1433 83rd Ave Merrillville, IN 46410-6307

Property Details for 1433 83rd Ave

Year built

2000

Construction

WOOD

Lot size

2.50 lot acres

Property size

35,084 SF

Zone code

R33

Property type

Office Properties & Spaces

APN

45-12-22-477-001.000-030

APU

451222477001000030

Description

This exceptional investment opportunity presents a fully occupied, two-tenant, Class B office building totaling 33,244 square feet, situated on a 2.5-acre lot in Merrillville, Indiana. Built in 2000, this property boasts a strong 100% occupancy rate, generating a substantial net operating income (NOI) of $421,274, representing an attractive 8.74% cap rate. The asking price is $4,818,263, translating to $144.94 per square foot. The property features a convenient net lease structure with two tenants, providing stable and predictable cash flow. Ample parking is available with 1,100 spaces, serving the two-story building. Located on a high-traffic commercial corridor (approximately 40,000 vehicles per day) with easy access to Interstate 65, this property benefits from its proximity to downtown Merrillville and St. Mary Medical Center. The C-3 zoning allows for a variety of uses. The building's excellent condition and location, combined with the strong tenant base, make this a compelling investment opportunity in a growing submarket within the Chicago Metropolitan Statistical Area. Over 50% of the current tenant base has occupied the space for over nine years, demonstrating long-term commitment and market demand. This presents a rare chance to acquire a stable, high-cash-flow asset with potential for future rental increases.

Location Insight

City

Merrillville

County

Lake

State

Indiana

Longitude

-87.3193

Latitude

41.4672

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments