Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2871 81st Ave Merrillville, IN 46410-5807

    • Retail space
    • 7,499 SF
    • 0.76 lot acres
    OFF-MARKET
    Last Sale
    Dec 19, 2023
    Value Estimations
    $755,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1033410
    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

    • Detox Consultants / Mental Health Service
    • Nothing Bundt Cakes / Bakery / Cake Shop
    • HassleLess Mattress / Mattress Store

    Property Details for 2871 81st Ave

    Year built
    1996
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.76 lot acres
    Property size
    7,499 SF
    Zone code
    R33
    Property type
    Retail space
    APN
    45-12-23-426-001.000-046
    APU
    451223426001000046

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $465,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $898,000
      Market price range: $272k - $899k
      AI Estimate
      $551,000
      Market price range: $221k - $551k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $570,000
      Current use
      COMMERCIAL (GENERAL)
      $690,000
      Change: +21% Conversion: Easy
      WAREHOUSE, STORAGE
      $560,000
      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
    -87.3015
    Latitude
    41.4705
    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
    $35,034
    $1,057,100
    $291,300
    $1,348,400
    -
    $1,057,100
    $291,300
    $1,348,400

    Comparable in this City

    • Value Estimation by Request
      820 SF

      611 Lincoln Hwy

      Individual retail properties • 820 SF
      611 Lincoln Hwy, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      384 SF

      2304 73rd Ave

      RETAIL STORES (PERSONAL SERVICES) • 384 SF
      2304 73rd Ave, Merrillville, IN 46410-3765
      View Details
    • Value Estimation
      $585,000
      5,494 SF

      1446 82nd Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,494 SF
      1446 82nd Ave, Merrillville, IN 46410-6324
      View Details
    • Value Estimation
      $2,325,000
      24,920 SF

      4 Lincoln Hwy

      RETAIL STORES (PERSONAL SERVICES) • 24,920 SF
      4 Lincoln Hwy, Merrillville, IN 46410-5446
      View Details
    • Value Estimation
      $610,000
      5,740 SF

      2385 Southlake Mall

      RETAIL STORES (PERSONAL SERVICES) • 5,740 SF
      2385 Southlake Mall, Merrillville, IN 46410-6442
      View Details
    • Value Estimation
      $705,000
      11,450 SF

      6400 Harrison St

      RETAIL STORES (PERSONAL SERVICES) • 11,450 SF
      6400 Harrison St, Merrillville, IN 46410-3238
      View Details

    Similar Nearby for Sale

    • $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
    • $895,000

      8280 Mississippi Street,

      Restaurants
      8280 Mississippi St, Merrillville, IN 46410
      View Details
    • Contact for pricing
      3,298 SF

      Restaurant with Drive-Thru Window

      Restaurant with drive-thru, high visibility, repurposing opportunity.
      1441 E 82Nd Ave, 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.
      6200 Opportunity Ln, Merrillville, IN 46410
      View Details
    • $595,000

      Restaurant Building For Sale

      Restaurant building in Crossroads Plaza near I-65 interchange.
      6190 Broadway, Merrillville, IN 46410
      View Details
    • Contact for pricing
      41.40 Acres

      Gateway at the Crossing

      Land • 41.40 Acres
      1000 80Th Pl, Merrillville, IN 46410
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,704 SF

      New Retail Center in Merrillville

      New retail center in the heart of Merrillville, Indiana.
      1500 E 79Th Ave, Merrillville, IN 46410
      View Details
    • $12 SF/Yr
      6,000 SF

      Versatile Flex Space on Highway 30

      6,000 SF office/warehouse suitable for retail or conversion.
      1140 W 81St Ave, Merrillville, IN 46410
      View Details
    • $18 SF/Yr
      1,408 SF

      Retail Space on US Hwy 30

      Retail space for lease with high visibility and ample parking.
      8101 Polo Club Dr, 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
      820 SF

      Meijer In-Store Retail Space

      820 SF Retail Space in Merrillville, IN
      611 Lincoln Hwy, Merrillville, IN 46410
      View Details
    • $9 SF/Yr

      High-Visibility Building on Broadway/S.R. 53

      Free-standing building with showroom, warehouse, and office space for lease.
      8000 Broadway, Merrillville, IN 46410
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2871 81st Ave
    Merrillville, IN 46410-5807
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.