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    Property profile & analytics

    1488 79th Ave Merrillville, IN 46410-5702

    • Outlet malls
    • 43,032 SF
    • 4.66 lot acres
    OFF-MARKET
    Value Estimations
    $3,195,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3257326
    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

    • Bob’s Discount Furniture and Mattress Store / Furniture & Home Goods / Home Decor Store

    Property Details for 1488 79th Ave

    Year built
    2016
    Construction
    TYPE NOT SPECIFIED
    Lot size
    4.66 lot acres
    Property size
    43,032 SF
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    45-12-22-227-021.000-030
    APU
    451222227021000030

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,630,000
      Market price range: $1.56M - $5.16M
      AI Estimate
      $2,257,000
      Market price range: $1.27M - $3.16M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,265,000
      Current use
      COMMERCIAL (GENERAL)
      $3,955,000
      Change: +21% Conversion: Easy
      WAREHOUSE, STORAGE
      $3,210,000
      Change: -2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.3197
    Latitude
    41.4754
    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
    $77,578
    $939,800
    $2,782,700
    $3,722,500
    -
    $939,800
    $2,782,700
    $3,722,500

    Comparable in this City

    • Value Estimation
      $4,215,000
      147,033 SF

      1520 79th Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 147,033 SF
      1520 79th Ave, Merrillville, IN 46410-5704
      View Details
    • Value Estimation
      $2,875,000
      114,354 SF

      2936 79th Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 114,354 SF
      2936 79th Ave, Merrillville, IN 46410-5748
      View Details
    • Value Estimation
      $1,430,000
      17,819 SF

      1601 Lincoln Hwy

      WHOLESALE OUTLET, DISCOUNT STORE • 17,819 SF
      1601 Lincoln Hwy, Merrillville, IN 46410-5329
      View Details
    • Value Estimation
      $870,000
      11,652 SF

      3101 80th Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 11,652 SF
      3101 80th Ave, Merrillville, IN 46410-5743
      View Details
    • Value Estimation
      $5,325,000
      185,876 SF

      6300 Mississippi St

      WHOLESALE OUTLET, DISCOUNT STORE • 185,876 SF
      6300 Mississippi St, Merrillville, IN 46410-3970
      View Details
    • Value Estimation
      $2,410,000
      97,714 SF

      8225 Broadway

      WHOLESALE OUTLET, DISCOUNT STORE • 97,714 SF
      8225 Broadway, Merrillville, IN 46410-6216
      View Details

    Similar Nearby for Sale

    • $375,000
      2.84 Acres

      Merrillville Development Site For Sale

      2.84 acre development site near U.S. 30 and Broadway.
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    • Contact for pricing
      3,298 SF

      Restaurant with Drive-Thru Window

      Restaurant with drive-thru, high visibility, repurposing opportunity.
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    • $895,000

      8280 Mississippi Street,

      Grocery and convenience stores
      8280 Mississippi St, Merrillville, IN 46410
      View Details
    • $590,000
      5,581 SF

      High-Traffic U.S. 30 Frontage Flex

      Flex space on U.S. 30 with redevelopment potential.
      2215 W Lincoln Hwy, Merrillville, IN 46410
      View Details
    • Contact for pricing
      8,327 SF

      Single-Tenant Cracker Barrel Investment Opportunity

      NNN leased Cracker Barrel with 15 years remaining near Chicago.
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    Similar Nearby for Lease

    • $10 SF/Yr
      2,000 SF

      Retail and Office Strip Center

      Multi-tenant strip center ideal for retail and office users.
      7950-7990 Broadway, Merrillville, IN 46410
      View Details
    • Contact for pricing
      26,157 SF

      Retail Space in Merrillville Plaza

      Retail property in a high-traffic area near Southlake Mall.
      1932 E 81St Ave, Merrillville, IN 46410
      View Details
    • $15 SF/Yr
      3,100 SF

      Retail Strip Center Space Available

      Retail space available in a busy strip center.
      1521 W 81St Ave, 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
    • Contact for pricing
      2,200 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
    • Contact for pricing
      79,620 SF

      Merrillville Retail Space For Rent

      Retail spaces available in a major Chicagoland power center.
      1825 East 80Th Ave, Merrillville, IN 46410
      View Details

    Property Visit Statistics

    • Visits by month
      7.6k
    • Visitors by month
      6.5k
    • Avg Time on site
      38 min
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    Merrillville, IN 46410-5702
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    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
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