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Office

Merrillville Professional Office

1433 E 83rd Ave, Merrillville, IN 46410

Listing Price: $4,949,000

Cap Rate
8.50%
Gross SF
33,244
Rentable SF
33,244
Price/Gross SF
$148.87
Lot Size
2.50 acres
Year Built
2000

Investment Overview

Marcus & Millichap is pleased to present to market available for sale the Merrillville Professional Office – a fully occupied 33,244-square-foot, multi-tenant professional office building located in Merrillville Indiana. Merrillville Professional Office is a two-tenant building that was originally built in 2000. The property has been extremely well-maintained and updated over the years, which has proven to keep demand and interest in the property for current ownership. The subject property is currently fully occupied by two professional users that provide a strong in-place cash flow with real upside in tenant expansion and replaceable market rents.

Location: Merrillville Professional Office is located in the Chicago Metropolitan Statistical Area. The Chicago MSA, is the third largest in the entire United States with a reported 8.9 million residents in the 2023 census and increasing strongly year over year. The Merrillville Professional Office Building is positioned as a community-serving Class B professional office building located within the historic county of East Lake, Indiana.

Merrillville Professional Office is situated along 83rd avenue / U.S. Highway 30 – a densely populated commercial corridor that gets approximately 40,000 vehicles per day – with immediate access to/from Interstate 65. The subject property is located in the center of the business district to the Northeast and St Mary Medical Center immediately to the Northeast, one of the major medical facilities in the area. The immediate proximity to both of these major draws is key to the continued demand for the historical, current, and future tenant mix for the property.

Merrillville Professional Office has immediate access to downtown Merrillville with abundant on-site parking and attractive landscaping. The subject property is situated on over two acres and features over 160 surface parking spaces that lead to two separate main entrances. The building also features suites that have high visibility of Louisiana Street, directly feeding in to East 83rd Avenue.

Stable Current Tenant Mix: Merrillville Professional Office is currently fully occupied by two professional users that have demonstrated long-term commitment to this location as well as the continued market demand for this space through the leasing cycle in recent years. Over 50 percent of the current tenant mix has been in the property over 9 years, showing the continued demand/interest for this location and property.

WHY MERRILLVILLE PROFESSIONAL OFFICE?
With a stable in-place cash flow secured by a strong mix of professional users showcasing consistent demand for the location, Merrillville Professional Office is a rare opportunity for an investor to capitalize on strong and stable cashflow with upside in both rental increases and replaceable market rents.

Investment Highlights

  • 100 Percent Occupied Two-Tenant Triple-Net Office Building
  • Historically High Occupied Professional Office
  • Just 40 Minutes from Downtown Chicago
  • Triple-Net Leases Provide Stable Cash Flow for Ownership
  • Growing Submarket as Businesses Leave Chicago for Cheaper Rents in Northwest Indiana

Exclusively Listed By

Office

Merrillville Professional Office

Listing Price: $4,949,000

Cap Rate
8.50%
Gross SF
33,244
Rentable SF
33,244
Price/Gross SF
$148.87
Lot Size
2.50 acres
Year Built
2000

Investment Highlights

  • 100 Percent Occupied Two-Tenant Triple-Net Office Building
  • Historically High Occupied Professional Office
  • Just 40 Minutes from Downtown Chicago
  • Triple-Net Leases Provide Stable Cash Flow for Ownership
  • Growing Submarket as Businesses Leave Chicago for Cheaper Rents in Northwest Indiana

Investment Overview

Marcus & Millichap is pleased to present to market available for sale the Merrillville Professional Office – a fully occupied 33,244-square-foot, multi-tenant professional office building located in Merrillville Indiana. Merrillville Professional Office is a two-tenant building that was originally built in 2000. The property has been extremely well-maintained and updated over the years, which has proven to keep demand and interest in the property for current ownership. The subject property is currently fully occupied by two professional users that provide a strong in-place cash flow with real upside in tenant expansion and replaceable market rents. Location: Merrillville Professional Office is located in the Chicago Metropolitan Statistical Area. The Chicago MSA, is the third largest in the entire United States with a reported 8.9 million residents in the 2023 census and increasing strongly year over year. The Merrillville Professional Office Building is positioned as a community-serving Class B professional office building located within the historic county of East Lake, Indiana. Merrillville Professional Office is situated along 83rd avenue / U.S. Highway 30 – a densely populated commercial corridor that gets approximately 40,000 vehicles per day – with immediate access to/from Interstate 65. The subject property is located in the center of the business district to the Northeast and St Mary Medical Center immediately to the Northeast, one of the major medical facilities in the area. The immediate proximity to both of these major draws is key to the continued demand for the historical, current, and future tenant mix for the property. Merrillville Professional Office has immediate access to downtown Merrillville with abundant on-site parking and attractive landscaping. The subject property is situated on over two acres and features over 160 surface parking spaces that lead to two separate main entrances. The building also features suites that have high visibility of Louisiana Street, directly feeding in to East 83rd Avenue. Stable Current Tenant Mix: Merrillville Professional Office is currently fully occupied by two professional users that have demonstrated long-term commitment to this location as well as the continued market demand for this space through the leasing cycle in recent years. Over 50 percent of the current tenant mix has been in the property over 9 years, showing the continued demand/interest for this location and property. WHY MERRILLVILLE PROFESSIONAL OFFICE? With a stable in-place cash flow secured by a strong mix of professional users showcasing consistent demand for the location, Merrillville Professional Office is a rare opportunity for an investor to capitalize on strong and stable cashflow with upside in both rental increases and replaceable market rents.

Exclusively Listed By

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