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Property profile & analytics
OFF-MARKET
Estimated value
$640,000
Strip malls
7890 Broadway Merrillville, IN 46410-5539
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US31-0042408
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1976
Construction
TYPE NOT SPECIFIED
Total area
24,396 SF
Lot
2.3 ac (100,188 SF)
APN
45-12-21-226-028.000-030
UPID
US31-0042408
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Thaispa Alternative Medicine Practice Spa & Massage Center
-
Hartbeat Studios Theater & Performing Art Venue Training Center
-
SAFARI AFRICAN BRAIDS Hair Salon
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$730k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$549k
Blend (final)
Blend
$640k
Owner & transaction history
Liberty Square Holdings LLC · 7 yrs held
Liberty Square Holdings LLC
since 2019
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.0M
+43.9%
Commercial (general)
$995,000
+43.4%
Warehouse, storage
$845,000
+22.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Merrillville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Merrillville submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$730,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$695,000
Current use
MEDICAL BUILDING
$1,000,000
Change: +44% · Conversion: Difficult
COMMERCIAL (GENERAL)
$995,000
Change: +43% · Conversion: Easy
WAREHOUSE, STORAGE
$845,000
Change: +22% · Conversion: Difficult
Blend value · Realmo final
$640k
Range $576k – $704k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$26 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$53,205
Tax year 2022
Assessed value
$925,000
Assessed 2023
Previous assessed
$925,000
+0.0% YoY
Effective rate
5.75%
On assessed value
Assessed land
$607,400
Assessed improvement
$317,600
Land market value
$607,400
Improvement market value
$317,600
Total market value
$925,000
Applied tax rate
30.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1976
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Units
2
Total area
24,396 SF
Lot
2.3 ac (100,188 SF)
APN
45-12-21-226-028.000-030
UPID
US31-0042408
Jurisdiction
LAKE
Metro division
GARY, IN METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$695,000
MEDICAL BUILDING
Est. value
$1.0M
COMMERCIAL (GENERAL)
Est. value
$995,000
WAREHOUSE, STORAGE
Est. value
$845,000
NEIGHBORHOOD: SHOPPING CENTER Current
MEDICAL BUILDING
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1976
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Units
2
Lot
2.3 ac
Current owner
From public records · entity-resolved
Liberty Square Holdings LLC
Entity
Mailing address
315 W 89TH AVE, MERRILLVILLE, IN 46410-6254
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 1, 2024
—
Liberty Square Holdings LLC
—
Deed
related
$374,000 · Civista Bank
Jul 19, 2022
—
Liberty Square Holdings LLC
—
Deed
related
$400,000 · John M Harasin Ira
Mar 27, 2019
—
Liberty Square Holdings LLC
Husky Lake Acquisition III LLC
Grant Deed
$2,100,000 · Pender East Credit 1 Reit LLC
Oct 9, 2014
—
Husky Lake III-diversified LLC
—
Grant Deed
related
$6,010,400 · Inland Bk&tr
Sep 9, 2014
—
Husky Lake Acquisition III LLC
Husky Lake III-diversified LLC
Quit Claim Deed
related
—
Dec 30, 2013
$1,600,000
Husky Lake II-diversified LLC
Sheriff Of Lake County
Trustees Deed
related
—
May 25, 2006
—
Liberty Square Plaza LLC
Grobman,gerald S
Warranty Deed
$2,700,000 · Inland Bank & Trust
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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