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

    6220 Broadway Merrillville, IN 46410-3004

    • Theaters & concert halls
    • 10,972 SF
    • 6.16 lot acres
    OFF-MARKET
    Last Sale
    Jun 22, 2021
    $650,000
    Value Estimations
    $650,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0438125
    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

    • The Oasis Center LLC / Banquet Hall
    • Advancing Christ's Kingdom Ministries / Church
    • Fiesta Palace Banquet Hall / Banquet Hall / Wedding Venue

    Property Details for 6220 Broadway

    Year built
    1973
    Construction
    WOOD
    Lot size
    6.16 lot acres
    Property size
    10,972 SF
    Property type
    Theaters & concert halls
    APN
    45-12-09-226-004.000-030
    APU
    451209226004000030

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $655,000
      ML approach
      $665,000

    • Alternative Use

      Use
      Estimation
      THEATER (MOVIE)
      $490,000
      Current use
      RESTAURANT
      $765,000
      Change: +55% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $635,000
      Change: +29% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $600,000
      Change: +22% Conversion: Difficult
      RETAIL STORES
      $520,000
      Change: +5% Conversion: Difficult
      MEDICAL BUILDING
      $450,000
      Change: -9% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $445,000
      Change: -9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.3388
    Latitude
    41.5048
    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
    $19,713
    $117,300
    $347,800
    $465,100
    -
    $117,300
    $347,800
    $465,100

    Comparable in this City

    • Value Estimation
      $1,020,000
      49,094 SF

      7601 Whitcomb St

      THEATER (MOVIE) • 49,094 SF
      7601 Whitcomb St, Merrillville, IN 46410-4360
      View Details
    • Value Estimation
      $725,000
      21,374 SF

      2193 84th Pl

      THEATER (MOVIE) • 21,374 SF
      2193 84th Pl, Merrillville, IN 46410-6136
      View Details
    • Value Estimation by Request
      5,500 SF

      5240 Broadway, Unit 56

      THEATER (MOVIE) • 5,500 SF
      5240 Broadway, Gary, IN 46410-1553
      View Details
    • Value Estimation by Request
      4,754 SF

      5357 Harrison St

      THEATER (MOVIE) • 4,754 SF
      5357 Harrison St, Gary, IN 46410-1464
      View Details
    • Value Estimation by Request
      6,224 SF

      7430 Broadway

      THEATER (MOVIE) • 6,224 SF
      7430 Broadway, Merrillville, IN 46410-4719
      View Details
    • Value Estimation by Request
      1,792 SF

      275 71st Ave

      THEATER (MOVIE) • 1,792 SF
      275 71st Ave, Merrillville, IN 46410
      View Details

    Similar Nearby for Sale

    • $1,235,900
      14.53 Acres

      8200 Grant St

      Land • 14.53 Acres
      8200 Grant St, Merrillville, IN 46410
      View Details
    • $1,670,000

      Merrillville Residential Land Investment

      Prime Indiana Land, $1.67M Asking
      9100 Connecticut St, Merrillville, IN 46410
      View Details
    • $1,250,000
      9.96 Acres

      Merrillville Commercial Land Portfolio

      Almost 10 acres, prime residential location.
      400-407 87Th Ave, Merrillville, IN 46410
      View Details
    • $250,000
      2.07 Acres

      Broadway Corner Commercial Land

      High-traffic, 2-acre commercial lot
      8690 Broadway Ave, Merrillville, IN 46410
      View Details
    • Contact for pricing
      48,330 SF

      Merrillville Office and Warehouse Property

      Large office and warehouse property in Merrillville, Indiana.
      8450 Broadway, Merrillville, IN 46410
      View Details
    • $1,995,000
      32,792 SF

      Merrillville Professional Office Building For Sale

      Single-story office building with executive and medical suites in Merrillville.
      521 E 86Th Ave, Merrillville, IN 46410
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      4,135 SF

      Ross Plaza Retail Space Available

      Merrillville, IN retail space; high visibility.
      401 81St Ave, Merrillville, IN 46410
      View Details
    • Contact for pricing
      8,775 SF

      The Annex Medical Office Space

      Merrillville medical office: 2,000-6,000 SF available
      720 80Th Pl, Merrillville, IN 46410
      View Details
    • $16 SF/Yr
      3,807 SF

      Medical Office Space Sublet

      Medical office space available for sublet within surgery center.
      255 E 90Th Dr, Merrillville, IN 46410
      View Details
    • $10 SF/Yr

      Merrillville Multi-Tenant Office Building

      Professional office building in Merrillville with expansion possibilities.
      251-397 W 84Th Dr, Merrillville, IN 46410
      View Details
    • $9 SF/Yr
      1,200 SF

      Office Space on Lincoln Highway

      Well-maintained office suites with high visibility and easy access.
      2620 West Lincoln Hwy, Merrillville, IN 46410
      View Details
    • $19 SF/Yr
      1,732 SF

      Medical Office Sublet Opportunity

      Medical office sublet on Methodist Hospital Southlake campus.
      303 E 89Th Ave, 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.
    6220 Broadway
    Merrillville, IN 46410-3004
    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.