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    8585 Broadway Merrillville, IN 46410
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    Property profile & analytics

    8585 Broadway Merrillville, IN 46410

    View on Map
    • Office Spaces
    • 216,197 SF
    • 13.89 lot acres
    For Lease
    $20 SF/Yr
    View Listing →
    Prominent Office Tower in Merrillville For Lease
    $20 SF/Yr
    165,000 SF

    Prominent Office Tower in Merrillville

    60,000+ SF contiguous office space available near I-65.

    8585 Broadway, Merrillville, IN 46410
    View Listing
    Property ID
    US31-0959016
    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

    • Beth McCarthy - A&M Mortgage, a division of Gold Star Mortgage Financial Group / Loan Service / Bank
    • Mike Monaco A&M Mortgage Group / Loan Service / Bank
    • Jesse Plasencia - A&M Mortgage, a division of Gold Star Mortgage Financial Group / Loan Service / Bank
    • Mike Monaco - A&M Mortgage, a division of Gold Star Mortgage Financial Group / Loan Service / Bank
    • Tony Predey - A&M Mortgage, a division of Gold Star Mortgage Financial Group / Loan Service / Bank

    Property Details for 8585 Broadway

    Year built
    1977
    Construction
    STEEL FRAME
    Lot size
    13.89 lot acres
    Property size
    216,197 SF
    Property type
    Office Spaces
    APN
    45-12-27-101-001.000-030
    APU
    451227101001000030

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $16,080,000
      Market price range: $11.1M - $28.7M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $19,865,000
      Current use
      RETAIL STORES
      $16,410,000
      Change: -17% Conversion: Easy
      WAREHOUSE, STORAGE
      $16,120,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.3336
    Latitude
    41.4629
    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
    $257,484
    $1,476,200
    $10,849,000
    $12,325,200
    -
    $1,476,200
    $10,849,000
    $12,325,200

    Comparable in this City

    • Value Estimation by Request
      8,300 SF

      8528 Broadway

      Medical Office Space • 8,300 SF
      8528 Broadway, Merrillville, IN 46410
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    • Value Estimation by Request
      3,600 SF

      280 80Th Pl

      Office Spaces • 3,600 SF
      280 80Th Pl, Merrillville, IN 46410
      View Details
    • Value Estimation by Request

      1572 85Th Ave

      Medical Office Space
      1572 85Th Ave, Merrillville, IN 46410
      View Details
    • Value Estimation
      $3,845,000
      137,970 SF

      6111 Harrison St

      OFFICE (GENERAL) • 137,970 SF
      6111 Harrison St, Merrillville, IN 46410-2969
      View Details
    • Value Estimation
      $1,280,000
      13,547 SF

      8600 Grand Blvd

      OFFICE (GENERAL) • 13,547 SF
      8600 Grand Blvd, Merrillville, IN 46410-7421
      View Details
    • Value Estimation
      $5,885,000
      65,739 SF

      600 84th Ave

      OFFICE (GENERAL) • 65,739 SF
      600 84th Ave, Merrillville, IN 46410-6366
      View Details

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    Similar Nearby for Lease

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      Office Space For Lease

      Office space available for lease in Merrillville, Indiana.
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      Spacious Building on Route 30

      16,660 SF building suitable for medical or commercial use.
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      Merrillville Office Space For Rent

      900 SF office space with reception, office, and conference room.
      280 W 80Th Pl, Merrillville, IN 46410
      View Details
    • Contact for pricing

      Medical Office Space Sublet

      4,000 SF medical office space available for sublet.
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      Broadfield Center Coworking Space Available

      Coworking space with flexible plans and professional amenities.
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      View Details
    • $15 SF/Yr
      12,176 SF

      Class A Office Space Available

      Four-story office building near I-65 and local amenities.
      707 E 80Th Pl, Merrillville, IN 46410
      View Details
    View Listing
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    8585 Broadway
    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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