257 West 80th Pl

Office for Sale
Catylist Listing ID: 30791341
Property Subtypes: Office Building
Condo? Yes
Building Size (RSF): 2,528 SF
Gross Building Area: See Agent
Gross Land Area: 2.75 Acres
Sale Price: $290,000
Property Use Type: Vacant/Owner-User
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/15/2022

Overview / Comments

This is a soon to be vacant freestanding 2 story office condominium. Well-built brick and frame construction with shingle roof in Federal Park. This unit has 2,000 SF on the main level and 528 SF on the 2nd floor. Long term tenant lease expires June 30, 2022, and is presently paying $3,600/month but is leaving the market. Interior features consist of totally remodeled offices (June 2019) with 3 offices, conference room, waiting area, 2 kitchens, 2 main floor restrooms, storage room, second floor bathroom with shower and storage room. This used to be a 2-unit condo which can be subdivided again for owner to occupy half and lease out the other half. New landscaping 2022. 2021 pay 2022 taxes are $4,670.52/$1.85/SF. Federal Park POA CAM is $460.00/month ($2.18/SF).
Located in Federal Park, a 6-building commercial office Planned Unit Development. 1 block west of Broadway (S.R. 53) on the south side of East 80th Place between Broadway and Madison/Merrillville Road. 2 blocks west of the former 40-acre Radisson/Star Theatre/Twin Towers that have all been recently razed and is now ready for development. 1/2 mile west of the I-65/U.S. Highway 30 interchange. Directly east of the Merrillville Post Office and close proximity to restaurants, hotels and shopping including Portillo's, Panera Bread, La Carreta, Gino's and Asparagus to name a few. Within the 6 million SF retail trade area surrounding Southlake Mall. Merrillville is the largest town in Indiana, with the third-lowest tax rate in Lake County.

Additional Details

Nearest MSA: Chicago-Naperville-Elgin
County: Lake
Tax ID/APN: 45-12-21-278-004.000-030
Is Condo?: Yes
Zoning: PUD
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1994
Year Renovated: 2019
Construction/Siding: Brick
Exterior Description: Well-built brick and frame construction with shingle roof.
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,695 41,466 129,730
Median Age: 41.65 37.71 37.84
Households: 3,535 16,077 49,474


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