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    Property profile & analytics

    700 81St Ave Merrillville, IN 46410

    • Grocery and convenience stores
    • 960 SF
    • 0.64 lot acres
    For Sale
    View listing
    $1,290,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0024015
    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

    • Grocery and convenience stores

    Property Details for 700 81St Ave

    Year built
    1988
    Construction
    WOOD
    Lot size
    0.64 lot acres
    Property size
    960 SF
    Property type
    Grocery and convenience stores
    APN
    45-12-22-153-009.000-030
    APU
    451222153009000030

    Description

    This exceptional 0.64-acre commercial land parcel presents a unique investment opportunity in the thriving Merrillville, Indiana market. Located at 700 East 81st Avenue, this property boasts unparalleled accessibility, situated near the intersection of major interstates I-65, I-80, and I-94, ensuring convenient access for businesses and customers alike. The strategic location is further enhanced by its proximity to a significant concentration of existing commercial development. Neighboring properties include over two million square feet of retail space, providing a robust and established commercial environment. In addition, over one million square feet of office and hotel space are located nearby, creating a high-traffic area with substantial consumer and employee populations. This prime location offers significant potential for a wide range of commercial developments, making it an ideal investment for developers seeking a high-visibility site with excellent connectivity and established commercial infrastructure. The property is zoned for commercial use (verification of zoning with local authorities is recommended). The asking price for this exceptional parcel is $1,290,000. This represents a compelling opportunity to acquire a strategically located commercial land parcel in a rapidly growing area. Serious inquiries are encouraged.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.3322
    Latitude
    41.4716
    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
    $21,834
    $508,900
    $171,000
    $679,900
    -
    $508,900
    $171,000
    $679,900

    Comparable in this City

    • Value Estimation
      $1,405,000
      7,783 SF

      1600 81st Ave

      CONVENIENCE STORE • 7,783 SF
      1600 81st Ave, Merrillville, IN 46410-5728
      View Details
    • Value Estimation
      $660,000
      3,375 SF

      3990 Lincoln Hwy

      CONVENIENCE STORE • 3,375 SF
      3990 Lincoln Hwy, Merrillville, IN 46410-4370
      View Details
    • Value Estimation by Request
      1,612 SF

      398 73rd Ave

      CONVENIENCE STORE • 1,612 SF
      398 73rd Ave, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      2,829 SF

      6085 Cleveland Cir

      CONVENIENCE STORE • 2,829 SF
      6085 Cleveland Cir, Merrillville, IN 46410-2378
      View Details
    • Value Estimation by Request
      2,520 SF

      5695 Cleveland St

      CONVENIENCE STORE • 2,520 SF
      5695 Cleveland St, Merrillville, IN 46410-1143
      View Details
    • Value Estimation by Request

      8280 Mississippi St

      Restaurants
      8280 Mississippi St, Merrillville, IN 46410
      View Details

    Similar Nearby for Sale

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    • $18 SF/Yr
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      Retail Space on US Hwy 30

      Retail space for lease with high visibility and ample parking.
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    • $12 SF/Yr
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      Versatile Flex Space on Highway 30

      6,000 SF office/warehouse suitable for retail or conversion.
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    • Contact for pricing
      820 SF

      Meijer In-Store Retail Space

      820 SF Retail Space in Merrillville, IN
      611 Lincoln Hwy, Merrillville, IN 46410
      View Details
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    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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