      $4,000,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $3,040,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.3226
    Latitude
    41.4684
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $83,692
    $549,000
    $3,457,400
    $4,006,400
    -
    $549,000
    $3,457,400
    $4,006,400

    Comparable in this City

    • Value Estimation
      $870,000
      65,340 SF

      8415 Louisiana St

      HOTEL/MOTEL • 65,340 SF
      8415 Louisiana St, Merrillville, IN 46410-6346
      View Details
    • Value Estimation by Request
      14,848 SF

      750 82nd Ave

      HOTEL/MOTEL • 14,848 SF
      750 82nd Ave, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      16,320 SF

      8290 Georgia St

      HOTEL/MOTEL • 16,320 SF
      8290 Georgia St, Merrillville, IN 46410-6227
      View Details
    • Value Estimation by Request
      2,334 SF

      3944 77th Pl

      HOTEL/MOTEL • 2,334 SF
      3944 77th Pl, Merrillville, IN 46410-5070
      View Details
    • Value Estimation by Request
      5,232 SF

      8250 Louisiana St

      HOTEL/MOTEL • 5,232 SF
      8250 Louisiana St, Merrillville, IN 46410-6354
      View Details
    • Value Estimation
      $4,300,000
      39,732 SF

      8339 Ohio

      HOTEL/MOTEL • 39,732 SF
      8339 Ohio, Merrillville, IN 46410-6586
      View Details

    Similar Nearby for Sale

    • $395,000
      20.00 Acres

      Merrillville Commercial Land - 20 Acres

      Prime 20-acre commercial lot, ideal for development.
      8575-8595 Grand Blvd, Merrillville, IN 46410
      View Details
    • $1,400,000
      8,300 SF

      Merrillville Medical Office Building

      8,300 SF Medical Office Condo
      8528 Broadway, Merrillville, IN 46410
      View Details
    • $400,000
      2.00 Acres

      Merrillville C-3 Zoned Land

      2 Acres, Prime Commercial Location
      8460 Mississippi St, Merrillville, IN 46410
      View Details
    • $4,300,000
      13.24 Acres

      Georgia St Commercial Land - Merrillville, IN

      13.24 Acres, I-65 Frontage, C-3 Zoning
      9205 Georgia St, Merrillville, IN 46410
      View Details
    • $2,250,000
      12.03 Acres

      Merrillville Commercial Land - $2.25M

      12 Acres, Highway 30 Frontage, C-3 Zoning
      7990 Us Highway 30, Merrillville, IN 46410
      View Details
    • $250,000

      Broadway Corner Commercial Lot

      Commercial lot ideal for medical or professional office development.
      8690 Broadway, Merrillville, IN 46410
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      17,412 SF

      Merrillville Medical Office Suite

      Prime medical office space, fully renovated.
      8300 Broadway, Merrillville, IN 46410
      View Details
    • Contact for pricing
      85,620 SF

      Crossings at Hobart Retail Center

      Merrillville, IN: Prime Retail Space Available
      1825-1837 80Th Ave, 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
    • $17 SF/Yr
      14,176 SF

      Merrillville Office Building

      1,700 SF Suite Available, Prime Location
      120 90Th Dr, Merrillville, IN 46410
      View Details
    • $14 SF/Yr
      24,396 SF

      Liberty Square Commercial Space

      Merrillville, IN office suites available
      7896 Broadway, Merrillville, IN 46410
      View Details
    • $8 SF/Yr
      3,900 SF

      Warehouse with Interstate 65 Frontage

      3,900 SF warehouse with heating, A/C, and parking.
      1201 E 86Th Pl, 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.
    1344 83rd Ave
    Merrillville, IN 46410-6364
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.