Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    8385 Merrillville Rd Merrillville, IN 46410-6107
    Back to Search
    Property profile & analytics

    8385 Merrillville Rd Merrillville, IN 46410-6107

    View on Map
    • Commercial land
    • 0.93 lot acres
    Off-Market
    Last Sale Aug 25, 2020
    Property ID
    US31-0292261
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 8385 Merrillville Rd

    Lot size
    0.93 lot acres
    Property type
    Commercial land
    APN
    45-12-21-452-004.000-030
    APU
    451221452004000030

    Description

    This exceptional 1.86-acre parcel presents a prime development opportunity in Merrillville, Indiana. Strategically located on two corner lots at 8385 Merrillville Road, this C3-zoned land boasts high visibility and accessibility, situated just south of US-30 and minutes from I-65, ensuring significant traffic flow. The property's ideal location is complemented by its proximity to major amenities, including grocery stores, coffee shops, car dealerships, and a diverse range of dining options, catering to a substantial consumer base. This makes it an attractive site for a variety of commercial ventures. Infrastructure is readily available, with city water and sewer connections, natural gas, and high-speed internet access already in place. Detailed due diligence has been conducted, with land survey reports, topography information, and soil boring test results available for review upon request. This turnkey opportunity is perfect for developers and investors seeking a high-impact location with established infrastructure and strong market potential. The asking price for this exceptional property is $250,000. Don't miss this chance to capitalize on this remarkable investment potential in a thriving commercial area. Contact us today to schedule a viewing and explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.3436
    Latitude
    41.4653
    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
    $2,904
    $139,000
    $0.00
    $139,000
    -
    $139,000
    $0.00
    $139,000

    Comparable in this City

    • Value Estimation by Request
      0.34 Acres

      79th Ave

      VACANT COMMERCIAL LAND • 0.34 Acres
      79th Ave, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      0.08 Acres

      1600 81st Ave

      VACANT COMMERCIAL LAND • 0.08 Acres
      1600 81st Ave, Merrillville, IN 46410-5342
      View Details
    • Value Estimation by Request
      0.06 Acres

      84th Pl

      VACANT COMMERCIAL LAND • 0.06 Acres
      84th Pl, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      0.06 Acres

      85th Ave

      VACANT COMMERCIAL LAND • 0.06 Acres
      85th Ave, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      0.14 Acres

      2000 Approx 91st Dr

      VACANT COMMERCIAL LAND • 0.14 Acres
      2000 Approx 91st Dr, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      0.35 Acres

      7124 Broadway

      VACANT COMMERCIAL LAND • 0.35 Acres
      7124 Broadway, Merrillville, IN 46410-3540
      View Details

    Similar Nearby for Sale

    • $70,000

      Commercial Land Near Retail Corridor

      0.86-acre commercial development site near US Route 30.
      7967 Colorado St, Merrillville, IN 46410
      View Details
    • $650,000

      6.23 Acres Visible Land

      Highly visible 6.23 acres of land for sale.
      8400 Georgia St, 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
    • $749,900
      5.15 Acres

      Merrillville Land on US 30

      5+ acres on US 30 ready for development.
      5103 E Lincoln St, Merrillville, IN 46410
      View Details
    • $350,000

      Restaurant Pad Ready For Development

      Improved restaurant pad near I-65, ideal for highway restaurant.
      6201 Opportunity Ln, Merrillville, IN 46410
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Center on US 30

      Retail spaces available in high-traffic Merrillville location.
      4183 E 81St Ave, Merrillville, IN 46410
      View Details
    • Contact for pricing

      Retail Space in Merrillville Center

      3,774 SF retail space in a high-traffic Merrillville location.
      1600 79Th Ave, Merrillville, IN 46410
      View Details
    • Contact for pricing

      Suites on Taft - Merrillville

      Individual office suites for lease near US 30.
      7725 Taft St, Merrillville, IN 46410
      View Details
    • Contact for pricing

      Retail Space Inside Strack & Van Til

      Retail space available inside Strack & Van Til in Merrillville.
      6001 Broadway, Merrillville, IN 46410
      View Details
    • Contact for pricing

      Versatile Office Building For Rent

      Commercial office building with versatile floor plans and ample parking.
      2111 W Lincoln Hwy, Merrillville, IN 46410
      View Details
    • Contact for pricing
      216,982 SF

      Retail Property with Ample Parking

      Two-level retail property with convenient access and 1,264 parking stalls.
      2000 E 82Nd Ave, Hobart, 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.
    8385 Merrillville Rd
    Merrillville, IN 46410-6107
    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
    8385 Merrillville Rd, 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!