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    1561 E 93Rd Ave Merrillville, IN 46410
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    Property profile & analytics

    1561 E 93Rd Ave, Merrillville, IN 46410

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    • Industrial properties
    • 20,475 SF
    • 2.20 lot acres
    For Lease
    $10 SF/Yr
    View Listing →
    Versatile Flex Spaces Available For Lease
    $10 SF/Yr
    2,880 SF

    Versatile Flex Spaces Available

    Two flex spaces suitable for office, warehouse, showroom, or retail.

    1561 1599 E 93rd Ave, Merrillville, IN
    View Listing
    Property ID
    US31-0195392
    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.
    Value Estimations
    $635,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Industrial properties

    Property Details for 1561 E 93Rd Ave

    Year built
    2004
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.20 lot acres
    Zone code
    R33
    Property type
    Industrial properties
    APN
    45-12-34-226-003.000-030
    APU
    451234226003000030

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 25, 2022 — Freedom Land Investments Lcl Randolph Investments LLC Warranty Deed $454k · American Community Bank Of Indiana
    Jul 31, 2020 — Randolph Investments LLC — Deed · related —
    Oct 26, 2011 — Randolph Investments LLC Clark Street Holdings LLC-seri Grant Deed $694k · Peoples Bank
    Feb 25, 2010 — Clark Street Holdings LLC-seri Trust L005-086 Deed In Lieu Of Foreclosure · related —
    Nov 22, 2005 — Trust L005-086 Alpha Dev LLC Trustees Deed $5.1M · Mercantile Nat'l Bank Indiana
    — — Randolph Investments LLC — Deed Of Trust · related $950k · Horizon Bk
    — — Randolph Investments LLC — Loan Modification · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $550,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $723,000
      Market price range: $449k - $824k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $670,000
      Current use
      RETAIL STORES
      $965,000
      Change: +45% Conversion: Moderate
      MEDICAL BUILDING
      $835,000
      Change: +25% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $835,000
      Change: +25% Conversion: Difficult
      WAREHOUSE, STORAGE
      $710,000
      Change: +6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.3179
    Latitude
    41.4487
    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
    $20,890
    $203,300
    $769,000
    $972,300
    -
    $203,300
    $769,000
    $972,300

    Comparable in this City

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      INDUSTRIAL (GENERAL)
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      850 57th Ave

      INDUSTRIAL (GENERAL)
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      8201 Clay St

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      8201 Clay St, Merrillville, IN 46410-6603
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    • Value Estimation
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      8760 Louisiana St

      HEAVY INDUSTRIAL
      8760 Louisiana St, Merrillville, IN 46410-7151
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      11,960 SF

      18 73rd Ave

      INDUSTRIAL (GENERAL)
      18 73rd Ave, Merrillville, IN 46410-3802
      View Details
    • Value Estimation
      $1,580,000
      27,981 SF

      1402 86th Pl, Unit 54

      INDUSTRIAL (GENERAL)
      1402 86th Pl, Merrillville, IN 46410-6342
      View Details

    Similar Nearby for Sale

    • $1,400,000

      Industrial Building with Showroom

      12,400 SF industrial building with showroom and fenced lot.
      5200 Cleveland St, Gary, IN 46410
      View Details
    • Contact for pricing

      Commercial Land Near Retail Corridor

      0.86-acre commercial development site near US Route 30.
      7967 Colorado St, Merrillville, IN 46410
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      0.32 Acres

      Brookwood Subdivision Land For Sale

      Residential land adjacent to golf course in Brookwood Subdivision.
      2115 W 64Th Pl, Merrillville, IN 46410
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    • $650,000

      6.23 Acres Visible Land

      Highly visible 6.23 acres of land for sale.
      8400 Georgia St, Merrillville, IN 46410
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    • $459,900
      2.26 Acres

      Prime Commercial Corner Lot

      2.2-acre corner lot zoned C-3 in Merrillville, Indiana.
      7900 Grant St, Merrillville, IN 46410
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    • $749,900
      5.15 Acres

      Merrillville Land on US 30

      5+ acres on US 30 ready for development.
      5103 E Lincoln St, Merrillville, IN 46410
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    Similar Nearby for Lease

    • Contact for pricing

      New Divisible Warehouse Space Available

      289,080 SF divisible warehouse space with tax abatement eligibility.
      8719 Mississippi St, Merrillville, IN 46410
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    • Contact for pricing
      1,763 SF

      Merrillville Warehouse with Fenced Lot

      Warehouse with fenced rear lot and easy highway access.
      1402-1454 E 86Th Pl, Merrillville, IN 46410
      View Details
    • Contact for pricing
      228,152 SF

      Industrial Space Near I-65

      Industrial spaces available in Northwest Indiana, near Chicago.
      7400-7420 Mississippi St, Merrillville, IN 46410
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    • Contact for pricing
      1,600 SF

      Retail/Flex Space on Highway 30

      Retail and warehouse units available in Hobart/Merrillville complex.
      5160 E 81St Ave, Merrillville, IN 46410
      View Details
    • Contact for pricing
      3,157 SF

      Warehouse Space with I-65 Visibility

      3,157 SF warehouse space with utilities included and I-65 signage.
      8858 Louisiana St, Merrillville, IN 46410
      View Details
    • Contact for pricing
      4,125 SF

      Versatile Warehouse Space Available

      4,125 SF warehouse with office space for lease.
      1533 E 86Th Pl, Merrillville, IN 46410
      View Details
    View Listing
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    Merrillville, IN 46410
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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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    1561 E 93Rd Ave, Merrillville, IN, 46410
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