Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    7251 Taft St Merrillville, IN 46410
    Back to Search
    Property profile & analytics

    7251 Taft St, Merrillville, IN 46410

    View on Map
    • Grocery and convenience stores
    • 6,032 SF
    • 1.11 lot acres
    Off-Market
    Property ID
    US31-3551037
    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
    $1,115,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Grocery and convenience stores

    Property Details for 7251 Taft St

    Year built
    1999
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.11 lot acres
    Property type
    Grocery and convenience stores
    APN
    45-12-17-251-006.000-030
    APU
    451217251006000030

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 22, 2019 — Luke Land LLC — Grant Deed · related $15M · First Midwest Bk
    Jan 20, 2010 — Mcenery William J Trust — Deed Of Trust · related $13.8M · Standard Bank & Trust
    Jan 17, 2007 — Luke Land LLC Luke Oil Co INC Quit Claim Deed · related $1.5M · Standard Bk
    Dec 21, 2005 — Luke Oil Co INC Mcenery William J Trust Warranty Deed $1.5M · Standard Bank & Trust
    — — Mcenery William J Trust — Deed Of Trust · related $13.4M · Standard Bank & Trust

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,145,000
      Market price range: $574k - $1.15M

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

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.3644
    Latitude
    41.4862
    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
    $37,113
    $829,900
    $670,100
    $1,500,000
    -
    $829,900
    $670,100
    $1,500,000

    Comparable in this City

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

      1600 81st Ave

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

      3990 Lincoln Hwy

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

      398 73rd Ave

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

      6085 Cleveland Cir

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

      5695 Cleveland St

      CONVENIENCE STORE
      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

    • 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
      View Details
    • $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
    • Contact for pricing
      3,298 SF

      Restaurant with Drive-Thru Window

      Restaurant with drive-thru, high visibility, repurposing opportunity.
      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

    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
      2,200 SF

      Retail Center in Merrillville, IN

      New retail center in the heart of Merrillville trade area.
      1431 E 79Th 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
    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.
    7251 Taft St
    Merrillville, IN 46410
    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

    Thank You for Inquiry
    7251 Taft St, Merrillville, IN, 46410
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!