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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    702 Merrillville Rd Crown Point, IN 46307-3210

    • Retail space
    • 6,657 SF
    • 0.77 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0685217
    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

    • Millennium Ultrasound / Medical Clinic
    • Full Spectrum Wellness / Wellness Center
    • Running With Scissors / Hair Salon
    • Taylor Rundlett / Hair Salon

    Property Details for 702 Merrillville Rd

    Year built
    1955
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.77 lot acres
    Property size
    6,657 SF
    Property type
    Retail space
    APN
    45-16-05-408-001.000-042
    APU
    451605408001000042

    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
    Crown Point
    County
    Lake
    State
    Indiana
    Longitude
    -87.3626
    Latitude
    41.425
    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
    $8,535
    $121,500
    $226,600
    $348,100
    -
    $121,500
    $226,600
    $348,100

    Comparable in this City

    • Value Estimation
      $1,440,000
      14,489 SF

      10795 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 14,489 SF
      10795 Broadway, Crown Point, IN 46307-7316
      View Details
    • Value Estimation
      $2,660,000
      34,868 SF

      Smt St

      RETAIL STORES (PERSONAL SERVICES) • 34,868 SF
      Smt St, Crown Point, IN 46307
      View Details
    • Value Estimation
      $1,035,000
      16,392 SF

      Joliet St

      RETAIL STORES (PERSONAL SERVICES) • 16,392 SF
      Joliet St, Crown Point, IN 46307
      View Details
    • Value Estimation
      $810,000
      8,100 SF

      11001 Randolph St

      RETAIL STORES (PERSONAL SERVICES) • 8,100 SF
      11001 Randolph St, Winfield, IN 46307-8564
      View Details
    • Value Estimation
      $1,325,000
      13,418 SF

      100 Us Hwy 231

      RETAIL STORES (PERSONAL SERVICES) • 13,418 SF
      100 Us Hwy 231, Crown Point, IN 46307
      View Details
    • Value Estimation by Request
      3,102 SF

      1 Ct St

      RETAIL STORES (PERSONAL SERVICES) • 3,102 SF
      1 Ct St, Crown Point, IN 46307-3923
      View Details

    Similar Nearby for Sale

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      Crown Point Retail Opportunity

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      Historic Crown Point Mixed-Use Property

      Mixed-use building in high-traffic area with income potential.
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    • $699,000

      Mixed-Use Property Near Crown Point

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    Similar Nearby for Lease

    • $49 SF/Yr
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      Retail Space in Crown Point

      Retail space available in high-traffic Crown Point location.
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    • $3,600 /Mo
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      Crown Point Commercial Space Available

      Flexible commercial space suitable for various business types in Crown Point.
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    • $2,000 /Mo
      1,273 SF

      Downtown Retail Space in Crown Point

      Retail space in an excellent downtown location suitable for various businesses.
      102 N Main St, Crown Point, IN 46307
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    • $1,800 /Mo
      1,350 SF

      Crown Point Commercial Space For Lease

      Flexible commercial space suitable for various business types.
      10661 Randolph St, Crown Point, IN 46307
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    • $20 SF/Yr
      2,160 SF

      Crown Point Retail Space Available

      Retail space for lease in Crown Point, Indiana.
      1405 E Summit St, Crown Point, IN 46307
      View Details
    • $1,800 /Mo
      1,350 SF

      Commercial Space in Crown Point

      Flexible commercial space suitable for various business types.
      10659 Randolph St, Crown Point, IN 46307
      View Details
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    702 Merrillville Rd
    Crown Point, IN 46307-3210
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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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