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Property profile & analytics
FOR SALE
Hotels

1500 E 83Rd Ave Merrillville, IN 46410

46,936 SF 2.4 ac lot Built 2018
Entity Owned 4-yr Hold Absentee Owner ~ Est. High Equity
Property ID
US31-3128060
Property summary
AI-generated overview

This exceptional 2.42-acre commercial land parcel presents a unique investment opportunity in Merrillville, Indiana. Strategically located at 1500 E. 83rd Ave., this property boasts unparalleled visibility due to its proximity to the South Lake Mall entry at Mississippi St. and E. 83rd Ave., ensuring high traffic exposure. The site benefits from all utilities, including town water and sewer, simplifying development. Its advantageous position adjacent to a brand-new WoodSpring Suites extended-stay hotel further enhances its appeal and potential for synergistic development. This location is situated within one of Northwest Indiana's strongest retail corridors, offering easy access to the substantial consumer base of Southlake Mall. The property also enjoys excellent visibility from I-65, with convenient interstate access within a half-mile radius. A daily traffic count of 15,000 vehicles underscores the high volume of potential customers. The land is priced at $245,868 per acre, representing a compelling investment in a thriving commercial area. This property is ideal for a variety of commercial uses, offering significant potential for growth and return. The address is 1500 E. 83rd Ave., Merrillville, IN 46410, located in Adams County.

Property profile
Verified
Property type Hotels
Use group HOTEL/MOTEL
Year built 2018
Construction WOOD
Total area 46,936 SF
Lot 2.4 ac (104,544 SF)
APN 45-12-22-427-011.000-030
UPID US31-3128060
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
  • WoodSpring Suites Merrillville Hotel & Motel Vacation Rental
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$775k
Owner & transaction history
Hp Ws Vi Merrill Ville LLC · 4 yrs held
Hp Ws Vi Merrill Ville LLC
since 2022
1 recorded transaction
2022
Price N/A
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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