Key Details
Building Size
48,327 SF
Lot Size
4.3 AC
Year Built
1987
Occupancy
0.87%
Cap Rate
0.09%
NOI
$478,824
Price / SF
$113.81
Zoning
C-3 Commercial
Overview
A 48,327 SF multi-tenant retail shopping center located on Broadway (SR 53) in Merrillville, Indiana, featuring 22 executed leases across diverse retail categories including dental, wellness, beauty, food service, and specialty retail. The property benefits from 35,000+ vehicles per day traffic count and proximity to I-65, US-30, and Southlake Mall. Recent capital improvements include new TPO roofs and HVAC units installed approximately 2021.
Highlights
- ▸8.58% in-place cap rate on NW Indiana's primary retail corridor
- ▸22 executed leases across 6 use categories
- ▸New TPO roofs & HVAC units installed ~2021 — minimal near-term CapEx
- ▸Wine bar signed — 3,000 SF lease commences July 2026
- ▸6,372 SF vacant (3 units) — ~$1.15M additional value at 8.5% cap upon lease-up
- ▸35,000+ vehicles per day on Broadway / SR 53
- ▸9 new leases signed Dec 2025 - Mar 2026 (15,257 SF leased)
Photos
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