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Property profile & analytics
OFF-MARKET
Estimated value
$565,000
Strip malls
4831 81st Ave 4941, Merrillville, IN 46410-5841
Entity Owned
2-yr Hold
Free & Clear
Property ID
US31-0740812
Property summary
AI-generated overview
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.
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
2005
Construction
TYPE NOT SPECIFIED
Total area
18,000 SF
Lot
1.9 ac (82,764 SF)
APN
45-13-19-301-001.000-046
UPID
US31-0740812
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$445k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$682k
Blend (final)
Blend
$565k
Owner & transaction history
Statewide Southlake LLC · 2 yrs held
Statewide Southlake LLC
since 2024
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$850,000
+66.1%
Medical building
$735,000
+43.9%
Commercial (general)
$735,000
+43.4%
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
$445,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$565k
Range $509k – $622k · ±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
$31 / 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
$62,074
Tax year 2022
Assessed value
$2,418,100
Assessed 2023
Previous assessed
$2,418,100
+0.0% YoY
Effective rate
2.57%
On assessed value
Assessed land
$472,700
Assessed improvement
$1,945,400
Land market value
$472,700
Improvement market value
$1,945,400
Total market value
$2,418,100
Applied tax rate
46.0000
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
2005
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
18,000 SF
Lot
1.9 ac (82,764 SF)
APN
45-13-19-301-001.000-046
UPID
US31-0740812
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
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$510,000
RETAIL STORES
Est. value
$850,000
MEDICAL BUILDING
Est. value
$735,000
COMMERCIAL (GENERAL)
Est. value
$735,000
WAREHOUSE, STORAGE
Est. value
$625,000
NEIGHBORHOOD: SHOPPING CENTER Current
RETAIL STORES
MEDICAL BUILDING
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
2005
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
1.9 ac
Current owner
From public records · entity-resolved
Statewide Southlake LLC
Entity
Free & Clear · 2 yrs held
Mailing address
48991 JEFFERSON AVE, CHESTERFIELD, MI 48047-3431
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 2, 2024
—
Statewide Southlake LLC
—
Deed
related
$4,000,000 · Advia Cu
May 7, 2024
—
Statewide Southlake LLC
Southlake Retail Center LLC
Warranty Deed
—
May 7, 2024
$4,000,000
Statewide Southlake LLC
Southlake Retail Center LLC
Warranty Deed
—
Aug 21, 2008
—
Southlake Retail Center LLC
Dres,sofolkis & Tenia
Warranty Deed
$80,000 · Standard Bank & Trust
—
—
Southlake Retail Center LLC
—
Deed Of Trust
related
$150,000 · Standard Bk&tr/hickory Hills
—
—
Southlake Retail Center LLC
—
Loan Modification
related
$145,017 · Standard Bk
—
—
Southlake Retail Center LLC
—
Loan Modification
related
—
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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