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    600 81st Ave Merrillville, IN 46410-5397
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    Property profile & analytics

    600 81st Ave, Merrillville, IN 46410-5397

    View on Map
    • Retail space
    • 18,885 SF
    • 1.65 lot acres
    Off-Market
    Property ID
    US31-3523012
    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.
    Value Estimations
    $780,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Nexus Employment Solutions Plus Inc / Employment Agency
    • The Salvation Army Family Store & Donation Center / Discount Store
    • New Balance Merrillville / Clothing & Fashion Store / (Bike/Boat/Book/etc) Store

    Property Details for 600 81st Ave

    Year built
    1974
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.65 lot acres
    Property type
    Retail space
    APN
    45-12-21-251-009.000-030
    APU
    451221251009000030

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 7, 2016 — Jfb Merrillville LLC 600 W Partners LLC Quit Claim Deed · related —
    Jun 20, 2007 — Jfb Merrillville LLC Beatty Marcia Trust Grant Deed —
    Oct 19, 2006 — 600 West Partners LLC Beatty Marcia Trust Grant Deed —
    Jun 12, 2006 — Beatty Marcia Trust Beatty,marcia J Quit Claim Deed · related —
    — — Jfb Merrillville LLC — Deed Of Trust · related $1.6M · Marquette Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $545,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $689,000
      Market price range: $556k - $1.39M

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

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.3436
    Latitude
    41.4718
    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
    $23,781
    $557,700
    $579,800
    $1,137,500
    -
    $557,700
    $579,800
    $1,137,500

    Comparable in this City

    • Value Estimation
      $1,435,000
      15,015 SF

      400 Lincoln Hwy

      RETAIL STORES (PERSONAL SERVICES)
      400 Lincoln Hwy, Merrillville, IN 46410-5305
      View Details
    • Value Estimation
      $1,745,000
      48,927 SF

      3201 Lincoln Hwy

      RETAIL STORES (PERSONAL SERVICES)
      3201 Lincoln Hwy, Merrillville, IN 46410-5808
      View Details
    • Value Estimation
      $1,310,000
      14,808 SF

      8215 Broadway

      RETAIL STORES (PERSONAL SERVICES)
      8215 Broadway, Merrillville, IN 46410-6216
      View Details
    • Value Estimation by Request
      3,103 SF

      105 61st Ave

      RETAIL STORES (PERSONAL SERVICES)
      105 61st Ave, Merrillville, IN 46410-3060
      View Details
    • Value Estimation
      $755,000
      8,320 SF

      5377 Broadway

      RETAIL STORES (PERSONAL SERVICES)
      5377 Broadway, Merrillville, IN 46410-1554
      View Details
    • Value Estimation by Request
      2,054 SF

      3412 Lincoln Hwy

      RETAIL STORES (PERSONAL SERVICES)
      3412 Lincoln Hwy, Merrillville, IN 46410-5828
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,298 SF

      Former Restaurant Space Available

      Former restaurant space in Northwest Indiana with highway access.
      1441 E 82Nd Ave, Merrillville, IN 46410
      View Details
    • $1,290,000

      Retail Space in Merrillville

      Retail space available for sale in Merrillville, Indiana.
      700 East 81St Ave, Merrillville, IN 46410
      View Details
    • Contact for pricing
      20,389 SF

      Merrillville Retail Space For Sale

      20,389 SqFt retail space in Merrillville, Indiana. 7.50% CAP.
      8205 Broadway, Merrillville, IN 46410
      View Details
    • $459,900
      2.26 Acres

      Prime Commercial Corner Lot

      2.2-acre corner lot zoned C-3 in Merrillville, Indiana.
      7900 Grant St, Merrillville, IN 46410
      View Details
    • $1,400,000

      Industrial Building with Showroom

      12,400 SF industrial building with showroom and fenced lot.
      5200 Cleveland St, Gary, IN 46410
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    • $375,000
      2.84 Acres

      Merrillville Development Site For Sale

      2.84 acre development site near U.S. 30 and Broadway.
      555 E 84Th Dr, Merrillville, IN 46410
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      900 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
      1,600 SF

      Retail/Flex Space on Highway 30

      Retail and warehouse units available in Hobart/Merrillville complex.
      5160 E 81St Ave, Merrillville, IN 46410
      View Details
    • Contact for pricing
      1,550 SF

      Retail Strip Center Space Available

      Retail space available in a busy strip center.
      1521 W 81St Ave, Merrillville, IN 46410
      View Details
    • Contact for pricing
      60,000 SF

      Retail Space in Vibrant Corridor

      Retail space with high-traffic co-tenants and convenient highway access.
      6110 Broadway, Merrillville, IN 46410
      View Details
    • 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
    • Contact for pricing

      Retail Space Near I-65

      Retail space with convenient access and high visibility.
      2109 Southlake Mall, Merrillville, IN 46410
      View Details
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    Merrillville, IN 46410-5397
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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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