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Office Warehouse

Commerce Park Flex Center

501 W 84th Dr, Merrillville, IN 46410

Listing Price: $3,115,000

Cap Rate
8.09%
Gross SF
42,774
Price/Gross SF
$72.82
Lot Size
2.61 acres
Year Built
1980
Rentable SF
42,774

Investment Overview

Marcus & Millichap is pleased to present for sale the Commerce Park Flex Center, in Merriville, Indiana. The property sits on a roughly 2.61-acre parcel which houses a 42,230 square feet Flex property built in 1980. The Commerce Park Flex Center is 85% occupied by a variety of national, regional, and local tenants. The property has had very high historical occupancy and has weathered COVID-19 with no hiccups to operations or collections. Per CoStar, the vacancy rate for flex and product within a 2-mile radius of this asset sits at just 0.4%.

The positioning of the asset is just off of I-65, the major highway leading into Chicago from Indiana. The property is well located on the Northern Indiana section of the Chicago MSA. Many companies and families have been migrating to Northern Indiana through the past few years to avoid the increasing tax rates that IL has. This migration is likely to continue, leaving properties in close proximity to IL great suitors for new businesses. There are traffic counts of just over 50,000 vehicles per day at the corner or Broadway and 81st street, the northern access road to this site. The site also offers easy access to Interstate 65, making Chicago just a 35-minute drive.

There are over 98,000 people living in a 5-mile radius of this site and 10-mile area has a population of roughly 360,000 residents. Average Household income is $83,974 in a 5-mile radius of this location. The north neighboring city of Fishers is one of the most affluent and fastest growing populations in the state.

Investment Highlights

  • Multi-Tenant Flex Property with Great Location in Quickly Growing Area
  • Full Collections during COVID-19, Signifying Strong Tenant Mix
  • Close Proximity to Indianas Major Interstate System into Chicago, I-65
  • Surrounded by Many National, Regional, and Local Retailers
  • Vacancy Upside and Low Submarket Vacancy - Additional Revenue Through Lease Up

Exclusively Listed By

Office Warehouse

Commerce Park Flex Center

Listing Price: $3,115,000

Cap Rate
8.09%
Gross SF
42,774
Price/Gross SF
$72.82
Lot Size
2.61 acres
Year Built
1980
Rentable SF
42,774

Investment Highlights

  • Multi-Tenant Flex Property with Great Location in Quickly Growing Area
  • Full Collections during COVID-19, Signifying Strong Tenant Mix
  • Close Proximity to Indianas Major Interstate System into Chicago, I-65
  • Surrounded by Many National, Regional, and Local Retailers
  • Vacancy Upside and Low Submarket Vacancy - Additional Revenue Through Lease Up

Investment Overview

Marcus & Millichap is pleased to present for sale the Commerce Park Flex Center, in Merriville, Indiana. The property sits on a roughly 2.61-acre parcel which houses a 42,230 square feet Flex property built in 1980. The Commerce Park Flex Center is 85% occupied by a variety of national, regional, and local tenants. The property has had very high historical occupancy and has weathered COVID-19 with no hiccups to operations or collections. Per CoStar, the vacancy rate for flex and product within a 2-mile radius of this asset sits at just 0.4%.

The positioning of the asset is just off of I-65, the major highway leading into Chicago from Indiana. The property is well located on the Northern Indiana section of the Chicago MSA. Many companies and families have been migrating to Northern Indiana through the past few years to avoid the increasing tax rates that IL has. This migration is likely to continue, leaving properties in close proximity to IL great suitors for new businesses. There are traffic counts of just over 50,000 vehicles per day at the corner or Broadway and 81st street, the northern access road to this site. The site also offers easy access to Interstate 65, making Chicago just a 35-minute drive.

There are over 98,000 people living in a 5-mile radius of this site and 10-mile area has a population of roughly 360,000 residents. Average Household income is $83,974 in a 5-mile radius of this location. The north neighboring city of Fishers is one of the most affluent and fastest growing populations in the state.

Exclusively Listed By

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