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Property profile & analytics
OFF-MARKET
Estimated value
$1,450,000
Manufacturing properties
1447 86th Pl Merrillville, IN 46410-6341
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US31-1215233
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
2009
Construction
TYPE NOT SPECIFIED
Total area
47,165 SF
Lot
2.5 ac (108,856 SF)
APN
45-12-27-230-002.000-030
UPID
US31-1215233
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
First Image (Bike/Boat/Book/etc) Store
-
ImageFIRST Healthcare Laundry Specialists (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.00M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.90M
Blend (final)
Blend
$1.45M
Owner & transaction history
Jhb Re Subsidiary Merrillivlle LLC · 4 yrs held
Jhb Re Subsidiary Merrillivlle LLC
since 2022
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.2M
+44.6%
Medical building
$1.9M
+25.3%
Commercial (general)
$1.9M
+24.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Merrillville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Merrillville submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$1,000,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$1,540,000
Current use
RETAIL STORES
$2,225,000
Change: +45% · Conversion: Moderate
MEDICAL BUILDING
$1,930,000
Change: +25% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,920,000
Change: +25% · Conversion: Difficult
WAREHOUSE, STORAGE
$1,635,000
Change: +6% · Conversion: Easy
Blend value · Realmo final
$1.45M
Range $1.31M – $1.60M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$31 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$50,403
Tax year 2022
Assessed value
$3,431,100
Assessed 2023
Previous assessed
$3,384,700
+1.4% YoY
Effective rate
1.47%
On assessed value
Assessed land
$145,100
Assessed improvement
$3,286,000
Land market value
$145,100
Improvement market value
$3,286,000
Total market value
$3,431,100
Applied tax rate
30.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
2009
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
2
Total area
47,165 SF
Lot
2.5 ac (108,856 SF)
APN
45-12-27-230-002.000-030
UPID
US31-1215233
Jurisdiction
LAKE
Metro division
GARY, IN METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$1.5M
RETAIL STORES
Est. value
$2.2M
MEDICAL BUILDING
Est. value
$1.9M
COMMERCIAL (GENERAL)
Est. value
$1.9M
WAREHOUSE, STORAGE
Est. value
$1.6M
INDUSTRIAL (GENERAL) Current
RETAIL STORES
MEDICAL BUILDING
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2009
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
2
Lot
2.5 ac
Current owner
From public records · entity-resolved
Jhb Re Subsidiary Merrillivlle LLC
Entity
Mailing address
900 E 8TH AVE STE #200, KING OF PRUSSIA, PA 19406-1324
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 9, 2022
—
Jhb Re Subsidiary Merrillville LLC
—
Deed
related
$4,309,078 · Jeffrey Berstein Etal
May 11, 2022
—
Jhb Re Subsidiary Merrillivlle LLC
Jambland LLC
Warranty Deed
$1,669 · Nationstar Mortgage LLC
Dec 18, 2017
—
Jambland LLC
—
Trustees Deed
related
$758,000 · Chase Bk/md
Jun 3, 2016
—
Jambland LLC
—
Deed
related
$1,071,000 · Small Busn Growth
Jul 18, 2008
—
Jambland LLC
Lake County Trust Co
Deed
$105,132 · Jpmorgan Chase Bank NA
—
—
Jambland LLC
—
Loan Modification
related
$1,039,900 · Jp Morgan Chase Bk
—
—
Jambland LLC
—
Loan Modification
related
$1,300,000 · Jp Morgan Chase Bk
—
—
Jambland LLC
—
Deed Of Trust
related
$675,182 · J P Morgan Chase Bank
—
—
Jambland LLC
—
Deed Of Trust
related
$1,071,000 · Small Busn Growth
—
—
Jambland LLC
—
Deed Of Trust
related
$739,000 · Small Business Growth Corp
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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