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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4831 81St Ave Merrillville, IN 46410

    • Strip malls
    • 18,000 SF
    • 1.90 lot acres
    For Lease
    View listing
    $14 SF/Yr
    Last Sale
    May 07, 2024
    Value Estimations
    $565,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0740812
    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

    • Strip malls

    Property Details for 4831 81St Ave

    Year built
    2005
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.90 lot acres
    Property size
    18,000 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    45-13-19-301-001.000-046
    APU
    451319301001000046

    Description

    This well-maintained, two-building retail center in Merrillville, Indiana, offers 59,800 square feet of space, with units ranging from 1,400 to 4,200 contiguous square feet. Built in 2005, the single-story Class C property boasts excellent visibility on US 30 Highway, experiencing over 53,000 vehicles daily. The center enjoys a strong tenant mix, including Anytime Fitness, Midwest Express Clinic, El Salto Mexican Restaurant, and the Indiana Bureau of Motor Vehicles, among others. Three spaces are currently available, ideal for retail or office users. The property's location in Lake County, at 4831 E 81st Ave, zip code 46410, places it near major retailers such as Sam's Club, Walmart, Hobby Lobby, and South Lake Mall, ensuring high traffic and visibility. End cap locations are available. The minimum divisible space is 1,400 square feet. This presents a compelling opportunity for businesses seeking high-traffic retail or office space in a thriving commercial area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $445,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $681,000
      Market price range: $405k - $682k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $510,000
      Current use
      RETAIL STORES
      $850,000
      Change: +66% Conversion: Easy
      MEDICAL BUILDING
      $735,000
      Change: +44% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $735,000
      Change: +43% Conversion: Easy
      WAREHOUSE, STORAGE
      $625,000
      Change: +22% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.277
    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
    $62,074
    $472,700
    $1,945,400
    $2,418,100
    -
    $472,700
    $1,945,400
    $2,418,100

    Comparable in this City

    • Value Estimation
      $1,190,000
      62,174 SF

      205 Lincoln Hwy

      SHOPPING CENTER, STRIP CENTER • 62,174 SF
      205 Lincoln Hwy, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      4,416 SF

      6004 Broadway, Unit 10

      SHOPPING CENTER, STRIP CENTER • 4,416 SF
      6004 Broadway, Merrillville, IN 46410-2620
      View Details
    • Value Estimation by Request
      6,035 SF

      7750 Broadway, Unit 77

      SHOPPING CENTER, STRIP CENTER • 6,035 SF
      7750 Broadway, Merrillville, IN 46410-4722
      View Details
    • Value Estimation by Request
      17.07 Acres

      92nd Ave

      SHOPPING CENTER, STRIP CENTER • 17.07 Acres
      92nd Ave, Merrillville, IN 46410
      View Details
    • Value Estimation
      $965,000
      32,287 SF

      401 81st Ave, Unit 31

      SHOPPING CENTER, STRIP CENTER • 32,287 SF
      401 81st Ave, Merrillville, IN 46410-5317
      View Details
    • Value Estimation
      $775,000
      30,276 SF

      7970 Broadway

      SHOPPING CENTER, STRIP CENTER • 30,276 SF
      7970 Broadway, Merrillville, IN 46410-5540
      View Details

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      Restaurant Building For Sale

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      Land • 14.53 Acres
      8200 Grant St, Merrillville, IN 46410
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    Similar Nearby for Lease

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      New retail center in the heart of Merrillville, Indiana.
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      Merrillville, IN: Prime Retail Space Available
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      New retail center in the heart of Merrillville trade area.
      1431 E 79Th Ave, Merrillville, IN 46410
      View Details
    • $10 SF/Yr

      Retail and Office Strip Center

      Multi-tenant strip center ideal for retail and office users.
      7950-7990 Broadway, Merrillville, IN 46410
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    • $18 SF/Yr
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      Ross Plaza Retail Space Available

      Merrillville, IN retail space; high visibility.
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    • $18 SF/Yr
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      Merrillville Executive Office Space

      900 SF Office Suite Available Now
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      View Details
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    4831 81St Ave
    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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