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Property profile & analytics
OFF-MARKET
Estimated value
$625,000
Retail space
1862 81st Ave Merrillville, IN 46410-5343
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US31-0447904
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1988
Construction
WOOD
Total area
7,316 SF
Lot
1.74 ac (75,925 SF)
APN
45-12-20-277-005.000-030
UPID
US31-0447904
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
-
Gq Tops Kitchen & Bath Showroom Hardware & Home Improvement
-
Bedroom City Training Center
-
Granite & Quartz Countertops Kitchen & Bath Showroom Hardware & Home Improvement
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$661k
Blend (final)
Blend
$625k
Owner & transaction history
1862 West LLC · 7 yrs held
1862 West LLC
since 2018
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$670,000
+21.1%
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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$555,000
Current use
COMMERCIAL (GENERAL)
$670,000
Change: +21% · Conversion: Easy
WAREHOUSE, STORAGE
$545,000
Change: -2% · Conversion: Difficult
Blend value · Realmo final
$625k
Range $563k – $688k · ±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
$85 / 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
$14,163
Tax year 2022
Assessed value
$678,000
Assessed 2023
Previous assessed
$678,000
+0.0% YoY
Effective rate
2.09%
On assessed value
Assessed land
$583,200
Assessed improvement
$94,800
Land market value
$583,200
Improvement market value
$94,800
Total market value
$678,000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1988
Construction
WOOD
Heating
NONE
Stories
1
Total area
7,316 SF
Lot
1.74 ac (75,925 SF)
APN
45-12-20-277-005.000-030
UPID
US31-0447904
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
RETAIL STORES Current
Est. value
$555,000
COMMERCIAL (GENERAL)
Est. value
$670,000
WAREHOUSE, STORAGE
Est. value
$545,000
RETAIL STORES Current
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
1988
Construction
WOOD
Heating
NONE
Stories
1
Lot
1.74 ac
Current owner
From public records · entity-resolved
1862 West LLC
Entity
Mailing address
19636 97TH AVE STE #1, MOKENA, IL 60448-9309
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 9, 2022
—
1862 West LLC
—
Deed
related
$560,000 · The American Commercial Bank & Trust
Jan 9, 2019
—
1862 West LLC
—
Deed
related
$4,318,237 · First Midwest Bk
Nov 19, 2018
—
1862 West LLC
Bpd Investment Group LLC
Warranty Deed
$397,600 · First Midwest Bank
Jun 4, 2018
—
Bpd Investment Group LLC
—
Deed
related
$438,750 · Peoples Bank Sb
Feb 13, 2017
—
Bpd Investment Group LLC
—
Trustees Deed
related
$205,000 · Peoples Bk
—
—
1862 West LLC
—
Loan Modification, Consolidation And Extension
related
$4,318,237 · First Midwest Bk
—
—
Bpd Investment Group LLC
—
Deed Of Trust
related
$240,000 · First Midwest Bank
—
—
Bpd Investment Group LLC
—
Loan Modification
related
—
—
—
Bpd Investment Group LLC
—
Deed Of Trust
related
—
—
—
Bpd Investment Group LLC
—
Deed Of Trust
related
$700,000 · First Midwest Bank
—
—
Bpd Investment Group LLC
—
Loan Modification
related
$688,094 · First Midwest Bank
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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