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1080 W 85th Ave 8 Unit Apartment Building $1,350,000 ($168,750/Unit) 7.18% Cap Rate Merrillville, IN 46410
Executive Summary
This offering presents a well-maintained Class A, 8-unit multifamily asset located in the stable Northwest Indiana rental market. Built in 1999 as condominium units, the property features efficient 2 bed / 1.5 bath floor plans averaging approximately 1,100 square feet, with modern finishes, stainless steel appliances, and washer/dryer hookups. The property underwent major exterior improvements in 2021, including a new roof, windows, siding, and gutters. Tenants are responsible for electricity and gas/heat, while ownership covers common electric, trash, and water, supporting efficient operations. With average rents of approximately $1,560 per unit and a 7.2% Day-1 cap rate, the asset offers strong in place cash flow along with upside potential in a supply-constrained submarket.
Property Facts
| Price | $1,350,000 | Apartment Style | Low-Rise |
| Price Per Unit | $168,750 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.44 AC |
| Cap Rate | 7.18% | Building Size | 8,624 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1999 |
| Property Subtype | Apartment | ||
| Zoning | R33 - Low-to-medium density residential districts | ||
| Price | $1,350,000 |
| Price Per Unit | $168,750 |
| Sale Type | Investment |
| Cap Rate | 7.18% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.44 AC |
| Building Size | 8,624 SF |
| No. Stories | 2 |
| Year Built | 1999 |
| Zoning | R33 - Low-to-medium density residential districts |
Amenities
Unit Amenities
- Air Conditioning
- Storage Space
- Washer/Dryer
- Kitchen
- Granite Countertops
- Dining Room
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 8 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $939,800 | |
| Land Assessment | $202,500 | Total Assessment | $1,142,300 |
Property Taxes
Parcel Numbers
Land Assessment
$202,500
Improvements Assessment
$939,800
Total Assessment
$1,142,300
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1080 W 85th Ave
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