1710-1790 W 81st Avenue, Merrillville, IN 46410
$1,870,000
Property Type:
Commercial Sale
Square Footage:
20,250
Lot Size (sq. ft.):
101,930
Status:
Closed
Current Price:
$1,870,000
List Date:
10/26/2023
Last Modified:
8/22/2024
Overview
Description
Listing Details MLS# 540806
General Property Information
- Number Of Units Total
- 3
- Living Area
- 20250
- Building Area Source
- Assessor
- Year Built
- 1991
- Parking Total
- 80
- Lot Size Acres
- 2.34
- Lot Size Square Feet
- 101930
- Lot Size Source
- Assessor
- Lot Size Dimensions
- 415 x 350
- Basement YN
- No
- Stories
- 0
Property Features
Building Features:
Multi Tenant; Strip Mall Location; Other
Construction Materials:
Block; Concrete; Other
Cooling:
Central Air
Electric:
Other
Foundation Details:
See Remarks
Heating:
Forced Air
Interior Features:
Elevator
Listing Terms:
Cash; Conventional
Parking Features:
Assigned
Possession:
Negotiable
Possible Use:
Office; Other
Rail Availability:
None
Road Frontage Type:
Highway
Roof:
Flat; Other
Security Features:
Other
Tenant Pays:
HVAC Maintenance
Utilities:
Electricity Connected; Natural Gas Connected; Sewer Connected
Water Source:
Public
Showing Requirements:
24 Hour Notice
Contract Information
- Auction YN
- No
- Original List Price
- 2000000
- Property Sub Type
- Retail
- Listing Agreement
- Exclusive Right To Sell
- Occupant Type
- Tenant
Location Tax and Legal
- Street Number
- 1710-1790
- Street Direction Prefix
- W
- Street Name
- 81st
- Street Suffix
- Avenue
- County
- Lake
- State
- IN
- Postal Code
- 46410
- Subdivision Name
- None
Remarks and Miscellaneous
- Public Remarks
- FULLY LEASED, MULTI-TENANT, NNN Retail Auto Center with HIGH VISIBILITY on US-30 with long term NATIONAL BRAND TENANTS.This auto retail space includes a total of 20,250 square feet, 2.34 acres of land, 140 parking spaces, 3 national tenants, and great long term investment potential. Tenants include Mobility Works, AAMCO Transmissions, and Avis Budget Rental Car. Total rental income is $148,320. NNN income $54,977 annual. Annual Expenses are $52,956. Net Operating Income at $150,341.62. Cap rate of 7.51% with NNN Leases in place.Tenant Breakdown:1) Mobility Works - 11,200 Square Feet. $7,000/Month + NNN. Lease Ends 12/31/29.2) AAMCO - 4,500 Square Feet. $2,638.43/Month + NNN. Lease Ends 5/1/24.3) Avis Budget Rental - 4,500 Square Feet.2,545.67/Month + NNN. Lease Ends 7/31/25.
Status Change Information
- Major Change Timestamp
- 2024-07-01T14:03:22Z
- Major Change Type
- Status Change
- Status Change Timestamp
- 2024-07-01
- Offer Acceptance Date
- 2024-03-30
- Close Date
- 2024-07-01
- Close Price
- 1870000
- Concessions
- No
- Buyer Financing
- Cash
More Information
Exemption Information
- Exemption YN
- Y
- Exemptions
- Mortgage
Frontage Type
- Frontage Length
- 350
Income and Expenses
- Electric Expense
- 3717
- Expense Year
- 2022
- Gross Income
- 54977
- Gross Scheduled Income
- 203297
- Insurance Expense
- 12956
- Net Operating Income
- 137773
- New Taxes Expense
- 22932
- Professional Management Expense
- 12000
- Total Actual Rent
- 148320
- Water Expense
- 1490
- Maintenance Expense
- 0
- Manager Expense
- 0
- Other Expense
- 0
- Sewer Expense
- 0
- Supplies Expense
- 0
- Trash Expense
- 0
Showing Requirements
- Showing Instructions
- Call Laura Kogut.
- 24 Hour Notice
- Yes
Historical Information
- Public Historical Remarks
- Utilities: On
Location, Tax, and Legal
- Postal Code +4
- 5349
- Tax Annual Amount
- 22932
- Tax Year
- 2022
- Tax Legal Description
- Legal Description: RESUBDIVISION OF LOT 1 LINCOLN RIDGE EAST LOT #2
- Parcel Number
- 451220277008000030
- Township
- Ross
- Directions
- Head West on US-30 from I-65 Interchange. Property is on the North Side of US-30.
Construction Materials
- Block
- Yes
- Concrete
- Yes
- Other
- Yes
Cooling
- Central Air
- Yes
Electric
- Other
- Yes
Foundation Details
- See Remarks
- Yes
Heating
- Forced Air
- Yes
Interior Features
- Elevator
- Yes
Listing Terms
- Cash
- Yes
- Conventional
- Yes
Parking Features
- Assigned
- Yes
Possession
- Negotiable
- Yes
Road Frontage Type
- Highway
- Yes
Roof
- Flat
- Yes
- Other
- Yes
Security Features
- Other
- Yes
Utilities
- Electricity Connected
- Yes
- Natural Gas Connected
- Yes
- Sewer Connected
- Yes
Water Source
- Public
- Yes
Tenant Pays
- HVAC Maintenance
- Yes
Possible Use
- Office
- Yes
- Other
- Yes
Building Features
- Multi Tenant
- Yes
- Strip Mall Location
- Yes
- Other
- Yes
Rail Availability
- None
- Yes
Listing Office:
Realty Executives Premier
Last Updated: August - 22 - 2024
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