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Property profile & analytics
OFF-MARKET
Estimated value
$2,330,000
Office Spaces
521 86th Ave Merrillville, IN 46410-6173
Trust Owned
9-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US31-0581409
Property summary
AI-generated overview
This single-story, 32,792 square foot office building in Merrillville, Indiana, offers 12 suites ranging from 1,009 to 13,195 contiguous square feet. Located on a 2.83-acre lot at 521 E 86th Ave, this Class B property, built in 1979 and renovated in 1985, is ideal for a variety of uses, including medical and executive offices. Features include private entries, restrooms, kitchenettes, and conference rooms. The property's flexible suite sizes cater to diverse tenant needs, from small businesses to larger organizations. The building's single-story design provides convenient access and ample parking. Property taxes are $1.41 per square foot. The location in Lake County (APN: 45-12-27-103-003.000-030), with its convenient access to major roadways, makes it an attractive option for businesses seeking a prominent presence in the Merrillville area. This is a prime opportunity for owner-users or tenants seeking flexible and well-appointed office space. Tenant incentives are available.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1979
Construction
TYPE NOT SPECIFIED
Total area
32,928 SF
Lot
2.88 ac (125,453 SF)
APN
45-12-27-103-003.000-030
UPID
US31-0581409
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
-
Kelly Hendrickson | Counselor | Pillars of Wellness Counselor
-
Ms. Vanessa Qualls | Mental Health Counselor | Pillars of Wellness Counselor
-
Starcevich Kristine L MD Physician Medical Clinic
-
Certified Sleep Center-Northern Physician
-
Sagalovsky Helena MD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.50M
Blend (final)
Blend
$2.33M
Owner & transaction history
Indiana Land Trust Company · 9 yrs held
Indiana Land Trust Company
since 2016
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
COMMERCIAL (GENERAL)
$3,025,000
Current use
RETAIL STORES
$2,500,000
Change: -17% · Conversion: Easy
WAREHOUSE, STORAGE
$2,455,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$2.33M
Range $2.10M – $2.56M · ±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
$71 / 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
$40,129
Tax year 2022
Assessed value
$1,919,800
Assessed 2023
Previous assessed
$1,921,000
-0.1% YoY
Effective rate
2.09%
On assessed value
Assessed land
$572,500
Assessed improvement
$1,347,300
Land market value
$572,500
Improvement market value
$1,347,300
Total market value
$1,919,800
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1979
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
32,928 SF
Lot
2.88 ac (125,453 SF)
APN
45-12-27-103-003.000-030
UPID
US31-0581409
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
COMMERCIAL (GENERAL) Current
Est. value
$3.0M
RETAIL STORES
Est. value
$2.5M
WAREHOUSE, STORAGE
Est. value
$2.5M
COMMERCIAL (GENERAL) Current
RETAIL STORES
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
1979
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
2.88 ac
Current owner
From public records · entity-resolved
Indiana Land Trust Company
Trust
Mailing address
MERRILLVILLE, IN 46410
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 8, 2016
—
Indiana Land Trust Company
—
Deed
related
$1,900,000 · Jpmorgan Chase Bank NA
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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